Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 23, 2022, HBT Financial, Inc. (the “Company”) announced that Patrick F. Busch, Executive Vice President and Chief Lending Officer, will transition from the positions of Executive Vice President and Chief Lending Officer of the Company and President and Chief Lending Officer of Heartland Bank and Trust Company (the “Bank”), effective December 31, 2022. The Company further announced that J. Lance Carter will be appointed President of the Bank, and Lawrence J. Horvath will be appointed Executive Vice President and Chief Lending Officer of the Company and the Bank, all effective January 1, 2023.
Mr. Carter, age 51, currently serves as the President and Chief Operating Officer of the Company and Executive Vice President and Chief Operating Officer of the Bank. Following his appointment as President of the Bank, Mr. Carter will continue to serve as President and Chief Operating Officer of the Company and as Chief Operating Officer of the 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 of 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.
Mr. Horvath, age 59, currently serves as the Executive Vice President and Regional Senior Lending Manager for the Bank.
Mr. Horvath 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. Horvath and any other person pursuant to which he was selected as Executive Vice President and Chief Lending Officer of the Company and the Bank, nor is the Company aware, after inquiry of Mr. Horvath, 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.
Mr. Busch has served as the Executive Vice President of the Company since 2009 and Chief Lending Officer of the Company since December 2018. Mr. Busch was appointed as the President and Chief Lending Officer of the Bank in March 2010. Mr. Busch will continue to serve in these positions until December 31, 2022. Beginning January 1, 2023, Mr. Busch will remain employed with the Bank as Vice Chairman. Mr. Busch will also remain a member of both the Company and the Bank boards of directors. On November 18, 2022, the Company, the Bank and Mr. Busch entered into an amendment to his employment agreement, providing that such employment agreement will terminate as of December 31, 2022, and be without further effect, except that Mr. Busch will continue to be eligible to receive an annual incentive bonus and an annual LTI award with respect to 2022 performance, and will continue to be subject to the restrictive covenants described in the employment agreement while employed with the Bank. Beginning January 1, 2023, Mr. Busch will receive an annual base salary of $280,000. Mr. Busch 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. Busch’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.
Item 7.01. Regulation FD Disclosure.
On November 23, 2022, the Company issued a press release announcing the executive officer transition plan for Mr. Busch and Mr. Horvath. 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.
