Form 4: First Interstate BancSystem Director John Heyneman Jr. Reports Grant of Restricted Stock Units

First Interstate BancSystem Inc. Director and 10% owner, John M. Heyneman Jr., reported the acquisition of 2,946 restricted stock units (RSUs) as part of the company's 2023 Equity and Incentive Plan, vesting in June 2026.

Summary

• John M. Heyneman Jr., a Director and 10% owner of First Interstate BancSystem Inc. (FIBK), reported a transaction on June 1, 2025.
• The transaction involved the acquisition of 2,946 shares of Common Stock, identified as Restricted Stock Units (RSUs), with a transaction price of $0.
• These RSUs are issuable upon vesting and were granted pursuant to the Registrant's 2023 Equity and Incentive Plan.
• The RSUs are scheduled to vest on June 1, 2026, contingent upon Mr. Heyneman Jr.'s continuous service to the Registrant through the earlier of the vesting date or the date of the next annual stockholder meeting.
• Following this transaction, John M. Heyneman Jr. directly beneficially owns 17,042 shares of Common Stock.
• Additionally, Mr. Heyneman Jr. indirectly beneficially owns 1,414,636 shares of Common Stock through various entities and family members.
• Indirect holdings include 150,000 shares held by John M Heyneman Jr. Trust, 85,836 shares by Riki Rae Scott Davidson & John Heyneman Jr., Trustees FBO Riki Scott Davidson Exemption Trust Under the Scott Family 1996 Trust, 85,836 shares by Rae Ann Morss & John Heyneman Jr., Trustees FBO Rae Ann Morss Exemption Trust Under the Scott Family 1996 Trust, and 1,085,792 shares by Towanda Investments Limited Partnership.
• Further indirect holdings include 4,552 shares by John Heyneman, Jr.'s spouse, 1,095 shares by his daughter, 1,215 shares by his son Quinn, and 310 shares by his son Bae-John.
• The reporting persons may be deemed members of a group with other signatories due to certain agreements, potentially sharing beneficial ownership, though each disclaims ownership except for their pecuniary interest.

Sentiment

Score: 6

Explanation: Slightly positive, as it represents a routine equity grant to a director, aligning their interests with shareholders. It does not indicate any negative operational or financial news.

Positives

• The grant of Restricted Stock Units (RSUs) to a director aligns management's interests with those of shareholders, as the value of the compensation is tied to the company's stock performance.
• The RSUs are part of the company's 2023 Equity and Incentive Plan, indicating a structured approach to executive and director compensation.

Future Outlook

The acquired Restricted Stock Units are scheduled to vest on June 1, 2026, contingent upon the reporting person's continuous service to First Interstate BancSystem Inc. This indicates a future increase in direct share ownership for Mr. Heyneman Jr. upon vesting.

Industry Context

The grant of Restricted Stock Units is a common practice in the financial services industry for compensating directors and executives, aligning their long-term interests with the company's performance and shareholder value.

Related Party Transactions

• John M. Heyneman Jr. indirectly beneficially owns shares through various trusts (John M Heyneman Jr. Trust, Riki Rae Scott Davidson Exemption Trust, Rae Ann Morss Exemption Trust) and Towanda Investments Limited Partnership, where he is involved as a trustee or partner.
• Indirect beneficial ownership also includes shares held by his spouse, daughter, and sons, which are considered related party holdings for reporting purposes.
• The reporting persons may be deemed members of a group with other signatories due to certain agreements, indicating a coordinated beneficial ownership structure.

Stakeholder Impact

• Shareholders: The RSU grant aligns the director's long-term interests with shareholder value, as the value of the RSUs depends on the company's stock performance.
• Employees: No direct impact on general employees is indicated by this filing.

Next Steps

• The Restricted Stock Units are expected to vest on June 1, 2026, subject to continuous service.

Key Dates

Keywords

First Interstate BancSystem, FIBK, SEC Form 4, Insider Trading, Beneficial Ownership, Restricted Stock Units, Equity Incentive Plan, Director Compensation, Stock Grant, Corporate Governance