# EDGAR Filing Document

**Accession Number:** 0001486056
**File Stem:** 0001127602-23-010133
**Filing Date:** 2023-3
**Character Count:** 7846
**Document Hash:** ff83a7e474155f495b13502df8c81134
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001127602-23-010133.hdr.sgml**: 20230314

**ACCESSION NUMBER**: 0001127602-23-010133

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230313

**FILED AS OF DATE**: 20230314

**DATE AS OF CHANGE**: 20230314

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Bolus Mark J.
- **CENTRAL INDEX KEY:** 0001486056

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13695
- **FILM NUMBER:** 23732530

**MAIL ADDRESS:**
- **STREET 1:** R.R. 1, BOX 412A
- **CITY:** DALTON
- **STATE:** PA
- **ZIP:** 18414
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COMMUNITY BANK SYSTEM, INC.
- **CENTRAL INDEX KEY:** 0000723188
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 161213679
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 5790 WIDEWATERS PKWY
- **CITY:** DEWITT
- **STATE:** NY
- **ZIP:** 13214
- **BUSINESS PHONE:** 8007242262

**MAIL ADDRESS:**
- **STREET 1:** 5790 WIDEWATERS PARKWAY
- **CITY:** DEWITT
- **STATE:** NY
- **ZIP:** 13214

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMMUNITY BANK NA, a subsidiary of Community Bank System Inc
- **DATE OF NAME CHANGE:** 20130729

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMMUNITY BANK NA, a subsidiary of Community Bank System Inc.
- **DATE OF NAME CHANGE:** 20130726

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMMUNITY BANK SYSTEM INC
- **DATE OF NAME CHANGE:** 19920703

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Bolus Mark J.<br><sub>(Last) (First) (Middle)</sub><br>C/O COMMUNITY BANK SYSTEM, INC.<br>5790 WIDEWATERS PARKWAY<br><sub>(Street)</sub><br>DEWITT, NY 13214<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-03-13 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>COMMUNITY BANK SYSTEM, INC. [ CBU ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2023-03-13 |  | M |  | 468 | A | $29.79 | 85621.062 | D |  |
| Common Stock | 2023-03-13 |  | S |  | 468 | D | 52.8729<sup>(1)</sup> | 85153.062 | D |  |
| Common Stock |  |  |  |  |  |  |  | 7315.721 | I | By Mark Bolus Trust |
| Common Stock |  |  |  |  |  |  |  | 5343.24 | I | By Taylor Bolus Trust |
| Common Stock |  |  |  |  |  |  |  | 5343.24 | I | By Paige Bolus Trust |
| Common Stock |  |  |  |  |  |  |  | 5343.24 | I | By Austin Bolus Trust |
| Common Stock |  |  |  |  |  |  |  | 5343.24 | I | By Noah Bolus Trust |
| Common Stock |  |  |  |  |  |  |  | 219.668 | I | By daughter, Taylor Bolus |
| Common Stock |  |  |  |  |  |  |  | 219.668 | I | By daughter, Paige Bolus |
| Common Stock |  |  |  |  |  |  |  | 221.321 | I | By son, Austin Bolus |
| Common Stock |  |  |  |  |  |  |  | 221.321 | I | By son, Noah Bolus |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Stock Option | $29.79 | 2023-03-13 |  | M |  |  | 468 | 2013-03-19 | 2023-03-19 | Common Stock | 468 | $0 | 0 | D |  |
| Phantom Stock (Deferred Stock Units) | <sup>(2)</sup> | 2023-03-14 |  | A |  | 1154 |  | <sup>(2)</sup> | <sup>(2)</sup> | Common Stock | 1154 | $0 | 1816.1561<sup>(3)</sup> | D |  |

---

### Footnotes:

(1) The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $52.84 to $52.905, 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.

(2) The reporting person has received deferred stock units under the Community Bank System, Inc. 2022 Long-Term Incentive Plan, as amended (the "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.

(3) Includes 29.4974 units of phantom stock acquired as dividend equivalents under the Plan.

**Signature:** /s/ Danielle M. Cima, pursuant to a Confirming Statement executed by Mark J. Bolus  
**Date:** 2023-03-14

### Remarks:

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.**