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

Mar 21, 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: Fesette Neil E. (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 (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock (Deferred Compensation)	$		Common Stock (9597.574)	9597.574	Direct

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 188.2392 units of phantom stock acquired as dividend equivalents under the 2014 Long-Term Incentive Compensation Program.

F3: 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.

F4: Includes 180.0189 units of phantom stock acquired under the Deferred Compensation Plan's dividend reinvestment feature.