[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 both a disposal and an acquisition of company stock on this Form 4. He disposed of 6,156 shares and acquired 41 shares on 09/18/2025 at a price of $76.54 per share. Following the transactions he beneficially owns 4,675 shares indirectly through a trust related to the Director Deferred Compensation Plan. The filing also reports 1,000 stock appreciation rights exercisable and outstanding that cover 1,000 underlying shares and expire 07/20/2031.

Insights

Corporate Governance Expert

TL;DR: Director reported a large disposition and a small purchase, plus outstanding SARs that align with long-term compensation.

The net activity shows a material sale of 6,156 shares alongside a modest purchase of 41 shares at $76.54, leaving an indirect holding of 4,675 shares in a deferred compensation trust. The reported 1,000 SARs exercisable through 2031 indicate remaining long-term incentive alignment with shareholders. This mixed activity can reflect portfolio diversification or liquidity needs rather than a clear signal about near-term company prospects; the filing contains no explanatory narrative on reason for the sale.

Securities Analyst

TL;DR: Significant disposal reduces director's direct stake while SARs maintain potential upside exposure to share price.

The disposal of 6,156 shares is the most material numeric change and reduces direct ownership, which could modestly change insider ownership metrics depending on total float. The small purchase of 41 shares at $76.54 is immaterial relative to the sale. The 1,000 SARs remain outstanding and could be dilutive if exercised, but they preserve incentive alignment. No dates or reasons beyond transaction dates are provided in the 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

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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^*

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)
09/18/2025

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	09/18/2025		A		41	A	$76.54	4,675	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	09/22/2025
	** 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).
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