Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-21

Financial Institutions Inc (FISI)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$2,385,669
Martin Birmingham total, FY2025
60th
CEO pay percentile vs peers
42:1
CEO-to-median pay ratio
89.94%
Say-on-pay support, latest vote
Companies that benchmark against FISI
22 companies name FISI as a compensation peer

Each company listed discloses FISI in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named FISI in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Martin Birmingham$798,244$0$1,017,062$0$487,544$57,464$25,355$2,385,669
President and Chief Executive Officer
W. Jack Plants II410,0470320,4050197,79018,00118,164964,407
Executive Vice President, Chief Financial Officer and Treasurer
Samuel Burruano Jr.357,5630272,2590169,82122,77515,656838,074
EVP, Chief Legal Officer and Corporate Secretary
Kevin Quinn325,9820274,0040157,37720,52931,570809,462
SVP, Chief Commercial Banking Officer
Laurie Collins281,6740235,0740133,62116,03013,903680,302
SVP, Chief Human Resources Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Martin Birmingham$2,385,669$1,408,963$1,472,884+976,706
W. Jack Plants II964,407616,620588,035+347,787
Samuel Burruano Jr.838,074481,209
Kevin Quinn809,462550,637544,923+258,825
Laurie Collins680,302457,788440,228+222,514

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Susan R. HollidayDirector2026-05-20A1,282$0$0CommonForm 4 ↗
Kim E. VanGelderDirector2026-05-20A1,28200CommonForm 4 ↗
Robert N. LatellaDirector2026-05-20A1,28200CommonForm 4 ↗
Mark A. ZupanDirector2026-05-20A1,28200CommonForm 4 ↗
Dawn H. BurlewDirector2026-05-20A1,28200CommonForm 4 ↗
Angela J. PanzarellaDirector2026-05-20A1,28200CommonForm 4 ↗
Andrew W. Dorn JrDirector2026-05-20A1,28200CommonForm 4 ↗
Dawn H. BurlewDirector2026-05-20A3133510,986CommonForm 4 ↗
Robert M. GlaserDirector2026-05-20A1,28200CommonForm 4 ↗
Steven C. FinchDirector2026-05-20A1,28200CommonForm 4 ↗
Steven C. FinchDirector2026-05-20A3913513,724CommonForm 4 ↗
David P. BovenziDirector2026-05-20A1,28200CommonForm 4 ↗
Bruce W. HartingDirector2026-05-20A1,28200CommonForm 4 ↗
Angela J. PanzarellaDirector2026-05-20A9253532,468CommonForm 4 ↗
David P. BovenziDirector2026-05-20A3913513,724CommonForm 4 ↗
Robert L. SchraderDirector2026-05-20A1,28200CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Martin BirminghamOTHER$1,017,062
Laurie CollinsOTHER235,074
W. Jack Plants IIOTHER320,405
Kevin QuinnOTHER274,004
Samuel Burruano Jr.OTHER272,259
03b

Vehicle mix — grant-date fair value by award type

Grant-level vehicle detail not disclosed.

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Kevin QuinnPSU6,593$205,504
Martin BirminghamPSU24,460762,418
Samuel Burruano Jr.PSU14,550453,524
W. Jack Plants IIPSU17,391542,077
Martin BirminghamPSU56,9331,774,602
Kevin QuinnPSU15,359478,740
Laurie CollinsPSU13,134409,387
W. Jack Plants IIPSU7,846244,560
Samuel Burruano Jr.PSU6,695208,683
Laurie CollinsPSU5,663176,516
05

Incentive-plan design — the Compensation Discussion & Analysis

We believe that executive compensation should be directly linked to continuous improvements in corporate performance while remaining competitive relative to the compensation levels and practices of our peers.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultant
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-2013,784,1091,541,347112,44389.94%Passed
20252025-05-2813,171,0613,203,19065,77080.44%Passed
20242024-06-059,833,4751,274,484100,03988.53%Passed
20232023-06-2110,522,344784,969174,05193.06%Passed
20222022-06-1410,830,7101,080,12284,19690.93%Passed
20212021-06-1610,942,8981,416,080120,97888.54%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2089.94%a
20252025-05-2880.44%b
20242024-06-0588.53%c

a. Approved under the standard stated in the filing — “Abstentions and Broker Non-Votes Abstentions will be counted for purposes of calculating whether a quorum is present at the meeting but will not be counted for purposes of determining the number of votes cast with respect to a proposal.”.

