Extension and Amendment to Executive Employment Agreement between HBT Financial, Inc. and J. Lance Carter

Contract Categories: Human Resources › Employment Agreements
Summary

HBT Financial, Inc. and its subsidiary, Heartland Bank and Trust Company, have extended the executive employment agreement with J. Lance Carter, their President and CEO, for one year, now expiring December 31, 2027. The agreement sets Carter’s new base salary at $573,901, with a target bonus and long-term incentive awards each at 50% of base salary. It also outlines severance terms, paid time off, and post-employment restrictions. The extension was approved by the company’s Compensation Committee following a performance review.

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EX-10.2 3 hbt-20250331xex102.htm EX-10.2 Document
EXHIBIT 10.2
March 5, 2025
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: 3/6/2025



Exhibit 1
“Employee”:     J. Lance Carter
“Effective Date”: March 3, 2025
“Position”: President and Chief Executive Officer of HBT Financial, Inc. and Heartland Bank and Trust Company
“Initial Expiration Date”: December 31, 2027
“Reporting Person”:    Executive Chairman and Board of Directors of HBT Financial, Inc.
“Location of Employment”:     Principal headquarters of HBT Financial, Inc.
“Base Salary: $573,901
“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