SALLY A. STEELE - 28 Oct 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
Issuer symbol: CBU
Transactions as of: 28 Oct 2021
Net transactions value: $0
Form type: 4
Filing time: 01 Nov 2021, 15:50:28 UTC
Next filing: 05 Jan 2022
SEC: View on sec.gov

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%	$0.000000	50,923	28 Oct 2021	Direct	F1
holding	CBU	Common Stock						2,585	28 Oct 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%	$0.000000	566	28 Oct 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.