First Niagara Financial (FNFG) in Buffalo, N.Y., has settled another severance issue involving a former executive.
The company disclosed in a regulatory filing Monday that it will pay Oliver Sommer, a former executive vice president of corporate development, roughly $871,000 over the next 12 months in bi-weekly installments. Sommer left the company at the end of June.
Sommer will also receive accelerated vesting of certain equity awards totaling about $260,000 and the company will continue to maintain a discounted interest rate on his mortgage, the filing said. First Niagara also agreed to pay Sommer a one-time cash lump sum of $10,000 to cover expenses associated with his termination, including legal fees.
Sommer is also subject a to non-solicitation and non-competition restrictions for the next 12 months, the filing said.
First Niagara reportedly hammered out a $5 million severance settlement with John Koelmel, its former chief executive, in May.