SEC Form 4 · accession 0001127602-18-012612
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
Mar 20, 2018
Accepted (ET)
Mar 22, 2018 · 9:09 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 StockF1,F2 | Mar 20, 2018 | M | 563 | — | A | 52,944 | D | |
| Common Stock | holding | — | — | — | 1,967 | I | Joint with brother |
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 Compensation)F1,F4,F3 | — | Mar 20, 2018 | M | 563 | D | — | — | Common Stock | 563 | 20,168 | D |
| Phantom Stock (Deferred Stock Units)F5 | — | Mar 20, 2018 | A | 611 | A | — | — | Common Stock | 611 | 1,121 | D |
Explanation of responses
- F1On March 20, 2018, the reporting person's phantom stock units were settled for an equal number of shares of Community Bank System, Inc. common stock.
- F2The reporting person's beneficial ownership number has been reduced by 871.4214 shares to correct an error of reporting a gift of approximately 868 shares in the Form 4 filed with the SEC on March 16, 2017.
- F3Each 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.
- F4Includes 287.617 units of phantom stock acquired under the Deferred Compensation Plan's dividend reinvestment feature.
- 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.