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

Jan 19, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2021-01-15

Reporting Person: Fesette Neil E. (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-01-15	Common Stock	M	758.7157	—	Acquired	7030.6608	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-01-15	Phantom Stock (Deferred Stock Units)	$	M	758.7157	Disposed		Common Stock (758.7157)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock (Deferred Compensation)	$		Common Stock (7287.4751)	7287.4751	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 12.3591, 19.7078, and 19.1475 units of phantom stock acquired on April 9, 2020, July 10, 2020 and October 9, 2020, respectively, 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 44.9484, 53.5761, and 52.0533 units of phantom stock acquired on April 9, 2020, July 10, 2020 and October 9, 2020, respectively under the Deferred Compensation Plan's dividend reinvestment feature.