Stock Yards Bancorp Executive Captures Gains While Maintaining Large Stake

Rhea-AI Filing Summary

Stock Yards Bancorp (SYBT) Executive Vice President Thomas C. Stinnett reported significant insider transactions on June 24, 2025. The filing reveals the exercise of 6,871 stock appreciation rights at $25.76 and subsequent sale of 4,374 shares at $77.35. Following these transactions, Stinnett holds 63,939 shares directly, plus indirect holdings through spouse (488 shares) and KSOP (13,496 shares). The executive retains multiple tranches of stock appreciation rights totaling 49,397 units with various exercise prices and expiration dates through 2035.

Positive

• Executive retains significant equity position with over 77,000 shares after transaction
• Multiple tranches of SARs remain unexercised indicating long-term commitment

Negative

• Sale of 4,374 shares at $77.35 represents partial reduction in direct holdings

Insights

Compensation Analyst

Executive exercises deeply in-the-money SARs from 2016 grant, selling 63% for likely tax obligations while maintaining significant equity position.

The transaction pattern suggests a planned exercise of stock appreciation rights approaching expiration, with the executive capturing significant value appreciation from $25.76 to $77.35 per share. The retention of approximately 37% of the exercised shares, combined with substantial remaining SAR holdings across multiple grant years, indicates continued long-term alignment with shareholder interests. The executive's total equity exposure remains meaningful with over 77,000 shares held directly and indirectly, plus nearly 50,000 SARs at various strike prices.

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
Estimated average burden
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^*

Stinnett Thomas C

(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)
06/24/2025

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								488	I	By Spouse
Common Stock								13,496	I	KSOP - fbo Thomas Stinnett
Common Stock	06/24/2025		M		6,871	A	$25.76	68,313(1)	D
Common Stock	06/24/2025		F		4,374	D	$77.35	63,939	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	$25.76	06/24/2025		M			6,871	03/15/2017	03/15/2026	Common Stock	6,871	$0	0	D
Stock Appreciation Right	$40							03/21/2018	03/21/2027	Common Stock	3,606		3,606	D
Stock Appreciation Right	$35.9							02/20/2019	02/20/2028	Common Stock	3,541		3,541	D
Stock Appreciation Right	$36.65							02/19/2020	02/19/2029	Common Stock	4,098		4,098	D
Stock Appreciation Right	$38.18							05/01/2020	05/01/2029	Common Stock	12,500		12,500	D
Stock Appreciation Right	$37.3							02/25/2021	02/25/2030	Common Stock	5,738		5,738	D
Stock Appreciation Right	$50.71							02/25/2022	02/25/2031	Common Stock	3,413		3,413	D
Stock Appreciation Right	$54.91							02/14/2023	02/14/2032	Common Stock	4,000		4,000	D
Stock Appreciation Right	$60.76							02/13/2024	02/13/2033	Common Stock	4,132		4,132	D
Stock Appreciation Right	$47.95							02/12/2025	02/12/2034	Common Stock	4,943		4,943	D
Stock Appreciation Right	$75.21							02/10/2026	02/10/2035	Common Stock	3,426		3,426	D

Explanation of Responses:

1. Includes shares acquired through automatic dividend reinvestment.

	/s/ Donna Cleek, Power of Attorney	06/25/2025
	** 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

How many shares does SYBT EVP Thomas Stinnett own after the reported transactions?

After the transactions, Stinnett owns 63,939 shares directly, plus indirect ownership of 488 shares through spouse and 13,496 shares through KSOP, totaling 77,923 shares.

What was the nature of SYBT executive Stinnett's stock appreciation rights exercise?

Stinnett exercised 6,871 stock appreciation rights at $25.76 per share and subsequently sold 4,374 shares at $77.35.

How many unexercised stock appreciation rights does the SYBT executive still hold?

The executive retains 49,397 stock appreciation rights with various exercise prices ranging from $35.90 to $75.21 and expiration dates through 2035.

What is the exercise price range for SYBT executive's remaining stock appreciation rights?

The remaining SARs have exercise prices ranging from $35.90 to $75.21, with various grants made between 2019 and 2026.