EX-10.4
(Exhibit 10.4) Stock Ownership Requirements
Financial Institutions, Inc.
Stock Ownership Requirements
Effective Date: January 1, 2005
Purpose
Financial Institution Inc.’s (FII) Stock Ownership Requirements align the interests of Executives
and Directors (“participants”) with the interests of shareholders and further promotes FII’s
commitment to sound corporate governance.
II. Participation
FII’s Stock Ownership Requirements apply to the following positions:
III. Determination of Requirements
FII’s Stock Ownership Requirements are determined as a multiple of the Executive’s base salary,
and in the case of a non-employee Director, a flat dollar amount, and then converted to a fixed
number of shares. Individual requirements are established for each participant as follows:
(1) The executive’s base salary is multiplied by the appropriate multiple:
105
• Chairman and Chief Executive Officer;
• Chief Financial Officer
• Chief of Community Banking
• Chief Risk Officer
• Presidents of Subsidiary Organizations
• Non-employee Directors of Financial Institutions, Inc.
• Other Company executives as determined by the Management, Development &
Compensation (MD&C) Committee of the FII Board of Directors.
• 4.0x for Chairman/Chief Executive Officer
• 2.0x for positions in Salary Ranges 20 and above
• 1.0x for other Executives in Salary Ranges below 20, as determined by the MD&C
Committee of the FII Board of Directors.
EX-10.4
(Exhibit 10.4) Stock Ownership Requirements
Financial Institutions, Inc.
Stock Ownership Requirements
Effective Date: January 1, 2005
Purpose
Financial Institution Inc.’s (FII) Stock Ownership Requirements align the interests of Executives
and Directors (“participants”) with the interests of shareholders and further promotes FII’s
commitment to sound corporate governance.
II. Participation
FII’s Stock Ownership Requirements apply to the foll