Stock Yards Bancorp (SYBT) Director Files Large Sale, Small Purchase on Form 4

Rhea-AI Filing Summary

John Schutte, a director of Stock Yards Bancorp, Inc. (SYBT), reported changes in his beneficial ownership. The filing shows a disposition of 82,940 shares and an acquisition of 73 shares at $77.05 under a trust/deferred compensation plan, leaving 8,256 shares held indirectly. The filing also discloses a stock appreciation right covering 1,000 underlying shares exercisable through 08/28/2028.

Positive

• Acquisition recorded: 73 common shares acquired at $77.05 under a trust/deferred compensation plan, indicating continued engagement with company equity
• Derivative retention: Maintains a 1,000-share stock appreciation right exercisable through 08/28/2028

Negative

• Large disposition: Direct sale/disposition of 82,940 common shares, representing a substantial reduction in direct holdings

Insights

Financial Analyst

TL;DR: Director sold a large block and acquired a small number of shares under a deferred plan; net ownership materially reduced.

The Form 4 shows a significant direct disposition of 82,940 common shares alongside a minor acquisition of 73 shares at $77.05 recorded as indirect via a trust/deferred comp plan, leaving 8,256 shares held indirectly. From an equity-ownership perspective this filing indicates a large net reduction in the director's direct stake. The disclosure also lists a 1,000-share SAR exercisable until 08/28/2028, which remains a potential future source of equity exposure.

Corporate Governance Expert

TL;DR: Transaction mix suggests routine portfolio or liquidity management by an insider, not an immediate governance red flag.

A director-level sale of 82,940 shares is material by size but the filing does not include any explanatory narrative beyond standard reporting. The small acquisition via a deferred compensation trust and the continued holding of a 1,000-share SAR are routine elements of executive compensation and liquidity planning. There is no indication in the filing of related-party issues or unusual timing tied to undisclosed corporate events.

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

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OMB Number:			3235-0287
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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^*

Schutte John

(Last) (First) (Middle)

PO BOX 32890

(Street)

LOUISVILLE KY 40232-2890

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/21/2025

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 Stock								82,940	D
Common Stock	08/21/2025		A		73	A	$77.05	8,256	I	Trust Director Deferred Comp Plan

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	$38.85							08/28/2019	08/28/2028	Common Stock	1,000		1,000	D

Explanation of Responses:

	/s/ Donna Cleek, Power of Attorney	08/22/2025
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did SYBT director John Schutte report on Form 4?

He reported a disposition of 82,940 common shares and an acquisition of 73 shares at $77.05, with 8,256 shares held indirectly and a 1,000-share SAR outstanding.

When were the reported transactions for SYBT filed?

The transaction date is 08/21/2025 and the Form 4 bears the signature/date of 08/22/2025.

How many shares does John Schutte indirectly own after the transactions?

8,256 shares are reported as indirectly owned following the reported transactions.

What is the exercise/expiration detail for the derivative disclosed?

Stock appreciation right with a $38.85 strike, granted 08/28/2019 and expiring 08/28/2028, covering 1,000 underlying common shares.

At what price were shares acquired in the reported transaction?

73 shares were acquired at $77.05 per share under the trust/deferred compensation plan.