b. Approved under the standard stated in the filing — “Abstentions and Broker Non-Votes Abstentions will be counted for purposes of calculating whether a quorum is present at the meeting but will not be counted for purposes of determining the number of votes cast with respect to a proposal.”.

c. Approved under the standard stated in the filing — “Abstentions and Broker Non-Votes Abstentions will be counted for purposes of calculating whether a quorum is present at the meeting but will not be counted for purposes of determining the number of votes cast with respect to a proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)42 : 1
CEO total compensation$2,385,669
Median employee compensation$56,943
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Susan R. HollidayIndependent · Board Chair · Executive (Chair) · Management Development & Compensation$110,000$34,978$0$0$9,000$153,978
Angela J. PanzarellaIndependent · Audit · Management Development & Compensation · Newly elected73,33346,64400119,977
Robert M. GlaserIndependent · Audit (Chair) · Executive70,00034,97800104,978
Kim E. VanGelderIndependent · Risk Oversight (Chair) · Nominating & Governance67,50034,97800102,478
Andrew W. Dorn JrIndependent · Management Development & Compensation (Chair) · Executive · Risk Oversight65,00034,9780099,978
Dawn H. BurlewIndependent · Technology & Data (Chair) · Management Development & Compensation · Risk Oversight62,50034,9780097,478
Donald K. BoswellIndependent · Nominating & Governance (Chair)62,50034,9780097,478
Mark A. ZupanIndependent · Audit · Technology & Data55,00034,9780089,978
Robert N. LatellaIndependent · Executive · Nominating & Governance · Technology & Data55,00034,9780089,978
Bruce W. HartingIndependent · Audit · Risk Oversight55,00034,9780089,978
Robert L. SchraderIndependent · Risk Oversight · Newly elected55,00034,9780089,978
Martin K. BirminghamEmployee director00000
David P. BovenziIndependent · Partial-year service · Newly elected000000
09

Board fee structure and ownership guideline

Annual cash retainer
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)47,000 / 42,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$730,833
Equity awards (grant-date value)$396,424
All other compensation$9,000
Total cost of the board$1,136,257

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Financial Institutions Inc names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Financial Institutions Inc.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1First Busey Corporation2025Van Dukeman$918,789$1,939,686$0$1,109,080$4,030,080
2Civista Bancshares, Inc.2025Dennis Shaffer573,657166,2460258,1462,894,036
3Financial Institutions Inc2025Martin Birmingham798,2441,017,0620487,5442,385,669
4Mercantile Bank Corporation2025Raymond Reitsma734,600471,2830462,7981,769,983
5Farmers National Banc Corp.2025Kevin Helmick686,850331,9130536,2501,644,243
6Premier Financial Corp2023Gary Small617,077309,5900119,3401,107,726

