HBT Financial (NASDAQ: HBT) chair reports stock awards and tax withholdings
Rhea-AI Filing Summary
HBT Financial Executive Chairman Fred L. Drake reported equity compensation activity involving company common stock. He received 2,596 restricted stock units under the Omnibus Incentive Plan, which vest in three installments through February 2029. He also acquired 7,830 shares upon settlement of a performance restricted stock unit award granted on February 28, 2023.
To cover tax obligations on these vestings, 1,466 shares and 2,322 shares were withheld at a price of $26.96 per share. After these transactions, Drake directly held 14,343 shares. Indirectly, 61,557 shares are held by the Fred L. Drake Revocable Trust, and 17,210,400 shares are held by the Heartland Bancorp, Inc. Voting Trust, over which he has sole voting and investment control, while disclaiming beneficial ownership beyond his pecuniary interest.
Positive
- None.
Negative
- None.
Insights
Routine equity awards and tax withholdings with large trust-held stake disclosed.
The filing shows Fred L. Drake, Executive Chairman of HBT Financial, Inc., receiving 2,596 restricted stock units and 7,830 performance-based shares, both at no cash cost to him. These appear to be standard equity compensation and performance award settlements tied to prior grants.
To satisfy tax obligations on the vesting and settlement, 1,466 and 2,322 shares were withheld at $26.96 per share, a mechanism that disposes of shares without an open-market sale. Afterward, Drake directly held 14,343 shares and reported substantial indirect holdings via a revocable trust and the Heartland Bancorp, Inc. Voting Trust.
The Voting Trust controls 17,210,400 shares, with Drake as trustee exercising sole voting and investment control. He disclaims beneficial ownership beyond his pecuniary interest, which clarifies governance and control dynamics but does not itself indicate a change in his economic exposure. Overall, this looks like routine compensation and ownership reporting rather than a thesis-changing event.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Common Stock, $0.01 par value | 2,596 | $0.00 | -- |
| Tax Withholding | Common Stock, $0.01 par value | 1,466 | $26.96 | $40K |
| Grant/Award | Common Stock, $0.01 par value | 7,830 | $0.00 | -- |
| Tax Withholding | Common Stock, $0.01 par value | 2,322 | $26.96 | $63K |
| holding | Common Stock, $0.01 par value | -- | -- | -- |
| holding | Common Stock, $0.01 par value | -- | -- | -- |
Footnotes (1)
- The reporting person received 2,596 restricted stock units ("RSUs") under the HBT Financial, Inc. Omnibus Incentive Plan. The RSUs vest in three annual installments, with 33% vesting on February 28, 2027, 33% vesting on February 29, 2028, and 34% vesting on February 28, 2029. Represents shares withheld to satisfy the tax obligation on vested restricted stock units. Shares of common stock acquired upon settlement of performance restricted stock unit award granted to the reporting person on February 28, 2023. Represents shares withheld to satisfy the tax obligation on vested performance restricted stock units. Consists of shares of common stock held by the Heartland Bancorp, Inc. Voting Trust U/A/D May 4, 2016 (the "Voting Trust"). Mr. Drake is the trustee of the Voting Trust and exercises sole voting and investment control over the common stock held thereby. Mr. Drake may be deemed to be the beneficial owner of securities held by the Voting Trust to the extent that he or his immediate family members are beneficiaries of such trust. Mr. Drake disclaims beneficial ownership of the shares held by the Voting Trust except to the extent of his pecuniary interest therein.
