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<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 12pt;"><b>UNITED STATES</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 12pt;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Washington<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">, D.C. 20549</font></b></p>

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			<td style="width: 20%; text-align: center; font-family: Times New Roman; font-size: 14pt;"><b>FORM 8-K</b></td>
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<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>CURRENT REPORT</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>PURSUANT TO SECTION 13 OR 15(d) OF THE </b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>SECURITIES EXCHANGE ACT OF 1934 </b></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Date of report (Date of earliest event reported): </b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>April</b><b> 6</b><b>,</b><b> </b><b>201</b><b>7</b></font></p>

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			<td colspan="3" style="width: 4020%; text-align: center; font-family: Times New Roman; font-size: 24pt;"><b>The First of Long Island Corporation</b></td>
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			<td colspan="3" style="width: 4020%; text-align: center; font-family: Times New Roman; font-size: 10pt;"><b>(Exact name of the registrant as specified in its charter) </b></td>
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<p>&nbsp;</p>

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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>001-32964</b></p>
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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>11-</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>2672906</b></font></p>
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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(State or other jurisdiction of</b></p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>incorporation or organization)</b></p>
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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(IRS Employer</b></p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Identification No.)</b></p>
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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>10 Glen Head Road</b></p>
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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Glen Head</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>, New York</b></font></p>
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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>11</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>545</b></font></p>
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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(Zip Code)</b></p>
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<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>516</b><b>) </b><b>671</b><b>-</b><b>49</b><b>00</b></font></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(Registrant<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&rsquo;s telephone number)</font></b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>N/A</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(Former name or former address, if changed since last report)</b></p>

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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">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 (See General Instruction A.2. below):</p>

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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
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			<td style="width: 97.3%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c)</p>
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			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><b>Item </b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>5.02</b></font></p>
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			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</b></font></p>
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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">On April 6, 2017, The First of Long Island Corporation (the &ldquo;Company&rdquo;) and The First National Bank of Long Island (the &ldquo;Bank&rdquo;) entered into an amended and restated employment agreement (the &ldquo;Amended Agreement&rdquo;) with Michael Vittorio, President and Chief Executive Officer of the Company and the Bank. The Amended Agreement replaces Mr. Vittorio&rsquo;s existing employment agreement with the Company and the Bank dated January 3, 2005 and as amended December 15, 2008 (the &ldquo;Prior Agreement&rdquo;). The terms of the Amended Agreement are generally consistent with the Prior Agreement, except that certain provisions were revised to be more aligned with best practices for executive agreements. In addition, and to better reflect and accommodate&nbsp;ongoing succession planning, the term of the Amended Agreement has been fixed at three years, which can be extended for a year by the Company. </font></p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">The term of the Amended Agreement is for three years, commencing retroactively as of January 1, 2017, and ending on December 31, 2019 (the &ldquo;Employment Period&rdquo;). Following the Employment Period, the Board of Directors may elect to extend the Amended Agreement for an additional year through December 31, 2020 (the &ldquo;Extended Period&rdquo;). During the Employment Period, Mr. Vittorio will continue to serve as President and Chief Executive Officer of the Company and the Bank, and will be proposed for election to the Board of Directors of the Company at each annual meeting of shareholders at which Executive must stand for election in order to continue as a director. During the Extended Period, Mr. Vittorio&rsquo;s position (and related duties) with the Company and Bank may be modified by the Board of Directors to reflect the Board&rsquo;s determinations as to CEO succession planning, provided that Mr. Vittorio&rsquo;s base salary and benefits in effect as of such date remain the same. </font></p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">If Mr. Vittorio&rsquo;s employment is terminated without cause, including a resignation for good reason (as defined in the Amended Agreement) during the Employment or Extended Periods (including on or after the effective time of a change in control of the Company or the Bank), but excluding termination for cause or due to death or disability, Mr. Vittorio would be entitled to: (1) a cash lump sum payment equal to three times his annual base salary; and (2) a cash lump sum payment equal to 36 times the estimated monthly cost of the medical, dental and vision coverage maintained by the Bank for Mr. Vittorio prior to his date of termination (the &ldquo;Severance Payment&rdquo;). If the qualifying termination event is not in connection with a change in control, Mr. Vittorio&rsquo;s outstanding restricted stock units would become vested and payable under the same terms and conditions as would apply upon his retirement as set forth in his underlying award agreements with the Company. </font></p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">In the event that an excise tax under Sections 280G and 4999 of the Internal Revenue Code would be assessed on the payments or other benefits received under the agreement in connection with a change in control, <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Mr. Vittorio would receive either (1) all the payments and benefits to which he is entitled under the Amended Agreement, subject to the excise tax; or (2) have such payments and benefits reduced by the minimum amount necessary so that excise tax will not apply, if such reduction would result in a greater net after-tax benefit to the executive.</font></p>

