FINANCIAL INSTITUTIONS, INC. 2009 MANAGEMENT STOCK INCENTIVE PLAN 2013 PERFORMANCE PROGRAM AWARD CERTIFICATE
Exhibit 10.17
FINANCIAL INSTITUTIONS, INC.
2009 MANAGEMENT STOCK INCENTIVE PLAN
2013 PERFORMANCE PROGRAM
AWARD CERTIFICATE
Financial Institutions, Inc., a New York financial holding company (the Company), hereby grants to the Participant as of the Award Date set forth below, a restricted stock award to receive the Number of Shares (the Shares) as set forth below (the Award). Each Share subject to the Award consists of a share of restricted stock issued under the 2009 Management Stock Incentive Plan (the Plan), which become earned and vested in accordance with the provisions of the 2013 Performance Program Master Agreement (the Master Agreement).
Award Date: | ¨ | |
Participant: | ¨ | |
Number of Shares: | ¨ | |
Award Period | The three-year period beginning on January 1, 2013 and ending on December 31, 2015 |
Subject to the provisions of the Master Agreement, the table below sets forth the Percentage of Shares subject to the Award that shall become Earned Shares based on achievement of the applicable Performance Requirement during the applicable Measurement Period. The Earned Shares, if any, shall become Vested Shares on the last day of the Service Period set forth below based on continuous service to the Company through the Service Period.
Percentage of Shares | Performance Requirement | Measurement Period | Service Period | |||
[50] | Earnings Per Share | January 1, 2013 through December 31, 2013 | January 1, 2013 through December 31, 2015 | |||
[50] | Relative Total Shareholder Return | January 1, 2013 through December 31, 2015 | January 1, 2013 through December 31, 2015 |
The Payout Percentage below sets forth the percentage of Shares that become Earned Shares based on achievement of the applicable Performance Requirement at threshold, target and maximum levels of performance.
Payout Percentage: | Threshold | Target | Maximum | |||||||||
[40 | ]% | [80 | ]% | [100 | ]% |
The Award is subject to the terms and conditions set forth in this Award Certificate, the Plan and the Master Agreement. All terms and provisions of the Plan and the Master Agreement, as the same may be amended from time to time, are incorporated and made part of this Award Certificate. If any provision of this Award Certificate is in conflict with the terms of the Plan or the Master Agreement, then the terms of the Plan or the Master Agreement, as applicable, shall govern. All capitalized terms used in this Award Certificate and not defined herein shall have the meanings assigned to them in the Plan or the Master Agreement. The Participant hereby expressly acknowledges receipt of a copy of the Plan and the Master Agreement.
(signature page immediately follows)
IN WITNESS WHEREOF, the parties have executed this Award Certificate as of the Award Date.
FINANCIAL INSTITUTIONS, INC. | ||
By: |
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Name: | ||
Title: |
The Participant hereby accepts and agrees to be bound by all of the terms and conditions of this Award Certificate, the Master Agreement and the Plan.
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PARTICIPANT |
SCHEDULE A
STOCK POWER
FOR VALUE RECEIVED, the undersigned does hereby sell, assign and transfer to Financial Institutions, Inc. (the Company), [ ] shares of the Companys common stock represented by Certificate No. [ ]. The undersigned authorizes the Secretary of the Company to transfer the stock on the books of the Company in the event that either: (a) any shares are forfeited under the terms of the Companys 2013 Performance Program Master Agreement (the Master Agreement); or (b) any shares are transferred to the Company in satisfaction of the withholding obligations of the undersigned as provided in the Plan and the Master Agreement.
Dated: |
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PARTICIPANT |