COMMUNITY FINANCIAL SYSTEM, INC. — Director's Dealing 2020

Mar 19, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2020-03-17

Reporting Person: ACE BRIAN R (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-03-17	Phantom Stock (Deferred Stock Units)	$	A	667	Acquired		Common Stock (667)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	60773	Direct
Common Stock	144	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock (Deferred Compensation)	$		Common Stock (12453.5955)	12453.5955	Direct

Footnotes

F1: Includes 630.084 shares acquired pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.

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

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 21.5956 units of phantom stock acquired on January 10, 2020 as dividend equivalents under the 2014 Long-Term Incentive Compensation Program.

F5: 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.

F6: Includes 86.5955 units of phantom stock acquired on January 10, 2020 under the Deferred Compensation Plan's dividend reinvestment feature.