<p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">In the event of Mr. Vittorio<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&rsquo;s termination of employment for any reason (including as a result of his retirement due to the expiration of the Employment Period or the Extended Period, as applicable), such termination shall also constitute Mr. Vittorio&rsquo;s resignation from the Board of Directors of the Company and the Bank, effective as provided in the Amended Agreement. Following termination of employment, Mr. Vittorio is subject to certain non-compete and non-solicitation provisions.</font></p>

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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">The foregoing description of the <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Amended Agreement does not purport to be complete and it is qualified in its entirety by reference to the copy of the Amended Agreement that is included as Exhibit 10.1 to this Current Report and incorporated by reference into this Item 5.02. </font></p>

<p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Item 9.01.<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.</font></b></p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

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			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">(a)</p>
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			<td style="width: 330px; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Financial Statements of Businesses Acquired.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Not Applicable.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Pro Forma Financial Information.</p>
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			<td style="width: 651px; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Not Applicable.</p>
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			<td style="width: 330px; vertical-align: top;">&nbsp;</td>
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			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">(c)</p>
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			<td style="width: 330px; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Shell Company Transactions.</p>
			</td>
			<td style="width: 651px; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Not Applicable.</p>
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			<td style="width: 330px; vertical-align: top;">&nbsp;</td>
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			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">(d)</p>
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			<td style="width: 330px; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u>Exhibits</u></p>
			</td>
			<td style="width: 651px; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u>Description</u></p>
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			<td style="width: 58px; vertical-align: top;">&nbsp;</td>
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			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">10.1</p>
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			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Employment<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> Agreement by and between Michael Vittorio, The First of Long Island Corporation and The First National Bank of Long Island, effective&nbsp;January 1, 2017.</font></p>
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<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>SIGNATURE</b></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">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.</font></p>

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<p style="margin: 0pt 0pt 0pt 57.1%; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u>The First of Long Island Corporation</u></p>

<p style="margin: 0pt 0pt 0pt 57.1%; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Registrant)</p>

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<p style="margin: 0pt 0pt 0pt 57.1%; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u>By: </u><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><u>/s/</u><u> Mark D. Curtis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><u> </u></font></p>

<p style="margin: 0pt 0pt 0pt 57.1%; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Mark D. Curtis</p>

<p style="margin: 0pt 0pt 0pt 57.1%; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Senior Executive Vice President, Chief</p>

<p style="margin: 0pt 0pt 0pt 57.1%; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Financial Officer &amp; Treasurer</p>

