Sally A. Steele - Oct 28, 2021 Form 4 Insider Report for COMMUNITY BANK SYSTEM, INC. (CBU)

Role: Director
Signature: /s/ Danielle M. Cima, pursuant to a Confirming Statement executed by Sally A. Steele
Stock symbol: CBU
Transactions as of: Oct 28, 2021
Transactions value $: $0
Form type: 4
Date filed: 11/1/2021, 03:50 PM
Next filing: Jan 5, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CBU	Common Stock	Options Exercise	$0	+180	+0.35%	$0.00	50.9K	Oct 28, 2021	Direct	F1
holding	CBU	Common Stock						2.59K	Oct 28, 2021	Joint with brother

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CBU	Phantom Stock (Deferred Stock Units)	Options Exercise	$0	-180	-24.1%	$0.00	566	Oct 28, 2021	Common Stock	180		Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On October 28, 2021, the reporting person's deferred 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. 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.