COMMUNITY FINANCIAL SYSTEM, INC. — Director's Dealing 2016

Aug 9, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2016-08-08

Reporting Person: Gibson James W Jr (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-08-08	Common Stock	M	1022	$18.08	Acquired	11051	Direct
2016-08-08	Common Stock	M	500	$19.48	Acquired	11551	Direct
2016-08-08	Common Stock	F	624	$45.23	Disposed	10927	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-08-08	Stock Option	$18.08	M	1022	Disposed	2019-01-29	Common Stock (1022)	Direct
2016-08-08	Stock Option	$19.48	M	500	Disposed	2020-01-20	Common Stock (500)	Direct