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

Mar 19, 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: GABRIEL JAMES A (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-03-18	Stock Option	$35.36	A	3937	Acquired	2025-03-18	Common Stock (3937)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock (Stock Balance Plan)	$		Common Stock (21407.54)	21407.54	Direct

Footnotes

F1: Each phantom stock unit is the economic equivalent of one share of Community Bank System, Inc. common stock. The phantom stock units relating to the 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.

F2: Includes 632.04 units of phantom stock acquired in 2014 under the Stock Balance Plan's dividend reinvestment feature.