The Company has adopted the HBT Financial, Inc. Omnibus Incentive Plan (the “Omnibus Incentive Plan”). The Omnibus Incentive Plan provides for grants of (i) stock options, (ii) stock appreciation rights, (iii) restricted shares, (iv) restricted stock units, (v) performance awards, (vi) other share-based awards and (vii) other cash-based awards to eligible employees, non-employee directors and consultants of the Company. The maximum number of shares of common stock available for issuance under the Omnibus Incentive Plan is 1,820,000 shares.


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2025		2024		2025		2024

Restricted stock units	$	310	$	263	$	888	$	798
Performance restricted stock units	203		117		499		467
Total awards classified as equity	513		380		1,387		1,265
Stock appreciation rights	(2)		64		136		5
Total stock-based compensation expense	$	511	$	444	$	1,523	$	1,270

A restricted stock unit grants a participant the right to receive one share of the Company’s common stock, following the completion of the requisite service period. Restricted stock units are classified as equity. Compensation cost is based on the Company’s stock price on the grant date and is recognized on a straight-line basis over the service period for the entire award. Dividend equivalents on restricted stock units, which are accrued until vested, are classified as dividends charged to retained earnings.

During the nine months ended September 30, 2025 and 2024, the total grant date fair value of the restricted stock units granted was $1.1 million and $1.0 million, respectively, based on the grant date closing prices. The total intrinsic value of restricted stock units that vested during the nine months ended September 30, 2025 and 2024 was $1.4 million and $1.4 million, respectively.


	Three Months Ended September 30,
	2025			2024
	Restricted Stock Units	Weighted Average Grant Date Fair Value		Restricted Stock Units	Weighted Average Grant Date Fair Value
Beginning balance	94,947	$	22.20	108,865	$	19.71
Granted	—	—		—	—
Vested	—	—		—	—
Forfeited	—	—		(131)	19.06
Ending balance	94,947	$	22.20	108,734	$	19.71

	Nine Months Ended September 30,
	2025			2024
	Restricted Stock Units	Weighted Average Grant Date Fair Value		Restricted Stock Units	Weighted Average Grant Date Fair Value
Beginning balance	108,603	$	19.71	128,159	$	19.56
Granted	43,397	25.00		51,246	19.06
Vested	(56,922)	19.59		(70,540)	18.96
Forfeited	(131)	19.06		(131)	19.06
Ending balance	94,947	$	22.20	108,734	$	19.71

As of September 30, 2025, unrecognized compensation cost related to the non-vested restricted stock units was $1.1 million. This cost is expected to be recognized over the weighted average remaining service period of 1.5 years.

A performance restricted stock unit is similar to a restricted stock unit, except that the number of shares of the Company’s common stock awarded is based on a performance condition and the completion of the requisite service period. The number of shares of the Company’s common stock that may be earned ranges from 0% to 150% of the number of performance restricted stock units granted. Performance restricted stock units are classified as equity. Compensation cost is based on the Company’s stock price on the grant date and an assessment of the probable outcome of the performance condition. Compensation cost is recognized on a straight-line basis over the service period of the entire award. Changes in the performance condition probability assessment result in cumulative catch-up adjustments to the compensation cost recognized. Dividend equivalents on performance restricted stock units, which are accrued until vested, are classified as dividends charged to retained earnings.

During the nine months ended September 30, 2025 and 2024, the total fair value of the performance restricted stock units granted was $0.4 million and $0.4 million, respectively, based on the grant date closing prices and an assessment of the probable outcome of the performance condition on the grant date. The total intrinsic value of performance restricted stock units that vested during the nine months ended September 30, 2025 and 2024 was $1.1 million and $0.8 million, respectively.


	Three Months Ended September 30,
	2025			2024
	Performance Restricted Stock Units	Weighted Average Grant Date Fair Value		Performance Restricted Stock Units	Weighted Average Grant Date Fair Value
Beginning balance	53,625	$	22.07	70,333	$	19.59
Granted	—	—		—	—
Adjustment for performance condition	—	—		—	—
Vested	—	—		—	—
Forfeited	—	—		—	—
Ending balance	53,625	$	22.07	70,333	$	19.59

	Nine Months Ended September 30,
	2025			2024
	Performance Restricted Stock Units	Weighted Average Grant Date Fair Value		Performance Restricted Stock Units	Weighted Average Grant Date Fair Value
Beginning balance	70,333	$	19.59	79,097	$	18.25
Granted	16,662	25.00		19,933	19.06
Adjustment for performance condition	11,864	18.66		14,349	15.53
Vested	(42,783)	18.66		(43,046)	15.53
Forfeited	(2,451)	16.27		—	—
Ending balance	53,625	$	22.07	70,333	$	19.59

As of September 30, 2025, unrecognized compensation cost related to non-vested performance restricted stock units was $0.4 million, based on the current assessment of the probable outcome of the performance conditions. This cost is expected to be recognized over the weighted average remaining service period of 1.0 year.

A stock appreciation right grants a participant the right to receive an amount of cash, the value of which equals the appreciation in the Company’s stock price between the grant date and the exercise date. Stock appreciation rights are classified as liabilities. The liability is based on an option-pricing model used to estimate the fair value of the stock appreciation rights. Compensation cost for non-vested stock appreciation rights is recognized on a straight line basis over the service period of the entire award.


	Three Months Ended September 30,
	2025			2024
	Stock Appreciation Rights Outstanding	Weighted Average Grant Date Assigned Value		Stock Appreciation Rights Outstanding	Weighted Average Grant Date Assigned Value
Beginning balance	67,320	$	16.32	73,440	$	16.32
Granted	—	—		—	—
Exercised	—	—		—	—
Expired	—	—		—	—
Forfeited	—	—		—	—
Ending balance	67,320	$	16.32	73,440	$	16.32

	Nine Months Ended September 30,
	2025			2024
	Stock Appreciation Rights	Weighted Average Grant Date Assigned Value		Stock Appreciation Rights	Weighted Average Grant Date Assigned Value
Beginning balance	73,440	$	16.32	73,440	$	16.32
Granted	—	—		—	—
Exercised	(6,120)	16.32		—	—
Expired	—	—		—	—
Forfeited	—	—		—	—
Ending balance	67,320	$	16.32	73,440	$	16.32

As of September 30, 2025, all stock appreciation rights were exercisable and had a weighted average remaining term of 3.9 years. There was no unrecognized compensation cost for stock appreciation rights as of September 30, 2025.

As of September 30, 2025 and December 31, 2024, the liability recorded for outstanding stock appreciation rights was $0.6 million and $0.5 million, respectively. The Company uses an option pricing model to value the stock appreciation rights, using the assumptions in the following table. Expected volatility is derived from the historical volatility of the Company’s stock price.