Brian R. Ace - Mar 13, 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 Brian R. Ace
Stock symbol
CBU
Transactions as of
Mar 13, 2023
Transactions value $
-$11,004
Form type
4
Date filed
3/14/2023, 06:00 PM
Previous filing
Feb 6, 2023
Next filing
Sep 25, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CBU Common Stock Options Exercise $14.4K +483 +0.77% $29.79 63.5K Mar 13, 2023 Direct
transaction CBU Common Stock Sale -$25.4K -483 -0.76% $52.57 63K Mar 13, 2023 Direct F1
holding CBU Common Stock 156 Mar 13, 2023 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 Stock Option Options Exercise $0 -483 -100% $0.00* 0 Mar 13, 2023 Common Stock 483 $29.79 Direct
transaction CBU Phantom Stock (Deferred Stock Units) Award $0 +1.15K +18.64% $0.00 7.34K Mar 14, 2023 Common Stock 1.15K Direct F4, F5
holding CBU Phantom Stock (Deferred Compensation) 3.4K Mar 13, 2023 Common Stock 3.4K Direct F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $52.50 to $52.66, inclusive. The reporting person undertakes to provide Community Bank System, Inc., any security holder of Community Bank System, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
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 180.4156 units of phantom stock acquired under the Deferred Compensation Plan's dividend reinvestment feature.
F4 The reporting person has received deferred stock units under the Community Bank System, Inc. 2022 Long-Term Incentive Plan, as amended (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.
F5 Includes 165.4173 units of phantom stock acquired as dividend equivalents under the Plan.