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COMMUNITY FINANCIAL SYSTEM, INC. Director's Dealing 2015

Mar 20, 2015

31347_dirs_2015-03-20_3daa2ee7-2252-4b51-9f3d-573764d5e1b6.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: 2015-03-18

Reporting Person: Mucenski Edward S. (Director)

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2015-03-18 Phantom Stock (Deferred Stock Units) $ A 850 Acquired Common Stock (850) Direct
2015-03-19 Phantom Stock (Deferred Compensation) $ A 227.1127 Acquired Common Stock (227.1127) Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 2563.175 Direct
Common Stock 7082.8656 Indirect
Common Stock 1073.064 Indirect

Footnotes

F1: Includes 17.918, 19.163, 22.356, and 20.699 shares acquired on April 10, 2014, July 10, 2014, October 10, 2014, and January 9, 2015, respectively, pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.

F2: Includes 49.512, 52.952, 61.777, and 57.198 shares acquired on April 10, 2014, July 10, 2014, October 10, 2014, and January 9, 2015, respectively, pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.

F3: Includes 7.501, 8.022, 9.359, and 8.666 shares acquired on April 10, 2014, July 10, 2014, October 10, 2014, and January 9, 2015, respectively, pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.

F4: The reporting person has received deferred stock units under the Community Bank System, Inc. 2014 Long-Term Incentive Plan. Each phantom stock unit which represents a deferred stock unit is the economic equivalent of one share of Community Bank System, Inc. common stock and will be settled in common stock at a predetermined date.

F5: Each unit of phantom stock is the economic equivalent of one share of Community Bank System, Inc. common stock. The units of phantom stock relating to the Deferred Compensation Plan will be settled in Community Bank System, Inc. common stock at future dates selected by the reporting person.

F6: Includes 53.2774 units acquired on January 9, 2015 pursuant to the Deferred Compensation Plan's dividend reinvestment feature.