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

Mar 17, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2016-03-16

Reporting Person: Kingsley Scott Allen (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-03-16	Common Stock	A	2778	—	Acquired	30892	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-03-16	Stock Option	$38.02	A	13456	Acquired	2026-03-16	Common Stock (13456)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4820.944	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 16, 2017, 2018, 2019, 2020, and 2021.