SYBT Executive Cashes Out $219K While Maintaining 42K+ Share Stake

Rhea-AI Filing Summary

Stock Yards Bancorp (NASDAQ:SYBT) Executive Vice President William Dishman reported a Form 4 filing disclosing the sale of 2,802 shares at $78.10 per share on June 24, 2025. Following the transaction, Dishman directly holds 31,594 shares and maintains indirect ownership of 11,080 shares through spouse and 401k/ESOP accounts. The insider also holds multiple stock appreciation rights totaling 28,062 units with various exercise prices and expiration dates through 2035.

Positive

• Executive maintains significant equity stake with over 42,000 total shares directly and indirectly owned
• Long-term alignment demonstrated through SAR holdings extending to 2035
• Sale price of $78.10 represents premium to most SAR strike prices

Negative

• Insider sale of 2,802 shares worth approximately $218,836

Insights

Financial Analyst

Executive's sale represents 8.1% of direct holdings but maintains significant equity exposure through derivatives.

The transaction appears to be a moderate portfolio rebalancing rather than a significant bearish signal. The executive retains substantial skin in the game with over 31,500 direct shares plus indirect holdings and a diverse portfolio of SARs with strikes ranging from $35.90 to $75.21. The weighted average exercise price of the SARs is approximately $48.50, suggesting meaningful embedded value given the current share price of $78.10. The executive's continued holding of long-dated SARs through 2035 indicates sustained long-term alignment with shareholder interests.

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^*

Dishman William

(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								3,300	I	By Spouse
Common Stock								7,780	I	by 401k/ESOP-FBO William Dishman
Common Stock	06/24/2025		S		2,802	D	$78.1	31,594	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	$35.9							02/20/2019	02/20/2028	Common Stock	3,716		3,716	D
Stock Appreciation Right	$40							03/21/2018	03/21/2027	Common Stock	3,833		3,833	D
Stock Appreciation Right	$36.65							02/19/2020	02/19/2029	Common Stock	3,894		3,894	D
Stock Appreciation Right	$37.3							02/25/2021	02/25/2030	Common Stock	4,484		4,484	D
Stock Appreciation Right	$50.71							02/25/2022	02/25/2031	Common Stock	2,667		2,667	D
Stock Appreciation Right	$54.91							02/14/2023	02/14/2032	Common Stock	2,742		2,742	D
Stock Appreciation Right	$60.76							02/13/2024	02/13/2033	Common Stock	2,188		2,188	D
Stock Appreciation Right	$47.95							02/14/2025	02/14/2034	Common Stock	2,617		2,617	D
Stock Appreciation Right	$75.21							02/10/2026	02/10/2035	Common Stock	1,921		1,921	D

Explanation of Responses:

	/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 did Stock Yards Bancorp EVP William Dishman sell?

William Dishman sold 2,802 shares at $78.10 per share on June 24, 2025, for a total transaction value of approximately $218,836.

How many SYBT shares does William Dishman still own after the sale?

Following the transaction, Dishman owns 31,594 shares directly and 11,080 shares indirectly (3,300 through spouse and 7,780 through 401k/ESOP).

What stock appreciation rights does the SYBT executive hold?

Dishman holds 28,062 SARs with strike prices ranging from $35.90 to $75.21 and expiration dates from 2027 through 2035.

What percentage of direct holdings did the SYBT insider sell?

The sale of 2,802 shares represents approximately 8.1% of Dishman's direct holdings, based on the post-transaction direct ownership of 31,594 shares.