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

Mar 22, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2019-03-20

Reporting Person: Bolus Mark J. (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-03-20	Phantom Stock (Deferred Stock Units)	$	A	576	Acquired		Common Stock (576)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	70147.885	Direct
Common Stock	6567.46	Indirect
Common Stock	4796.537	Indirect
Common Stock	4796.537	Indirect
Common Stock	4796.537	Indirect
Common Stock	4796.537	Indirect
Common Stock	202.51	Indirect
Common Stock	202.51	Indirect
Common Stock	202.51	Indirect
Common Stock	202.51	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock (Deferred Compensation)	$		Common Stock (4774.4315)	4774.4315	Direct

Footnotes

F1: Includes 2,208.5453 shares acquired pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.

F2: Includes 156.23 shares acquired pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.

F3: Includes 110.652 shares acquired pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.

F4: Includes 109.162 shares acquired pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.

F5: Includes 8.305 shares acquired pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.

F6: 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.

F7: Includes 27.591 units of phantom stock acquired as dividend equivalents under the 2014 Long-Term Incentive Compensation Program.

F8: Each unit of phantom stock is the economic equivalent of one share of Community Bank System, Inc. common stock. The units of phantom stock relating to the Deferred Compensation Plan will be settled in Community Bank System, Inc. common stock at future dates selected by the reporting person.

F9: Includes 52.8987 units of phantom stock acquired under the Deferred Compensation Plan's dividend reinvestment feature.