[Form 4] Stock Yards Bancorp, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Edwin S. Saunier, a director of Stock Yards Bancorp, Inc. (SYBT), reported transactions on 08/21/2025. The filing shows a disposition of 6,156 shares of Common Stock and an acquisition of 42 shares at a price of $77.05 under a director deferred compensation plan. After the reported transactions, Mr. Saunier beneficially owns 4,634 shares indirectly through a trust. The filing also reports 1,000 Stock Appreciation Rights (exercise price $47.17) exercisable through 07/20/2031.

Positive

• Maintained indirect ownership of 4,634 shares through a trust, indicating continued stake in the company
• Holds 1,000 Stock Appreciation Rights with a $47.17 strike expiring 07/20/2031, aligning long-term incentives

Negative

• Disposition of 6,156 common shares reported on 08/21/2025, representing a notable sale by the reporting director

Insights

Securities Analyst

TL;DR: Insider sold a material block and took a small purchase under a deferred comp plan; retains indirect holdings and SARs.

The Form 4 documents a sale of 6,156 common shares and a separate acquisition of 42 shares at $77.05 via a director deferred compensation plan, leaving an indirect beneficial stake of 4,634 shares in a trust. The reporting person also holds 1,000 Stock Appreciation Rights with a $47.17 strike expiring 07/20/2031. This mix of disposition and plan-driven acquisition is a routine pattern for insiders managing compensation and liquidity rather than an explicit signal about company fundamentals.

Corporate Governance Expert

TL;DR: Transactions appear procedural: sale, deferred-comp conversion, and outstanding long-dated SARs.

The filing shows an outright disposition of 6,156 shares and an acquisition of 42 shares under a deferred compensation arrangement, with beneficial ownership moved to a trust (4,634 shares indirect). The existence of 1,000 SARs exercisable until 07/20/2031 indicates long-term incentive alignment. No amendments, restrictions, or 10b5-1 plan notation are stated on the face of this filing.

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

OMB Number:			3235-0287
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hours per response:			0.5

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^*

Saunier Edwin S

(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)

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								6,156	D
Common Stock	08/21/2025		A		42	A	$77.05	4,634	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	$47.17							07/20/2022	07/20/2031	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 transactions did Edwin S. Saunier report on Form 4 for SYBT?

The Form 4 reports a disposition of 6,156 shares and an acquisition of 42 shares at $77.05 on 08/21/2025.

How many shares does the reporting person beneficially own after the reported transactions?

After the reported transactions the filing shows 4,634 shares beneficially owned indirectly through a trust.

Does the Form 4 show any equity awards or derivative holdings?

Yes. The filing shows 1,000 Stock Appreciation Rights with an exercise price of $47.17 and an expiration date of 07/20/2031.

Was the acquisition linked to a deferred compensation plan?

Yes. The 42-share acquisition is reported as indirect ownership under a Trust - Director Deferred Comp Plan.

Who signed the Form 4 and when was it signed?

The filing is signed by /s/ Donna Cleek, Power of Attorney and dated 08/22/2025.