UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): | September 10, 2013 |
Financial Institutions, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
New York | 0-26481 | 16-0816610 |
_____________________ (State or other jurisdiction | _____________ (Commission | ______________ (I.R.S. Employer |
of incorporation) | File Number) | Identification No.) |
220 Liberty Street, Warsaw, New York | 14569 | |
_________________________________ (Address of principal executive offices) | ___________ (Zip Code) |
Registrant’s telephone number, including area code: | 585-786-1100 |
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Financial Institutions, Inc. | ||||
September 13, 2013 | By: | /s/ Kevin B. Klotzbach | ||
Name: Kevin B. Klotzbach | ||||
Title: Executive Vice President, Chief Financial Officer and Treasurer |