Boardroom Alpha
Start trial
10-Q primary document
HBT · Quarterly Report (Form 10-Q) · Filed May 6, 2026

Hbt Financial Inc — 10-Q exhibit

hbt-20260331xex104.htm
Hbt Financial Inc on Boardroom Alpha
Document
EXHIBIT 10.4
March 13, 2026
Mr. J. Lance Carter
405 N. Hershey Rd.
Bloomington, IL 61704

Re: Extension of Executive Employment Agreement

Dear Mr. Carter,

The Compensation Committee of HBT Financial, Inc., (the “Compensation Committee”), met in February, to review your performance and after determining satisfactory performance, approved the extension of your executive contract for one year and a new base salary.

Attached is Exhibit 1, to your Amendment to Amended and Restated Employment Agreement dated March 15, 2024, which extends the Initial Expiration Date by one year and increases your Base Salary, as approved by the Compensation Committee. If you agree with the terms as set forth in Exhibit 1, please sign this letter.

Sincerely,

/s/ Eric Burwell
Eric Burwell
Chairman Compensation Committee, HBT Financial Inc.

and

/s/ Fred Drake
Fred Drake
Executive Chairman, HBT Financial, Inc., and Heartland Bank and Trust Company



/s/ J. Lance Carter
J. Lance Carter, President and CEO, HBT Financial, Inc., and Heartland Bank and Trust Company

Date: 3/13/2026









Exhibit 1
“Employee”:     J. Lance Carter
“Effective Date”: March 2, 2026
“Position”: President and Chief Executive Officer of HBT Financial, Inc. and Heartland Bank and Trust Company
“Initial Expiration Date”: December 31, 2028
“Reporting Person”:    Executive Chairman and Board of Directors of HBT Financial, Inc.
“Location of Employment”:     Principal headquarters of HBT Financial, Inc.
“Base Salary: $602,596
“Target Bonus”: 50% of Base Salary
“Annual LTI Awards Target”: 50% of Base Salary
“Annual PTO Days”: 28 days (which includes vacation, personal and sick days)
“Outside Covered Period Severance Months”: 6
“Covered Period Severance Amount”: 2 times the sum of Base Salary and Target Bonus for the year in which Involuntary Termination occurs
“COBRA Months”: 18
“Restricted Period”: 6 months following your Involuntary Termination outside of a Covered Period or your Termination due to your Disability inside or outside of a Covered Period; 12 months following your Termination initiated by HBT and Heartland for Cause or by you without Good Reason (including non-extension of the Employment Period by you in accordance with Section 2 above), in each case either inside or outside of a Covered Period; or 24 months following your Involuntary Termination inside of a Covered Period




Disclaimer

The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Boardroom Alpha cannot guarantee its accuracy and completeness, and that of the opinions based thereon.

This report contains opinions and is provided for informational purposes only – it does not constitute investment, legal or tax advice. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional before you make any investment.

None of the information contained in this report constitutes, or is intended to constitute a recommendation by Boardroom Alpha of any particular security or trading strategy or a determination by Boardroom Alpha that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.

No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. Boardroom Alpha does not accept any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed.

Full disclaimer