Financial Institutions, Inc. (NASDAQ:FISI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 1, 2020, Financial Institutions, Inc. (the “Company”) announced that William L. Kreienberg and the Company have mutually agreed that Mr. Kreienberg will depart from his role as the Company’s Executive Vice President, Chief Banking and Revenue Officer, as of June 26, 2020.
On June 30, 2020, the Company and Mr. Kreienberg entered into a separation and settlement agreement and release (the “Agreement”) that governs, among other things, the compensation Mr. Kreienberg will receive following his resignation. Mr. Kreienberg has the right to revoke the Agreement within seven days after executing the Agreement. After this revocation period, the Agreement will be fully effective and enforceable (“Effective Date”).
Under the terms of the Agreement, he will receive: (1) cash payments totaling $500,000 to be paid in four equal installments beginning in the Company’s next payroll period after the Effective Date and in each of the first payroll periods in October 2020, January 2021 and April 2021; and (2) title to his company car. Mr. Kreienberg is also eligible for continuing health and dental insurance coverage from the Effective Date until December 30, 2020. Mr. Kreienberg provided a general release of claims in favor of the Company and its subsidiaries and affiliates, agreed to keep the Company’s confidential information confidential and agreed not to solicit the Company’s customers or employees for a period of six months after the Effective Date.
A copy of the Agreement is expected to be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020.
On July 1, 2020, the Company issued a press release announcing Mr. Kreienberg’s departure from the Company. A copy of this press release is filed as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
FINANCIAL INSTITUTIONS INC Exhibit
EX-99.1 2 fisi-ex991_6.htm PRESS RELEASE ISSUED BY FINANCIAL INSTITUTIONS,…
To view the full exhibit click here
About Financial Institutions, Inc. (NASDAQ:FISI)
Financial Institutions, Inc. (FII) is a financial holding company. The Company conducts its business through its subsidiaries: Five Star Bank (the Bank), a New York chartered bank, and Scott Danahy Naylon, LLC (SDN), a full service insurance agency. The Company offers an array of deposit, lending, insurance services and other financial services to individuals, municipalities and businesses in Western and Central New York through the Bank. The Company operates through two segments: banking and insurance. The banking segment includes the Company’s retail and commercial banking operations. The insurance segment includes the activities of SDN, which provides a range of insurance services to both personal and business clients. It offers a choice of various delivery systems and channels, including telephone, point-of-sale transactions, automated clearing house (ACH) transactions, remote deposit and mobile banking through telephone or wireless devices.
