SEC Form 4 · accession 0001127602-16-046935

COMMUNITY FINANCIAL SYSTEM, INC. · CBU

Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗

Reporting owner

Director

Period of report

Mar 16, 2016

Accepted (ET)

Mar 18, 2016 · 4:13 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 Stock^F1	holding	—	—		—	46,458	D
Common Stock^F2	holding	—	—		—	130	I	By Spouse

Security	Conv. / exercise price	Date	Code	Shares	A/D	Exercisable	Expires	Underlying	Underlying shares	Owned after	D/I
Phantom Stock (Deferred Stock Units)^F3	—	Mar 16, 2016	A	877	A	—	—	Common Stock	877	1,727	D
Phantom Stock (Deferred Compensation)^F5,F4	—	holding	—	—	—	—	—	Common Stock	22,746	22,746	D

F1The reporting person's direct holdings were reduced by 3,673.5875 shares to correct an administrative error in the number of shares beneficially owned.
F2Includes 4.161 shares acquired in April, July and October 2015 and January 2016 under the Community Bank System, Inc. Dividend Reinvestment Plan.
F3The 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.
F4Each 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.
F5Includes 215.4654 units of phantom stock acquired on January 11, 2016 under the Deferred Compensation Plan's dividend reinvestment feature.