SEC Form 4 · accession 0001127602-18-028206
COMMUNITY FINANCIAL SYSTEM, INC. · CBU
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Jeffrey L Davis
Director
Period of report
Sep 20, 2018
Accepted (ET)
Sep 21, 2018 · 3:39 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000723188
Table I — non-derivative securities
No Table I lines on this filing.
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 | — | Sep 20, 2018 | A | 256 | A | — | — | Common Stock | 256 | 828 | D |
| Phantom Stock (Deferred Compensation under Merchants plan)F3,F2 | — | holding | — | — | — | — | — | Common Stock | 53,209 | 53,209 | D |
Explanation of responses
- F1Each 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.
- F2The units of phantom stock were acquired through Merchants Bancshares, Inc.'s ("Merchants") deferred compensation plan. 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 such deferred compensation plan will be settled in Community Bank System, Inc. common stock at future dates selected by the reporting person.
- F3Includes 293 units of phantom stock acquired on July 10, 2018 under the Merchants' deferred compensation plan's dividend reinvestment feature.