SEC Form 4 · accession 0001127602-15-012151
COMMUNITY FINANCIAL SYSTEM, INC. · CBU
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Brian R Ace
Director
Period of report
Dec 31, 2014
Accepted (ET)
Mar 20, 2015 · 12:52 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000723188
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF2 | Dec 31, 2014 | J | 17,635 | $0.00 | D | 0 | I | By Laceyville Hardware Sep |
| Common StockF3 | Dec 31, 2014 | J | 17,635 | $0.00 | A | 46,049 | D | |
| Common StockF4 | holding | — | — | — | 126 | I | By Spouse |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Phantom Stock (Deferred Stock Units)F5 | — | Mar 18, 2015 | A | 850 | A | — | — | Common Stock | 850 | 850 | D |
| Phantom Stock (Deferred Compensation)F7,F6 | — | holding | — | — | — | — | — | Common Stock | 24,726 | 24,726 | D |
| Phantom Stock (Stock Balance Plan)F9,F8 | — | holding | — | — | — | — | — | Common Stock | 3,063 | 3,063 | D |
Explanation of responses
- F1Distribution from the Laceyville Hardware SEP into the reporting person's SEP IRA.
- F2Includes 678.298 shares acquired in 2014 under the Community Bank System, Inc. Dividend Reinvestment Plan.
- F3Includes 186.404 shares acquired in 2014 under the Community Bank System, Inc. Dividend Reinvestment Plan.
- F4Includes 4.839 shares acquired in 2014 under the Community Bank System, Inc. Dividend Reinvestment Plan.
- F5The 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.
- F6Each 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.
- F7Includes 227.8895 units acquired on January 9, 2015 pursuant to the Deferred Compensation Plan's dividend reinvestment feature.
- F8Each phantom stock unit is the economic equivalent of one share of Community Bank System, Inc. common stock. Phantom Stock (Stock Balance Plan) may be settled upon the later of the reporting person's attainment of age 55 or termination of service on Community Bank System, Inc.'s Board of Directors.
- F9Includes 90.44 units of phantom stock acquired in 2014 under the Stock Balance Plan's dividend reinvestment feature.