John Parente - Mar 15, 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 John Parente
Stock symbol: CBU
Transactions as of: Mar 15, 2022
Transactions value $: $0
Form type: 4
Date filed: 3/16/2022, 06:27 PM
Next filing: Mar 16, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CBU	Common Stock	Options Exercise	$0	+579	+0.91%	$0.00	64.5K	Mar 15, 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	-579	-100%	$0.00^*	0	Mar 15, 2022	Common Stock	579	$0.00	Direct	F2, F3
transaction	CBU	Phantom Stock (Deferred Stock Units)	Award	$0	+644		$0.00	644	Mar 15, 2022	Common Stock	644	$0.00	Direct	F3

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

Explanation of Responses:

Id	Content
F1	On March 15, 2022, the reporting person's phantom stock units were settled for an equal number of shares of Community Bank System, Inc. common stock.
F2	Includes 9.8265 units of phantom stock acquired as dividend equivalents under the Community Bank System, Inc. 2014 Long-Term Incentive Plan (the "Plan").
F3	The reporting person has received deferred stock units under 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.