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

Jun 29, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2018-06-29

Reporting Person: Serbun Joseph F (EVP, Chief Credit Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-06-29	Common Stock	M	82	$19.48	Acquired	8308.7224	Direct
2018-06-29	Common Stock	M	2599	$27.36	Acquired	10907.7224	Direct
2018-06-29	Common Stock	S	2681	$59.7269	Disposed	8226.7224	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-06-29	Stock Option	$19.48	M	82	Disposed	2020-01-20	Common Stock (82)	Direct
2018-06-29	Stock Option	$27.36	M	2599	Disposed	2021-01-19	Common Stock (2599)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	546.7621	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 $59.60 to $59.90, 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 option vested ratably on January 20, 2011, 2012, 2013, 2014 and 2015.

F3: The option vested ratably on January 19, 2012, 2013, 2014, 2015 and 2016.