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

Mar 20, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2015-03-18

Reporting Person: DONAHUE BRIAN D (Chief Banking Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-03-18	Common Stock	A	2046	—	Acquired	33759	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-03-18	Stock Option	$35.36	A	9474	Acquired	2025-03-18	Common Stock (9474)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6743.1331	Indirect

Footnotes

F1: The number of shares reported herein were acquired pursuant to Community Bank System, Inc.'s 401(K) Plan and are based on a current plan statement.

F2: The option vests ratably on March 18, 2016, 2017, 2018, 2019, and 2020.