COMMUNITY FINANCIAL SYSTEM, INC. — Director's Dealing 2017

Mar 16, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2017-03-15

Reporting Person: DONAHUE BRIAN D (EVP & Chief Banking Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-03-15	Common Stock	A	1330	—	Acquired	38309	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-03-15	Stock Option	$57.12	A	5963	Acquired	2027-03-15	Common Stock (5963)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7751.5606	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 15, 2018, 2019, 2020, 2021, and 2022.