Leadership changes at First Interstate Bancsystem Inc (2026)

Reported

With the execution of the Employment Agreement, the previously announced appointment of Mr. Lee as Executive Vice President and Chief Operations Officer of the Company and the Bank became effective.

Also stated in this filing

• Under the Employment Agreement, if the Company or the Bank terminates Mr. Lee's employment for "cause", as such term is defined in the Employment Agreement, he will not receive any compensation or benefits after the termination date.
• In addition, the Company or the Bank will provide Mr. Lee with continued insurance coverage for up to 12 months.
• In addition, the Bank will provide Mr. Lee with continued insurance coverage for up to 24 months.
• If the severance benefits would constitute an "excess parachute payment" under Section 280G of the Internal Revenue Code of 1986, as amended, such payment shall either be reduced so that it will not constitute an excess parachute payment, or paid in full, depending on which payment would result in Mr. Lee receiving the greatest after-tax payment.
• In case of the latter, Mr. Lee would be liable for any excise tax owed.
• The Employment Agreement also contains 12 month non-competition and non-solicitation restrictions following termination of Mr. Lee's employment (with such restrictions to extend to 18 months if the termination of employment occurs within 6 months preceding or within 18 months following a "change in control").
• Investors and other interested parties are encouraged to read in its entirety the Employment Agreement because it contains important terms not otherwise described herein.

Reported

On August 21, 2026, the registrant announced the appointment of Mr. Jeff Lee to become Executive Vice President and Chief Operations Officer of the registrant and its wholly owned subsidiary, First Interstate Bank (the "Bank"), with Mr. Lee's employment starting date expected to begin formally on September 14, 2026 (the "Effective Date").

Also stated in this filing

• Mr. Lee, who is 57 years old, has more than 20 years of banking leadership experience in operations, technology, digital banking, information security, marketing and business transformation.
• From May 2013 until January 2024, Mr. Lee served in several officer roles within Seacoast Banking Corporation of Florida, a financial holding company listed on the Nasdaq Global Select Market (NASDAQ: SBCF), beginning as Chief Marketing Officer until his transition to Chief Digital Officer in May 2019 and subsequent transition to Chief Operations and Technology Officer in March 2021.
• Since leaving Seacoast Banking Corporation of Florida, from March 2025 to November 2025, Mr. Lee served as an independent strategic consultant to a publicly traded banking institution.
• Before joining Seacoast Banking Corporation of Florida, Mr. Lee held senior marketing and digital leadership positions with American Express International, Bonnier Corporation, and BGT Partners.
• Mr. Lee holds a Bachelor of Business Administration degree from the University of Memphis and a Master of Business Administration degree from the University of Florida - Warrington College of Business.

Appointed: Matthew Ritter, Director

On July 13, 2026, the Board of Directors (the "Board") of First Interstate BancSystem, Inc. (the "Company") appointed Mr. Matthew Ritter and Mr. Kevin Turner to serve as Class II directors on the Board, each with a term expiring at the Company's 2029 annual meeting of shareholders.

Appointed: Matthew Ritter

Mr. Ritter has been appointed to serve on the Board's Risk Committee and Technology, Innovation and Operations Committee, and Mr. Turner has been appointed to serve on the Board's Audit Committee and Technology, Innovation and Operations Committee.

