FBIZ · First Business Financial Services, Inc.

This executive appointment represents a high-materiality governance and leadership event for First Business Financial Services, Inc., marking the formal succession of its top executive role after a publicly announced retirement plan. David R. Seiler, who has served internally as President and COO since January 2023 and previously as COO since 2016, brings deep institutional knowledge and over 30 years of Midwest commercial banking experience — including prior leadership at BMO Harris Bank — reducing onboarding risk and supporting strategic continuity. The five-year employment agreement, with automatic renewal and structured equity vesting, signals strong board confidence and intent to retain leadership through a defined multi-year horizon. Compensation terms are aligned with peer financial services firms: the $600,000 base salary is competitive for regional bank CEOs, and the $215,000 RSU grant — with front-loaded but majority back-end vesting and no retirement acceleration — directly ties long-term value creation to sustained performance. The severance package, including double-base-salary payout and 18-month health coverage, meets market standards for change-in-executive-control scenarios while excluding golden parachute enhancements, suggesting disciplined governance. Notably, Seiler’s dual role as CEO and director — with no separate board fee — consolidates accountability and avoids potential conflicts. Given that CEO transitions often precede strategic shifts, investors should monitor upcoming disclosures for any related capital allocation, M&A, or organic growth initiatives under his leadership.