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Financial Institutions Inc104.4%RSU 50 · PSU 50Nonot disclosed
Civista Bancshares, Inc.74%RSU 100not disclosedBlanchard Consulting Group
Farmers National Banc Corp.150%PSU 50 · RSU 25 · Cash LTI 25NoAon
First Busey Corporation116.5%PSU 50 · RSU 50Yes — Total Stockholder Return (TSR)Pearl Meyer
Mercantile Bank Corporation105.6%PSU 65 · RSU 35NoAON
Premier Financial Corp38%PSU 67 · RSU 33Yes — 3-year Total Shareholder Return (rTSR)Pearl Meyer & Partners, LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at Financial Institutions Inc in fiscal 2025?
The highest-paid executive at Financial Institutions Inc in fiscal 2025 was Martin Birmingham, who held the title of President and Chief Executive Officer and received total compensation of $2,385,669.
How does Financial Institutions Inc's chief executive pay compare to its disclosed peer group?
The filing shows that the CEO's pay placed him at the 60th percentile of the disclosed peer group.
What is Financial Institutions Inc's CEO-to-median employee pay ratio?
As disclosed, the CEO-to-median employee pay ratio was 42:1.
How did shareholders vote on Financial Institutions Inc's executive compensation?
The company reported that shareholder support for the latest executive compensation vote was 89.94%.
How much does Financial Institutions Inc spend in total on board compensation for fiscal 2025?
The filing shows that total board compensation for fiscal 2025 was $1,136,257.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Martin BirminghamDEF 14A2026-04-060001193125-26-143723Section “Y COMPENSATION TABLE”. As printed: 2,385,669. Filing ↗machine: r4 · c21 · span 1897204–1897213
2Section 01, W. Jack Plants IIDEF 14A2026-04-060001193125-26-143723Section “Y COMPENSATION TABLE”. As printed: 964,407. Filing ↗machine: t49 · r7 · c21 · span 1922073–1922080
3Section 01, Samuel Burruano Jr.DEF 14A2026-04-060001193125-26-143723Section “Y COMPENSATION TABLE”. As printed: 838,074. Filing ↗machine: t49 · span 1946944–1946951
4Section 01, Kevin QuinnDEF 14A2026-04-060001193125-26-143723Section “Y COMPENSATION TABLE”. As printed: 809,462. Filing ↗machine: r13 · c21 · span 1971812–1971819
5Section 01, Laurie CollinsDEF 14A2026-04-060001193125-26-143723Section “Executive Compensation”. As printed: 680,302. Filing ↗
6Section 03, Martin Birmingham OTHERDEF 14A2026-04-060001193125-26-143723Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t49 · r4 · c9 · span 1892944–1892953
7Section 03, Laurie Collins OTHERDEF 14A2026-04-060001193125-26-143723Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t49 · r16 · c9 · span 1992414–1992421
8Section 03, W. Jack Plants II OTHERDEF 14A2026-04-060001193125-26-143723Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t49 · r7 · c9 · span 1917815–1917822
9Section 03, Kevin Quinn OTHERDEF 14A2026-04-060001193125-26-143723Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t49 · r13 · c9 · span 1967554–1967561
10Section 03, Samuel Burruano Jr. OTHERDEF 14A2026-04-060001193125-26-143723Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t49 · r10 · c9 · span 1942686–1942693
11Section 07, pay ratioDEF 14A2026-04-060001193125-26-143723Section “CEO Pay Ratio”. As printed: 42 : 1. Filing ↗machine: span 2730724–2730731
12Section 08, Susan R. HollidayDEF 14A2026-04-060001193125-26-143723Section “Director Compensation”. As printed: 153,978. Filing ↗machine: t28 · r10 · c18 · span 1148520–1148527
13Section 08, Angela J. PanzarellaDEF 14A2026-04-060001193125-26-143723Section “Director Compensation”. As printed: 119,977. Filing ↗machine: t28 · r12 · c18 · span 1164319–1164326
14Section 08, Robert M. GlaserDEF 14A2026-04-060001193125-26-143723Section “Director Compensation”. As printed: 104,978. Filing ↗machine: t28 · r8 · c18 · span 1132905–1132912
15Section 08, Kim E. VanGelderDEF 14A2026-04-060001193125-26-143723Section “Director Compensation”. As printed: 102,478. Filing ↗machine: t28 · r14 · c18 · span 1180115–1180122
16Section 08, Andrew W. Dorn JrDEF 14A2026-04-060001193125-26-143723Section “Director Compensation”. As printed: 99,978. Filing ↗machine: r7 · c18 · span 1125098–1125104
17Section 08, Dawn H. BurlewDEF 14A2026-04-060001193125-26-143723Section “Director Compensation”. As printed: 97,478. Filing ↗machine: t28 · r6 · c18 · span 1117288–1117294
18Section 08, Donald K. BoswellDEF 14A2026-04-060001193125-26-143723Section “Director Compensation”. As printed: 97,478. Filing ↗machine: t28 · r5 · c18 · span 1109483–1109489
19Section 08, Mark A. ZupanDEF 14A2026-04-060001193125-26-143723Section “Director Compensation”. As printed: 89,978. Filing ↗machine: t28 · r15 · c18 · span 1188566–1188572
20Section 08, Robert N. LatellaDEF 14A2026-04-060001193125-26-143723Section “Director Compensation”. As printed: 89,978. Filing ↗machine: t28 · r11 · c18 · span 1156329–1156335
21Section 08, Bruce W. HartingDEF 14A2026-04-060001193125-26-143723Section “Director Compensation”. As printed: 89,978. Filing ↗machine: t28 · r9 · c18 · span 1140713–1140719
22Section 08, Robert L. SchraderDEF 14A2026-04-060001193125-26-143723Section “Director Compensation”. As printed: 89,978. Filing ↗machine: t28 · r13 · c18 · span 1172308–1172314
