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

Nov 12, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-11-11	Common Stock	M	3484	$28.78	Acquired	14598.7242	Direct
2019-11-11	Common Stock	M	3858	$29.79	Acquired	18456.7242	Direct
2019-11-11	Common Stock	S	7342	$68.5891	Disposed	11114.7242	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-11-11	Stock Option	$28.78	M	3484	Disposed	2022-03-21	Common Stock (3484)	Direct
2019-11-11	Stock Option	$29.79	M	3858	Disposed	2023-03-19	Common Stock (3858)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1010.415	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 $68.50 to $68.93, 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 number of shares reported herein acquired pursuant to Community Bank System, Inc.'s 401(k) Plan and are based on a current plan statement.

F3: The option vested ratably on March 21, 2013, 2014, 2015, 2016 and 2017.

F4: The option vested ratably on March 19, 2014, 2015, 2016, 2017 and 2018.