Stock Yards Bancorp Form 4: Director reports 73-share purchase and SAR disclosure

Rhea-AI Filing Summary

Paul J. Bickel III, a director of Stock Yards Bancorp, Inc. (SYBT), reported the purchase of 73 shares of common stock on 08/21/2025 at $77.05 per share. After the transaction he beneficially owned 14,846 shares indirectly held in a trust, plus additional indirect holdings of 9,175 shares in an irrevocable trust and 580 shares held in a GST exempt trust. The filing also discloses a stock appreciation right with a $38.30 exercise price covering 1,000 underlying common shares that is held directly and expires 01/16/2028. The Form 4 was signed by Donna Cleek under power of attorney on 08/22/2025.

Positive

• Director purchase reported: Acquisition of 73 shares at $77.05 shows direct insider purchase activity
• Clear disclosure of trust holdings: Indirect beneficial ownership detailed across trusts totaling thousands of shares
• Derivative compensation transparency: Stock appreciation right disclosed (1,000 shares, $38.30 strike, exp. 01/16/2028)

Negative

• None.

Insights

Financial Analyst

TL;DR: Small insider buy, modest incremental stake; derivative grant disclosed, no material change to ownership percentages.

The reported acquisition of 73 shares at $77.05 represents a small transaction in absolute dollar terms and does not materially change the director's indirect stake, which remains primarily held in various trusts totaling thousands of shares. The disclosed stock appreciation right (1,000 shares, $38.30 strike, expiring 01/16/2028) is a compensation-related derivative that could be value-accretive to the holder if the stock trades above the strike before expiration. Overall, the disclosure is routine for director compensation and insider activity and is unlikely to be material to company valuation on its own.

Corporate Governance Expert

TL;DR: Routine director purchase and compensation disclosure; aligns with standard reporting and trustee-held arrangements.

The Form 4 properly reports a director's small open-market purchase and existing indirect holdings held in trust vehicles, along with a previously granted stock appreciation right. The filing includes signature by a power of attorney, which is acceptable practice. There are no disclosures of option exercises, sales, or changes to board or officer status. From a governance perspective, this is a standard transparency disclosure without indicators of unusual insider behavior.

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^*

Bickel Paul J III

(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	08/21/2025		A		73	A	$77.05	14,846	I	Trust Directors' Deferred Comp Plan
Common Stock								9,175	I	Held in Irrevocable Trust
Common Stock								11,267	D
Common Stock								580	I	Held in GST Exempt Trust

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	$38.3							01/16/2019	01/16/2028	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 insider transaction did Paul J. Bickel III report on Form 4 for SYBT?

He reported purchasing 73 shares of Stock Yards Bancorp common stock on 08/21/2025 at $77.05 per share.

How many shares does Paul J. Bickel III beneficially own after the reported transaction?

The filing shows 14,846 shares beneficially owned indirectly following the reported transaction, plus other indirect holdings of 9,175 and 580 in separate trusts.

Does the Form 4 disclose any derivative securities for the reporting person?

Yes. A stock appreciation right with a $38.30 strike covering 1,000 underlying common shares is reported, exercisable with an expiration of 01/16/2028.

When was the Form 4 signed and who signed it?

The Form 4 was signed on 08/22/2025 by Donna Cleek as Power of Attorney for the reporting person.

Does the filing indicate any change in the reporting person’s role with SYBT?

No. The filing lists the reporting person as a Director and does not disclose any change in role or status.