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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dated: <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">April 7, 2017</font></p>
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flic20170406_8k.htm
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):
April
6
,
201
7
The First of Long Island Corporation
(Exact name of the registrant as specified in its charter)
New York
001-32964
11-
2672906
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(IRS Employer
Identification No.)
10 Glen Head Road
Glen Head
, New York
11
545
(Address of principal executive offices)
(Zip Code)
(
516
)
671
-
49
00
(Registrant
's telephone number)
N/A
(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 (See General Instruction A.2. below):
□
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-4c)
Item
5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e)
On April 6, 2017, The First of Long Island Corporation (the "Company") and The First National Bank of Long Island (the "Bank") entered into an amended and restated employment agreement (the "Amended Agreement") with Michael Vittorio, President and Chief Executive Officer of the Company and the Bank. The Amended Agreement replaces Mr. Vittorio's existing employment agreement with the Company and the Bank dated January 3, 2005 and as amended December 15, 2008 (the "Prior Agreement"). The terms of the Amended Agreement are generally consistent with the Prior Agreement, except that certain provisions were revised to be more aligned with best practices for executive agreements. In addition, and to better reflect and accommodate ongoing succession planning, the term of the Amended Agreement has been fixed at three years, which can be extended for a year by the Company.
The term of the Amended Agreement is for three years, commencing retroactively as of January 1, 2017, and ending on December 31, 2019 (the "Employment Period"). Following the Employment Period, the Board of Directors may elect to extend the Amended Agreement for an additional year through December 31, 2020 (the "Extended Period"). During the Employment Period, Mr. Vittorio will continue to serve as President and Chief Executive Officer of the Company and the Bank, and will be proposed for election to the Board of Directors of the Company at each annual meeting of shareholders at which Executive must stand for election in order to continue as a director. During the Extended Period, Mr. Vittorio's position (and related duties) with the Company and Bank may be modified by the Board of Directors to reflect the Board's determinations as to CEO succession planning, provided that Mr. Vittorio's base salary and benefits in effect as of such date remain the same.
If Mr. Vittorio's employment is terminated without cause, including a resignation for good reason (as defined in the Amended Agreement) during the Employment or Extended Periods (including on or after the effective time of a change in control of the Company or the Bank), but excluding termination for cause or due to death or disability, Mr. Vittorio would be entitled to: (1) a cash lump sum payment equal to three times his annual base salary; and (2) a cash lump sum payment equal to 36 times the estimated monthly cost of the medical, dental and vision coverage maintained by the Bank for Mr. Vittorio prior to his date of termination (the "Severance Payment"). If the qualifying termination event is not in connection with a change in control, Mr. Vittorio's outstanding restricted stock units would become vested and payable under the same terms and conditions as would apply upon his retirement as set forth in his underlying award agreements with the Company.
In the event that an excise tax under Sections 280G and 4999 of the Internal Revenue Code would be assessed on the payments or other benefits received under the agreement in connection with a change in control,
Mr. Vittorio would receive either (1) all the payments and benefits to which he is entitled under the Amended Agreement, subject to the excise tax; or (2) have such payments and benefits reduced by the minimum amount necessary so that excise tax will not apply, if such reduction would result in a greater net after-tax benefit to the executive.
In the event of Mr. Vittorio
's termination of employment for any reason (including as a result of his retirement due to the expiration of the Employment Period or the Extended Period, as applicable), such termination shall also constitute Mr. Vittorio's resignation from the Board of Directors of the Company and the Bank, effective as provided in the Amended Agreement. Following termination of employment, Mr. Vittorio is subject to certain non-compete and non-solicitation provisions.
The foregoing description of the
Amended Agreement does not purport to be complete and it is qualified in its entirety by reference to the copy of the Amended Agreement that is included as Exhibit 10.1 to this Current Report and incorporated by reference into this Item 5.02.
Item 9.01.
Financial Statements and Exhibits.
(a)
Financial Statements of Businesses Acquired.
Not Applicable.
(b)
Pro Forma Financial Information.
Not Applicable.
(c)
Shell Company Transactions.
Not Applicable.
(d)
Exhibits
Description
10.1
Employment
Agreement by and between Michael Vittorio, The First of Long Island Corporation and The First National Bank of Long Island, effective January 1, 2017.
SIGNATURE
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.
The First of Long Island Corporation
(Registrant)
By:
/s/
Mark D. Curtis
Mark D. Curtis
Senior Executive Vice President, Chief
Financial Officer & Treasurer
Dated:
April 7, 2017