23Section 08, Martin K. BirminghamDEF 14A2026-04-060001193125-26-143723Section “Director Compensation”. As printed: 0. Filing ↗
24Section 08, David P. BovenziDEF 14A2026-04-060001193125-26-143723Section “Director Compensation”. As printed: 0. Filing ↗
25Section 02, Susan R. Holliday 2026-05-20Form 42026-05-210001211177-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Kim E. VanGelder 2026-05-20Form 42026-05-210001676441-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Robert N. Latella 2026-05-20Form 42026-05-210001319732-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Mark A. Zupan 2026-05-20Form 42026-05-210001310930-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Dawn H. Burlew 2026-05-20Form 42026-05-210001723300-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Angela J. Panzarella 2026-05-20Form 42026-05-210001188732-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Andrew W. Dorn Jr 2026-05-20Form 42026-05-210001221249-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Dawn H. Burlew 2026-05-20Form 42026-05-210001723300-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Robert M. Glaser 2026-05-20Form 42026-05-210001607421-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Steven C. Finch 2026-05-20Form 42026-05-210001746639-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Steven C. Finch 2026-05-20Form 42026-05-210001746639-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, David P. Bovenzi 2026-05-20Form 42026-05-210001991206-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Bruce W. Harting 2026-05-20Form 42026-05-210001945088-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Angela J. Panzarella 2026-05-20Form 42026-05-210001188732-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, David P. Bovenzi 2026-05-20Form 42026-05-210001991206-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Robert L. Schrader 2026-05-20Form 42026-05-210001782792-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
41Section 06, 2026 voteForm 8-K2026-05-210000862831-26-000002Item 5.07 · say-on-pay result. As reported: 89.94% (votes for as printed: 13,784,109). Filing ↗
42Section 06, 2025 voteForm 8-K2025-05-290000950170-25-078932Item 5.07 · say-on-pay result. As reported: 80.44% (votes for as printed: 13,171,061). Filing ↗
43Section 06, 2024 voteForm 8-K2024-06-060000950170-24-069867Item 5.07 · say-on-pay result. As reported: 88.53% (votes for as printed: 9,833,475). Filing ↗
44Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
45Section 09b board cost (computed)ComputedcomputedCash 730,833 + equity 396,424 + all other 9,000 = 1,136,257, summed across the director compensation table rows.machine: formula: Σ = 1,136,257
46First Busey Corporation, Section 10b CEO totalDEF 14A2026-04-130000314489-26-000021CEO total compensation as printed in First Busey Corporation's own proxy. As printed: 4,030,080. Filing ↗machine: t31 · r2 · c24 · span 687336–687345
47Civista Bancshares, Inc., Section 10b CEO totalDEF 14A2026-04-070001193125-26-145510CEO total compensation as printed in Civista Bancshares, Inc.'s own proxy. As printed: 2,894,036. Filing ↗machine: span 535149–535158
48Financial Institutions Inc (subject), Section 10b CEO totalDEF 14A2026-04-060001193125-26-143723CEO total compensation as printed in Financial Institutions Inc's own proxy. As printed: 2,385,669. Filing ↗machine: r4 · c21 · span 1897204–1897213
49Mercantile Bank Corporation, Section 10b CEO totalDEF 14A2026-04-020001437749-26-010964CEO total compensation as printed in Mercantile Bank Corporation's own proxy. As printed: 1,769,983. Filing ↗machine: t42 · r1 · c20 · span 302151–302160
50Farmers National Banc Corp., Section 10b CEO totalDEF 14A2026-03-160001437749-26-008310CEO total compensation as printed in Farmers National Banc Corp.'s own proxy. As printed: 1,644,243. Filing ↗machine: r2 · c28 · span 608756–608765
51Premier Financial Corp, Section 10b CEO totalDEF 14A2024-03-180001140361-24-013910CEO total compensation as printed in Premier Financial Corp's own proxy. As printed: 1,107,726. Filing ↗machine: span 599128–599137
52Section 10a, Farmers National Banc Corp. reciprocityDEF 14A0001437749-26-008310Farmers National Banc Corp. names Financial Institutions Inc in its own disclosed peer group (read from its most recent proxy). Filing ↗
53Section 10a, Civista Bancshares, Inc. reciprocityDEF 14A0001193125-26-145510Civista Bancshares, Inc.'s most recent proxy was read; its disclosed peer group does not include Financial Institutions Inc. Filing ↗
54Section 10a, First Busey Corporation reciprocityDEF 14A0000314489-26-000021First Busey Corporation's most recent proxy was read; its disclosed peer group does not include Financial Institutions Inc. Filing ↗
55Section 10a, Mercantile Bank Corporation reciprocityDEF 14A0001437749-26-010964Mercantile Bank Corporation's most recent proxy was read; its disclosed peer group does not include Financial Institutions Inc. Filing ↗
56Section 10a, Premier Financial Corp reciprocityDEF 14A0001140361-24-013910Premier Financial Corp's most recent proxy was read; its disclosed peer group does not include Financial Institutions Inc. Filing ↗