SEC Contract Filing

Filing Date: 2023-02-24

Document Content:
<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>2
<FILENAME>fibk-20221231xex109_direct.htm
<DESCRIPTION>EX-10.9
<TEXT>
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<title>Document</title></head><body><div id="ife88ec0dd0d14757b4d6d6faeac19962_1"></div><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="padding-left:36pt;padding-right:2.25pt;text-align:right;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit&#160;10.9</font></div><div style="padding-left:36pt;padding-right:2.25pt;text-align:right;text-indent:-36pt"><font><br></font></div><div style="padding-left:19.12pt;padding-right:19.12pt;text-align:center;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">FIRST INTERSTATE BANCSYSTEM, INC.</font></div><div style="padding-left:19.12pt;padding-right:19.12pt;text-align:center;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">DIRECTOR COMPENSATION</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We use a combination of cash and stock-based incentive compensation to attract and retain qualified candidates to serve on our Board. In setting director compensation, we consider the significant amount of time that directors expend in fulfilling their duties as well as the skill level required by us with respect to members of the Board.&#160;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During 2022, each director, other than Kevin P. Riley and David L. Jahnke, received an annual retainer valued at $110,000, with approximately $60,000 of that being paid in the form of First Interstate Class A common stock and the remaining approximately $50,000 paid in the form of cash or First Interstate Class A common stock at the Director's election. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">For his services as Chair of the Board, David L. Jahnke received an annual retainer of $200,000, $110,000 of that being paid in the form of First Interstate Class A common stock and the remaining approximately $90,000 paid in the form of cash or First Interstate Class A common stock at the Director's election. This retainer was in lieu of all director fees and other retainers described above. The retainer paid to David L. Jahnke recognizes his work in providing an interface between the Board and our management, oversight of strategic planning, leadership of the Board, and executive succession planning. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Committee members and committee chairpersons received additional compensation as follows&#58;</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:59.897%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.735%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.325%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.643%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Committee</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Chair Retainer</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">1</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Member Retainer</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Audit</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 25.75pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$22,500</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 25.75pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$10,000</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Compensation &#38; Human Capital</font></td><td colspan="3" style="padding:2px 30.25pt 2px 1pt;tex