Bolus Mark J. Form 4 COMMUNITY BANK SYSTEM / Mark J. Bolus ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Bolus Mark J.

(Last) (First) (Middle)

C/O COMMUNITY BANK SYSTEM, INC.

5790 WIDEWATERS PARKWAY

(Street)

DEWITT NY 13214

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
COMMUNITY BANK SYSTEM, INC. [ CBU ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/15/2020

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/15/2020		M		1,550.418	A	$0(1)	71,698.303	D
Common Stock	01/15/2020		M		4,892.1843	A	$0(2)	76,590.4873	D
Common Stock								6,567.46	I	By Mark Bolus Trust
Common Stock								4,796.537	I	By Taylor Bolus Trust
Common Stock								4,796.537	I	By Paige Bolus Trust
Common Stock								4,796.537	I	By Austin Bolus Trust
Common Stock								4,796.537	I	By Noah Bolus Trust
Common Stock								202.51	I	By daughter, Taylor Bolus
Common Stock								202.51	I	By daughter, Paige Bolus
Common Stock								202.51	I	By son, Austin Bolus
Common Stock								202.51	I	By son, Noah Bolus

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock (Deferred Stock Units)	(3)	01/15/2020		M			1,550.418	(3)	(3)	Common Stock	1,550.418	(1)	635.1517(4)	D
Phantom Stock (Deferred Compensation)	(5)	01/15/2020		M			4,892.1843	(5)	(5)	Common Stock	4,892.1843(6)	(2)	0	D

Explanation of Responses:

1. On January 15, 2020, the reporting person's deferred stock units were settled for an equal number of shares of Community Bank System, Inc. common stock.

2. On January 15, 2020, the reporting person's phantom stock units were settled for an equal number of shares of Community Bank System, Inc. common stock.

3. The 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.

4. Includes 49.5575 units of phantom stock acquired as dividend equivalents under the 2014 Long-Term Incentive Compensation Program.

5. 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.

6. Includes 117.3117 units of phantom stock acquired under the Deferred Compensation Plan's dividend reinvestment feature.

	/s/ Danielle M. Cima, pursuant to a Confirming Statement executed by Mark J. Bolus	01/17/2020
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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