COMMUNITY FINANCIAL SYSTEM, INC. — Director's Dealing 2018

Nov 16, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2018-11-15

Reporting Person: STICKELS ERIC (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-11-15	Common Stock	M	188.9276	$62.61	Acquired	38933.9276	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-11-15	Phantom Stock (Deferred Stock Units)	$	M	188.9276	Disposed		Common Stock (188.9276)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1730	Indirect
Common Stock	8266.4239	Indirect

Footnotes

F1: The reporting person has received deferred stock units under the Community Bank System, Inc. 2014 Long-Term Incentive Plan. Each phantom stock unit which represents a deferred stock unit is the economic equivalent of one share of Community Bank System, Inc. common stock and will be settled in common stock at a predetermined date.

F2: Includes 6.546 units of deferred stock acquired under the Plan's dividend reinvestment feature.