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

Jan 27, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2017-01-26

Reporting Person: Kingsley Scott Allen (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-01-26	Common Stock	M	5435	$19.48	Acquired	41152	Direct
2017-01-26	Common Stock	S	5435	$61.7578	Disposed	35717	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-01-26	Stock Option	$19.48	M	5435	Disposed	2020-01-20	Common Stock (5435)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4851.6925	Indirect

Footnotes

F1: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $61.75 to $61.81, inclusive. The reporting person undertakes to provide Community Bank System, Inc., any security holder of Community Bank System, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F2: The options vested ratably on August 2, 2005, 2006, 2007, 2008 and 2009.