SALLY A. STEELE - 03 Jan 2022 Form 4 Insider Report for COMMUNITY BANK SYSTEM, INC. (CBU)

Role: Director
Signature: /s/ Danielle M. Cima, pursuant to a Confirming Statement executed by Sally A. Steele
Issuer symbol: CBU
Transactions as of: 03 Jan 2022
Net transactions value: $0
Form type: 4
Filing time: 05 Jan 2022, 15:23:20 UTC
Previous filing: 01 Nov 2021
Next filing: 03 Mar 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CBU	Common Stock	Options Exercise	$0	+3,276	+6.4%	$0.000000	54,199	03 Jan 2022	Direct	F1
holding	CBU	Common Stock						2,585	03 Jan 2022	Joint with brother

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CBU	Phantom Stock (Deferred Compensation)	Options Exercise	$0	-3,276	-25%	$0.000000	9,820	03 Jan 2022	Common Stock	3,276		Direct	F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On January 3, 2022, the reporting person's phantom stock units were settled for an equal number of shares of Community Bank System, Inc. common stock.
F2	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 the Deferred Compensation Plan will be settled in Community Bank System, Inc. common stock at future dates selected by the reporting person.
F3	Includes 69.0288, 73.4281, and 77.8631 units of phantom stock acquired on April 9, 2021, July 9, 2021 and October 8, 2021, respectively under the Deferred Compensation Plan's dividend reinvestment feature.