COMMUNITY FINANCIAL SYSTEM, INC. — Director's Dealing 2015

Jun 22, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2015-06-22

Reporting Person: Kingsley Scott Allen (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-06-22	Common Stock	M	6992	—	Acquired	32853	Direct
2015-06-22	Common Stock	S	6992	$37.50	Disposed	25861	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-06-22	Stock Option	$22.94	M	6992	Disposed	2017-01-17	Common Stock (6992)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4232.9076	Indirect