Neil E. Fesette - 18 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 Neil E. Fesette
Issuer symbol: CBU
Transactions as of: 18 Jan 2022
Net transactions value: $0
Form type: 4
Filing time: 20 Jan 2022, 09:59:52 UTC
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	+670	+9.4%	$0.000000	7,828	18 Jan 2022	Direct	F1

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	-670	-25%	$0.000000	2,054	18 Jan 2022	Common Stock	670		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 18, 2022, 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. 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.
F3	Includes 11.3185, 15.2667, and 16.1888 units of phantom stock acquired on April 9, 2021, July 9, 2021 and October 8, 2021, respectively, as dividend equivalents under the 2014 Long-Term Incentive Compensation Program.