Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 3, 2023, HBT Financial, Inc. (the "Company") announced that Fred L. Drake, Chairman and Chief Executive Officer of the Company and Chairman of Heartland Bank and Trust Company (the "Bank"), will step down from the position of Chief Executive Officer of the Company on May 23, 2023 and assume the role of Executive Chairman of the Company and the Bank, effective May 24, 2023. The Company further announced that J. Lance Carter, currently President and Chief Operating Officer of the Company and the Bank, will assume the role of President and Chief Executive Officer of the Company and the Bank, effective May 24, 2023.

Fred L. Drake

Mr. Drake, age 66, currently serves as the Chairman and Chief Executive Officer of the Company and Chairman of the Bank. As of May 24, 2023, Mr. Drake will continue to serve as an officer of the Company as Executive Chairman, and will remain employed with the Bank as Executive Chairman.

Fred L. Drake and Director Allen C. Drake are brothers. Other than this relationship, Mr. Drake is not related to any other director or executive officer of the Company or the Bank by blood, marriage, or adoption, and there are no arrangements or understandings between Mr. Drake and any other person pursuant to which he was selected as Executive Chairman of the Company and the Bank, nor is the Company aware, after inquiry of Mr. Drake, of any related-party transaction or series of transactions required to be disclosed under Item 404(a) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended.

On March 31, 2023, the Company, the Bank and Mr. Drake entered into an amendment to his employment agreement, reflecting his change in role and providing that, beginning May 24, 2023, Mr. Drake will receive an annual base salary of $350,000. Mr. Drake will be eligible to receive bonuses, LTI awards or other incentive compensation as may be determined by the board of directors.

The foregoing description of the amendment of Mr. Drake's existing employment agreement is qualified in its entirety by the terms and conditions of such document, which is filed as Exhibit 10.1 to this Current Report on Form 8-K.

J. Lance Carter

Mr. Carter, age 52, currently serves as the President and Chief Operating Officer of the Company and the Bank. Upon assuming the position of President and Chief Executive Officer of the Company and the Bank effective May 24, 2023, Mr. Carter will no longer serve as Chief Operating Officer. Mr. Carter will remain a member of the board of directors of the Company and Bank.

Mr. Carter is not related to any other director or executive officer of the Company or the Bank by blood, marriage, or adoption, and there are no arrangements or understandings between Mr. Carter and any other person pursuant to which he was selected as President and Chief Executive Officer of the Company and the Bank, nor is the Company aware, after inquiry of Mr. Carter, of any related-party transaction or series of transactions required to be disclosed under Item 404(a) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended.

On March 31, 2023, the Company, the Bank and Mr. Carter entered into an amendment to his employment agreement, reflecting his change in role and providing that, beginning May 24, 2023, Mr. Carter will receive an annual base salary of $535,755. Mr. Carter will be eligible to receive bonuses, LTI awards or other incentive compensation as may be determined by the board of directors.

The foregoing description of the amendment of Mr. Carter's existing employment agreement is qualified in its entirety by the terms and conditions of such document, which is filed as Exhibit 10.2 to this Current Report on Form 8-K.

Item 7.01. Regulation FD Disclosure.

On April 3, 2023, the Company issued a press release announcing the executive officer transition plan for Mr. Drake and Mr. Carter. A copy of the press release is filed as Exhibit 99.1 hereto and incorporated by reference herein.

The information contained in Item 7.01, including Exhibit 99.1 furnished herewith, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except to the extent required by applicable law or regulation.

Item 9.01. Financial Statements and Exhibits.

Exhibit Number Description of Exhibit



10.1             Amendment to Amended and Restated Employment Agreement, dated
               March 31, 2023, by and among HBT Financial, Inc., Heartland Bank
               and Trust Company and Fred L. Drake.

10.2             Amendment to Amended and Restated Employment Agreement, dated
               March 31, 2023, by and among HBT Financial, Inc., Heartland Bank
               and Trust Company and J. Lance Carter.

99.1             Press Release issued April 3, 2023.

104            Cover Page Interactive Data File (embedded within the Inline XBRL
               document).

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