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: 2019-03-18

Reporting Person: STEELE SALLY A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-03-18	Common Stock	M	625.4973	—	Acquired	56601.6849	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-03-18	Phantom Stock (Deferred Stock Units)	$	M	625.4973	Disposed		Common Stock (625.4973)	Direct
2019-03-20	Phantom Stock (Deferred Stock Units)	$	A	576	Acquired		Common Stock (576)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1967	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock (Deferred Compensation)	$		Common Stock (18299.3302)	18299.3302	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 7.3048 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 130.5944 units of phantom stock acquired on January 10, 2019 under the Deferred Compensation Plan's dividend reinvestment feature.