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

Mar 20, 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: STICKELS ERIC (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-03-20	Common Stock	J	1730	—	Disposed	0	Indirect
2019-03-20	Common Stock	J	1730	—	Acquired	40663.9276	Direct

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	8470.5038	Indirect

Footnotes

F1: Shares transferred to the reporting person's joint account with his wife.

F2: The number of share reported herein were acquired pursuant to Community Bank System, Inc.'s 401(K) Plan and are based on a current plan statement.

F3: 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.

F4: Includes 20.4873 units of phantom stock acquired as dividend equivalents under the 2014 Long-Term Incentive Compensation Program