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 OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 29, 2018, Michael D. Burneal notified Financial Institutions, Inc. (the “Company”) that he will resign from his position as Senior Vice President and Senior Organizational Advisor and Facilities Manager effective December 31, 2018 (the “Effective Date”).
In connection with his resignation, Mr. Burneal entered into a severance and settlement agreement and release with the Company’s wholly-owned subsidiary, Five Star Bank (the “Severance Agreement”). Under the terms of the Severance Agreement, Mr. Burneal will receive his regular compensation and benefits through the Effective Date. In addition, he will receive: (1) a one-time cash payment of $324,540; (2) the annual incentive award under the Annual Incentive Plan for the 2018 fiscal year period, to be paid at the time all other eligible employees receive their awards under the Annual Incentive Plan; and (3) title to his company car. In the Severance Agreement, Mr. Burneal provided a general release of claims in favor of the Company and its 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 12 months following the Effective Date. Mr. Burneal has the right to revoke the Severance Agreement within seven days after executing the agreement. After this revocation period, the Severance Agreement will be fully effective and enforceable.
A copy of the Severance Agreement is expected to be filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ending December 31, 2018.
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.