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
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
  
 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)
02/26/2021
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 02/26/2021 M 4,566 A $28.78 84,792.851(1) D
Common Stock 02/26/2021 S 4,566 D $72.0232(2) 80,226.851 D
Common Stock 6,916.934(3) I By Mark Bolus Trust
Common Stock 213.387(4) I By daughter, Taylor Bolus
Common Stock 213.387(4) I By daughter, Paige Bolus
Common Stock 214.993(5) I By son, Austin Bolus
Common Stock 214.993(5) I By son, Noah Bolus
Common Stock 5,051.852(6) I By Taylor Bolus Trust
Common Stock 5,051.852(6) I By Paige Bolus Trust
Common Stock 5,051.852(6) I By Austin Bolus Trust
Common Stock 5,051.852(6) I By Noah Bolus Trust
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
Stock Option $28.78 02/26/2021 M 4,566 03/21/2012 03/21/2022 Common Stock 4,566 $0 0 D
Explanation of Responses:
1. Includes 1,594.3124 shares acquired pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.
2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $71.69 to $72.61, 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.
3. Includes 184.808 shares acquired pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.
4. Includes 5.754 shares acquired pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.
5. Includes 5.797 shares acquired pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.
6. Includes 135 shares acquired pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.
/s/ Danielle M. Cima, pursuant to a Confirming Statement executed by Mark J. Bolus 03/02/2021
** 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 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.