First Interstate BancSystem Inc.
05/13/2026 | Press release | Distributed by Public on 05/13/2026 15:13
Management Change/Compensation (Form 8-K)
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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"). 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.
In connection with the foregoing, the Company and Ms. Robbins entered into a Transition and Separation Agreement and General Release, dated as of May 11, 2026 (the "Agreement"), a copy of which is filed herewith as Exhibit 10.1 and incorporated herein by reference. 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. Upon expiration of her provision of services to the Company, provided that her employment is not earlier terminated for "cause" by the Company or by Ms. Robbins for "good reason" or by virtue of her earlier death or "disability" (as each of such terms are defined in the Agreement), as stated above, her separation of employment as COO will be treated as an involuntary termination of employment under Mr. Robbins' current employment agreement with the Company, a copy of which is filed as an exhibit to the Company's most recent annual report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2026.
The foregoing description of the Agreement does not purport to be complete, and it is qualified in its entirety by reference to the full terms of the Agreement filed with this current report on Form 8-K. Investors and other interested parties are encouraged to read the full text of the Agreement because it contains important terms not included in the summary above.
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