Joseph F Serbun Form 3 COMMUNITY BANK SYSTEM / Joseph F Serbun ownership change

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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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1. Name and Address of Reporting Person^*

Serbun Joseph F

(Last) (First) (Middle)

C/O COMMUNITY BANK SYSTEM, INC.

5790 WIDEWATERS PARKWAY

(Street)

DEWITT NY 13214

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
05/21/2018

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

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

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
EVP, Chief Credit Officer

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	546.7621	I	By 401(k) Plan(1)
Common Stock	8,226.7224	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option	(2)	01/20/2020	Common Stock	82	19.48	D
Stock Option	(3)	01/19/2021	Common Stock	2,599	27.36	D
Stock Option	(4)	03/21/2022	Common Stock	3,484	28.78	D
Stock Option	(5)	03/19/2023	Common Stock	3,858	29.79	D
Stock Option	(6)	03/18/2025	Common Stock	3,053	35.36	D
Stock Option	(7)	03/19/2024	Common Stock	2,935	37.77	D
Stock Option	(8)	03/16/2026	Common Stock	4,029	38.02	D
Stock Option	(9)	03/20/2028	Common Stock	2,779	55.92	D
Stock Option	(10)	03/15/2027	Common Stock	2,357	57.12	D

Explanation of Responses:

1. The number of shares reported herein acquired pursuant to Community Bank System, Inc.'s 401(k) Plan and are based on a current plan statement.

2. The option vested ratably on January 20, 2011, 2012, 2013, 2014 and 2015.

3. The option vested ratably on January 19, 2012, 2013, 2014, 2015 and 2016.

4. The option vested ratably on March 21, 2013, 2014, 2015, 2016 and 2017.

5. The option vested ratably on March 19, 2014, 2015, 2016, 2017 and 2018.

6. The option vests ratably on March 18, 2016, 2017, 2018, 2019 and 2020.

7. The option vests ratably on March 19, 2015, 2016, 2017, 2018 and 2019.

8. The option vests ratably on March 16, 2017, 2018, 2019, 2020 and 2021.

9. The option vests ratably on March 20, 2019, 2020, 2021, 2022 and 2023.

10. The option vests ratably on March 15, 2018, 2019, 2020, 2021 and 2022.

	/s/ Marguerite K. Geiss, pursuant to a Confirming Statement executed by Joseph F. Serbun	05/31/2018
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
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