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FISI > SEC Filings for FISI > Form 8-K on 13-Sep-2013All Recent SEC Filings




Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September 10, 2013, Financial Institutions, Inc. (the "Company") entered into a separation agreement and release of all claims with Karl F. Krebs (the "Separation Agreement"), the Company's former Executive Vice President and Chief Financial Officer. Under the terms of the Separation Agreement, Mr. Krebs is entitled to receive $525,000, with (i) $175,000 to be paid within 15 days of the Company's receipt of written payment/wiring instructions from Mr. Krebs, and
(ii) the remaining $350,000 to be paid in equal bi-weekly installments for two years, less required payroll deductions and withholdings. These bi-weekly payments will begin on the Company's first regular pay period after September 14, 2013. Under the terms of the Separation Agreement, Mr. Krebs provided a general release of claims in favor of the Company and its affiliates, and the Company provided a general release of claims in favor of Mr. Krebs. Mr. Krebs has the right to revoke the Separation Agreement within seven calendar days from the date of Mr. Krebs signature and execution of the agreement. After this revocation period expires, the Separation Agreement will become effective as of the date of signature and execution.

A copy of the Separation Agreement is expected to be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2013.

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