On January 25, 2024, Mark D. Bugher provided First Business Financial Services, Inc. with notice of his intention to retire from the company?s Board of Directors effective as of the conclusion of the 2024 Annual Meeting of Shareholders, which is expected to be held on or about April 26, 2024. Mr. Bugher has served on the Board since 2005. Mr. Bugher?s retirement is by reaching the age of 75 as outlined in the Director Retirement Policy and did not involve any disagreement with the Company on any matter relating to the registrant?s operations, policies, or practices.

On January 26, 2024, the Board approved a resolution to decrease the number of Directors constituting the Board from ten (10) to nine (9) by Section 0.03 and 3.10 of the By-laws, concurrent with Mr. Bugher?s retirement, effective as of the conclusion of the 2024 Annual Shareholders Meeting.