COMMUNITY FINANCIAL SYSTEM, INC. — Director's Dealing 2021

Mar 2, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2021-02-26

Reporting Person: Bolus Mark J. (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-02-26	Common Stock	M	4566	$28.78	Acquired	84792.851	Direct
2021-02-26	Common Stock	S	4566	$72.0232	Disposed	80226.851	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-02-26	Stock Option	$28.78	M	4566	Disposed	2022-03-21	Common Stock (4566)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6916.934	Indirect
Common Stock	213.387	Indirect
Common Stock	213.387	Indirect
Common Stock	214.993	Indirect
Common Stock	214.993	Indirect
Common Stock	5051.852	Indirect
Common Stock	5051.852	Indirect
Common Stock	5051.852	Indirect
Common Stock	5051.852	Indirect

Footnotes

F1: Includes 1,594.3124 shares acquired pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.

F2: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $71.69 to $72.61, inclusive. The reporting person undertakes to provide Community Bank System, Inc., any security holder of Community Bank System, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F3: Includes 184.808 shares acquired pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.

F4: Includes 5.754 shares acquired pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.

F5: Includes 5.797 shares acquired pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.

F6: Includes 135 shares acquired pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.