First Interstate BancSystem Appoints EVP & COO Jeff Lee

What Happened
First Interstate BancSystem, Inc. (FIBK) filed an 8-K on September 16, 2026 disclosing that, effective September 14, 2026, Jeff Lee executed an employment agreement and his appointment as Executive Vice President and Chief Operations Officer of the company and its bank became effective. The agreement formalizes compensation, severance, insurance continuation, and restrictive covenants previously disclosed in the company’s August 21, 2026 8-K.

Key Details

• Employment agreement effective September 14, 2026; appointment to EVP & Chief Operations Officer is now effective.
• Standard severance if terminated without cause or for “good reason”: one times Base Salary plus one times the average annual cash incentive for the prior three years, paid over 12 months; up to 12 months continued insurance coverage.
• Change-in-control severance: two times Base Salary plus two times the annual cash incentive at target (plus a pro‑rata target bonus for the year), paid over 12 months; up to 24 months continued insurance coverage.
• Non-compete and non-solicitation restrictions for 12 months after termination (extend to 18 months if termination occurs within 6 months before or 18 months after a change in control).
• 280G (excise tax) protection: severance will either be reduced to avoid an excess parachute payment or paid in full depending on which yields the greater after‑tax amount; if paid in full, Mr. Lee would be responsible for any excise tax.

Why It Matters
This filing confirms a senior operations hire and sets clear terms for potential severance and post‑employment restrictions, which can affect future compensation expense and governance in a change‑in‑control scenario. Investors should note the defined payout multiples, insurance continuation periods, and the non‑competition provisions, all of which are contract terms that could influence retention, costs, and executive incentives. The full employment agreement is filed as Exhibit 10.1 for anyone seeking the complete contract language.