First Interstate BancSystem Extends Board Member's Term

First Interstate Bancsystem, Inc. has announced that James R. Scott will continue as a member of the Board of Directors for an additional year, despite being over the age of 72. The company's Corporate Governance Guidelines were amended to allow for this extension of service, with Scott's re-election to be nominated at the upcoming 2024 Annual Shareholder Meeting.

During his remaining year on the Board, Scott will be a member of the Compensation and Human Capital Committee. The press release also notes that the extension of Scott's service is contingent on his agreement to resign from the Board effective as of the date of the 2025 Meeting, and he will not seek nomination after 2025 to serve any additional term as a Director.

In terms of compensation, Scott will continue to receive a retainer and any related equity grant on substantially the same terms as the prior year, with adjustments for any changes to the company's compensation practices or policies for non-employee members of the Board and any additional compensation related to his service on the Compensation Committee.

The press release emphasizes that the approval of Scott's continued service on the Board following the retirement age provided in the Guidelines is contingent upon his execution and delivery of the letter agreement and his continued compliance with the terms set forth.

Following these announcements, the company's shares moved 0.0%, and are now trading at a price of $25.8. For the full picture, make sure to review First Interstate BancSystem's 8-K report.

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