SEC Form 4 · accession 0001127602-18-036217
COMMUNITY FINANCIAL SYSTEM, INC. · CBU
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
R Kallet Michael
Director
Period of report
Dec 11, 2018
Accepted (ET)
Dec 13, 2018 · 4:47 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 StockF1 | Dec 11, 2018 | S | 1,700 | $60.7998 | D | 66,704 | I | By Community Bank System, Inc. 401(k) Plan |
| Common Stock | holding | — | — | — | 1,300 | D | ||
| Common Stock | holding | — | — | — | 8,759 | I | By Wife | |
| Common Stock | holding | — | — | — | 5,606 | I | By Trust under Will | |
| Common Stock | holding | — | — | — | 1,988 | I | By IRA |
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)F3,F2 | — | holding | — | — | — | — | — | Common Stock | 3,244 | 3,244 | D |
| Phantom Stock (Deferred Stock Units)F5,F4 | — | holding | — | — | — | — | — | Common Stock | 2,127 | 2,127 | 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 $60.79 to $60.83, 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 18.3969 units of phantom stock acquired on October 10, 2018 under the Deferred Compensation Plan's dividend reinvestment feature.
- F4The 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.
- F5Includes 11.6537 and 13.0991 units of deferred stock acquired on July 10, 2018 and October 10, 2018, respectively, under the Plan's dividend reinvestment feature.