SEC Form 4 · accession 0001127602-16-068024
COMMUNITY FINANCIAL SYSTEM, INC. · CBU
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Sally A Steele
Director
Period of report
Nov 21, 2016
Accepted (ET)
Nov 22, 2016 · 1:41 pm EST
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 | Nov 21, 2016 | M | 4,631 | $29.79 | A | 51,375 | D | |
| Common StockF1 | Nov 21, 2016 | S | 4,631 | $54.875 | D | 46,744 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock Option | $29.79 | Nov 21, 2016 | M | 4,631 | D | Mar 19, 2013 | Mar 19, 2023 | Common Stock | 4,631 | 0 | D |
| Phantom Stock (Deferred Compensation)F3,F2 | — | holding | — | — | — | — | — | Common Stock | 25,988 | 25,988 | D |
Explanation of responses
- F1The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $54.81 to $54.91, 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.
- F2Each 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.
- F3Includes 217.2931, 196.1515, and 175.3542 units acquired on April 11, 2016, July 11, 2016, and October 10, 2016, respectively, pursuant to the Deferred Compensation Plan's dividend reinvestment feature.