Brian R. Ace - 03 Jan 2022 Form 4 Insider Report for COMMUNITY BANK SYSTEM, INC. (CBU)

Role: Director
Signature: /s/ Danielle M. Cima, pursuant to a Confirming Statement executed by Brian R. Ace
Issuer symbol: CBU
Transactions as of: 03 Jan 2022
Transactions value $: $0
Form type: 4
Date filed: 05 Jan 2022, 15:21
Previous filing: 07 Jan 2022
Next filing: 17 Mar 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	+3.26K	+5.11%	$0.00	67.1K	03 Jan 2022	Direct	F1
holding	CBU	Common Stock						144	03 Jan 2022	By Spouse

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 Compensation)	Options Exercise	$0	-3.26K	-33.35%	$0.00	6.52K	03 Jan 2022	Common Stock	3.26K		Direct	F2, F3

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

Explanation of Responses:

Id	Content
F1	On January 3, 2022, the reporting person's phantom stock units were settled for an equal number of shares of Community Bank System, Inc. common stock.
F2	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.
F3	Includes 51.55, 54.8356, and 58.1476 units of phantom stock acquired on April 9, 2021, July 9, 2021 and October 8, 2021, respectively under the Deferred Compensation Plan's dividend reinvestment feature.