JEFFREY L. DAVIS - 03 Jan 2023 Form 4 Insider Report for COMMUNITY BANK SYSTEM, INC. (CBU)

Role
Director
Signature
/s/ Danielle M. Cima, pursuant to a Confirming Statement executed by Jeffrey L. Davis
Issuer symbol
CBU
Transactions as of
03 Jan 2023
Net transactions value
$0
Form type
4
Filing time
05 Jan 2023, 11:15:14 UTC
Previous filing
19 Dec 2022
Next filing
15 Mar 2023
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 +7,521 +54% $0.000000 21,516 03 Jan 2023 Direct F1
holding CBU Common Stock 493 03 Jan 2023 By Child
holding CBU Common Stock 858 03 Jan 2023 By Spouse
holding CBU Common Stock 4,707 03 Jan 2023 By Trust F2

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 under Merchants plan) Options Exercise $0 -7,521 -13% $0.000000 50,488 03 Jan 2023 Common Stock 7,521 Direct F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On January 3, 2023, the reporting person's phantom stock units acquired under the Merchants Bancshares, Inc. ("Merchants") deferred compensation plan were settled for an equal number of shares of Community Bank System, Inc. common stock.
F2 The reporting person disclaims beneficial ownership of these securities, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or any other purpose.
F3 The units of phantom stock were acquired through Merchants deferred compensation plan. 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 such deferred compensation plan will be settled in Community Bank System, Inc. common stock at future dates selected by the reporting person.