Stock Yards Bancorp (SYBT) EVP awarded 2,552 stock appreciation rights in Form 4

Rhea-AI Filing Summary

Stock Yards Bancorp, Inc. executive vice president Shannon Budnick reported an equity compensation grant in the form of Stock Appreciation Rights. On February 19, 2026, Budnick acquired 2,552 Stock Appreciation Rights at a price of $0.0000 per right, reflecting a new award rather than an open‑market purchase.

The filing also lists existing equity positions. These include several other Stock Appreciation Right awards with ending balances of 7,500, 2,866, and 2,157 rights, and common stock holdings of 7,754 shares held directly and 336 shares held indirectly through a KSOP account that includes employer contributions with automatic dividend reinvestment.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Budnick Shannon

(Last) (First) (Middle)

PO BOX 32890

(Street)

LOUISVILLE KY 40232

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Stock Yards Bancorp, Inc. [ SYBT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Vice President

3. Date of Earliest Transaction (Month/Day/Year)
02/19/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common								336(1)	I	KSOP-fbo Shannon Budnick
Common								7,754	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Appreciation Right	$54.92							01/03/2025	01/03/2034	Common Stock	7,500		7,500	D
Stock Appreciation Right	$47.95							02/12/2025	02/12/2034	Common Stock	2,866		2,866	D
Stock Appreciation Right	$75.21							02/10/2026	02/10/2035	Common Stock	2,157		2,157	D
Stock Appreciation Right	$68.33	02/19/2026		A		2,552		02/19/2027	02/19/2036	Common Stock	2,552	$0	2,552	D

Explanation of Responses:

1. Includes employer contribution with automatic dividend reinvestment

	/s/ Vycki Seigle, by Power of Attorney	02/23/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What insider transaction did SYBT executive Shannon Budnick report on this Form 4?

Shannon Budnick reported receiving a grant of 2,552 Stock Appreciation Rights on February 19, 2026. The rights were awarded at a price of $0.0000 per right, indicating an equity compensation award rather than a market purchase of Stock Yards Bancorp, Inc. shares.

How many Stock Appreciation Rights does SYBT executive Shannon Budnick hold after the reported award?

After the reported grant of 2,552 Stock Appreciation Rights, the filing shows separate Stock Appreciation Right positions with ending balances of 2,552, 7,500, 2,866, and 2,157 rights. These figures reflect multiple outstanding awards tied to Stock Yards Bancorp, Inc. equity compensation.

What common stock holdings of Stock Yards Bancorp, Inc. does Shannon Budnick report?

The filing lists 7,754 shares of Stock Yards Bancorp, Inc. common stock held directly by Shannon Budnick. It also shows 336 common shares held indirectly through a KSOP account labeled “KSOP-fbo Shannon Budnick,” reflecting retirement-plan related ownership.

What does the KSOP-fbo Shannon Budnick footnote mean for SYBT shares?

The KSOP footnote explains that the indirect 336-share position includes employer contributions with automatic dividend reinvestment. This indicates those Stock Yards Bancorp, Inc. shares are accumulated inside a KSOP retirement plan rather than through direct open-market transactions.

Was the SYBT insider transaction a purchase or a compensation award?

The reported transaction is a compensation award, not a market purchase. The Form 4 identifies a grant of 2,552 Stock Appreciation Rights at $0.0000 per right, described as a grant, award, or other acquisition for executive vice president Shannon Budnick.