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COMMUNITY FINANCIAL SYSTEM, INC. Director's Dealing 2015

Oct 29, 2015

31347_dirs_2015-10-29_98de81e0-0a05-4d1a-96c0-9fdc236fbbc5.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2015-10-27

Reporting Person: DICERBO NICHOLAS A (Director)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2015-10-27 Common Stock S 5000 $40.00 Disposed 204566.7334 Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 946.922 Indirect

Holdings (Derivative)

Security Exercise Price Expiration Underlying Shares Ownership
Phantom Stock (Stock Balance Plan) $ Common Stock (19126.34) 19126.34 Direct

Footnotes

F1: Includes 973.03 shares, 890.624 shares and 920.548 shares acquired on April 10, 2015, July 10, 2015, and October 9, 2015, respectively, under the Community Bank System, Inc. Dividend Reinvestment Plan.

F2: Includes 7.972 shares and 7.487 shares acquired on April 10, 2015 and July 10, 2015, respectively, under the Community Bank System, Inc. Dividend Reinvestment Plan.

F3: Each phantom stock unit is the economic equivalent of one share of Community Bank System, Inc. common stock. Phantom Stock (Stock Balance Plan) may be settled upon the later of the reporting person's attainment of age 55 or termination of service on Community Bank System, Inc.'s Board of Directors.

F4: Includes 431.5248 units and 399.8218 acquired on April 10, 2015 and July 10, 2015, respectively, pursuant to the Deferred Compensation Plan's dividend reinvestment feature.