Also stated in this filing

• Messrs. Ritter and Turner will fill vacancies on the Board created by the Board's decision to increase the size of the Board.
• Mr. Ritter has more than 25 years of finance, real estate, energy and private investment experience.
• Mr. Ritter is Co-Founder and Principal of KnightBridge Capital, LLC, a private investment firm, and is Principal and Co-Founder of Pinnacle Real Estate Advisors, LLC.
• Mr. Ritter previously served as Co-Founder of Clear Creek Advisors from 2017 to 2024, as Managing Member of Wolf Resources, LLC from 2016 to 2020 and as a Partner of Arrowhead Energy Partners LLC from 2020 to 2021.
• From December 2022 to January 2026, Mr. Ritter served as a director of FirstBank Holding Company of Colorado, Inc. Mr. Turner served as Chief Operating Officer of Microsoft Corporation from 2005 to 2016 and, prior to that, held various leadership roles at Walmart Inc. from 1985 to 2005, including as President and Chief Executive Officer of Sam's Club and Executive Vice President and Chief Information Officer.
• Mr. Turner also served as President and Chief Executive Officer of Core Scientific, Inc. from 2018 to 2021 and as Vice Chairman and Senior Advisor to the Chief Executive Officer of Albertsons Companies, Inc. from August 2017 to February 2020.

Reported

The registrant expects to conduct a national search for a replacement for this role, which role is expected to be performed by the registrant's other in-house lawyers until a successor is appointed.

Also stated in this filing

• The employment termination is not the result of any disagreement with the registrant or its subsidiary over any of their financial reporting, operations, policies or practices, or any other matter.
• These statements are predictive in nature and are identified by the use of the terms "expected," "will," "look forward to," "aim," and similar words or phrases indicating possible future expectations, events or actions.
• These statements are subject to a number of known and unknown risks, uncertainties, and other factors, many of which are beyond the registrant's ability to control or predict, which may cause actual events to be different materially from those expressed or implied herein.

Reported

Pursuant to the director retirement policy set forth in the Corporate Governance Guidelines of First Interstate BancSystem, Inc. (the "Company"), on May 27, 2026, each of Ms. Patricia L. Moss and Messrs. David L. Jahnke and Stephen M. Lacy, each having reached the retirement age of 72, was deemed to have retired and resigned automatically from the Company's Board of Directors (the "Board") as a Class II, Class III and Class I director, respectively, effective immediately prior to the Company's 2026 annual meeting of shareholders (the "2026 Annual Meeting").

Also stated in this filing

• None of the retirements was related to any disagreement with the Company on any matter relating to the Company's operations, policies, or practices.
• The Company thanks Ms. Moss and Messrs. Jahnke and Lacy for their years of dedicated service and many contributions to the Company and wishes them each well in retirement.
• In connection with the retirements described above, the Company reduced the size of the Board from 14 to 11 directors and correspondingly reduced the number of directors in each class of the Board to eliminate any vacancy that otherwise would have resulted from the retirements.

Departing: Kristina Robbins, Chief Executive Officer

On May 11, 2026, First Interstate BancSystem, Inc. (the "Company") announced that the employment as Executive Vice President and Chief Operations Officer of the Company ("COO") and its wholly owned bank subsidiary by Ms. Kristina Robbins was terminated, without cause, effective immediately, and that Ms. Robbins employment with the Company would be contemporaneously transitioned to a new role of Executive Advisor to the Company's Chief Executive Officer, Mr. James Reuter (the "CEO").

Also stated in this filing

• In her new role, which is expected to be completed on August 1, 2026 unless earlier terminated, Ms. Robbins has agreed to assist the Company and its CEO with the transition of her COO responsibilities, including to any successor COO appointed during the duration of the Executive Advisor role.
• The Company's CEO is expected to fulfill the COO responsibilities previously fulfilled by Ms. Robbins until a successor is appointed to such position.
• Under the Agreement, Ms. Robbins will continue to report to the CEO, and she will be expected, among other things, to provide strategic continuity and high-level support to the Company, to assist the CEO with the transition described above, to coordinate cross-functional initiatives, and to assist with ongoing operations projects.
• For her services, Ms. Robbins will continue to receive her current compensation and other benefits.
• These statements are predictive in nature and are identified by the use of the terms "expected," "will," "look forward to," "aim," and similar words or phrases indicating possible future expectations, events or actions.
• These statements are subject to a number of known and unknown risks, uncertainties, and other factors, many of which are beyond our ability to control or predict, which may cause actual events to be materially different from those expressed or implied herein.