COMMUNITY FINANCIAL SYSTEM, INC. — Director's Dealing 2023

Mar 17, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2023-03-15

Reporting Person: STEELE SALLY A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-03-15	Common Stock	M	661.6714	—	Acquired	43033.9441	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-03-15	Phantom Stock (Deferred Stock Units)	$	M	661.6714	Disposed		Common Stock (661.6714)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4585	Indirect

Footnotes

F1: On March 15, 2023, the reporting person's phantom stock units were settled for an equal number of shares of Community Bank System, Inc. common stock.

F2: The reporting person has received deferred stock units under the Community Bank System, Inc. 2022 Long-Term Incentive Plan, as amended (the "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.