COMMUNITY FINANCIAL SYSTEM, INC. — Director's Dealing 2019

Nov 19, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2019-11-15

Reporting Person: STICKELS ERIC (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-11-15	Common Stock	M	200.7548	$67.63	Acquired	37864.6824	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-11-15	Phantom Stock (Deferred Stock Units)	$	M	200.7548	Disposed		Common Stock (200.7548)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	8470.5038	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.