PARENTE CHARLES E 4

4 · COMMUNITY BANK SYSTEM INC · Filed Jan 4, 2011

Form 4

Period: 2010-12-31

Director

Transactions

Disposition to Issuer
Common Stock
2010-12-31$27.77/sh−2,688.01$74,646→ 16,164 total
Exercise/Conversion
Common Stock
2010-12-31+2,688.01→ 18,852.01 total
Exercise/Conversion
Stock Option
2010-12-31−12,285→ 0 total
Exercise: $23.04From: 2005-12-21Exp: 2011-12-31→ Common Stock (12,285 underlying)
Exercise/Conversion
Phantom Stock (Stock Balance Plan)
2010-12-31−2,688.01→ 0 total
Exercise: $0.00→ Common Stock (2,688.01 underlying)
Exercise/Conversion
Common Stock
2010-12-31$23.04/sh+12,285$283,046→ 26,357 total
Tax Payment
Common Stock
2010-12-31$27.77/sh−10,193$283,060→ 16,164 total

Holdings

Footnotes (2)

[F1]Each phantom stock unit is the economic equivalent of one share of Community Bank System, Inc. common stock. Phantom Stock (Stock Balance Plan) may be settled upon the later of the reporting person's attainment of age 55 or termination of service on Community Bank System, Inc.'s Board of Directors. The reporting person retired from the Board of Directors effective December 31, 2010 and he settled his phantom stock units for cash.
[F2]Includes 86.2 units of phantom stock acquired pursuant to the Stock Balance Plan's dividend reinvestment feature.

Documents

1 file