Stock Yards Bancorp (SYBT) director granted shares, holds long-dated stock appreciation right

Rhea-AI Filing Summary

Stock Yards Bancorp, Inc. director David L. Hardy reported a compensation-related equity award and updated holdings. He received an award of 104 shares of common stock at $73.09 per share, credited to a Trust Directors Deferred Comp Plan, bringing his indirect holdings in that plan to 673 shares. Separately, he directly holds 2,847 common shares, which include shares acquired through automatic dividend reinvestment. The filing also shows a stock appreciation right tied to 1,000 underlying common shares with a $67.85 exercise price and an expiration in 2035, indicating an additional long-term equity incentive position.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Hardy David L.

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	104	$73.09	$8K
holding	Stock Appreciation Right	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 673 shares (Indirect, Trust Directors Deferred Comp Plan); Stock Appreciation Right — 1,000 shares (Direct, null); Common Stock — 2,847 shares (Direct, null)

Footnotes (1)

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Key Figures

Director stock award: 104 shares at $73.09 Indirect holdings after award: 673 shares Direct common stock holdings: 2,847 shares +2 more

5 metrics

Director stock award 104 shares at $73.09 Common stock grant to Trust Directors Deferred Comp Plan

Indirect holdings after award 673 shares Common stock held through Trust Directors Deferred Comp Plan

Direct common stock holdings 2,847 shares Common stock held directly, including dividend reinvestment

Stock appreciation right exercise price $67.85 Exercise price on SAR over 1,000 underlying shares

Stock appreciation right underlying shares 1,000 shares Underlying SYBT common stock for SAR expiring in 2035

Key Terms

Stock Appreciation Right, Trust Directors Deferred Comp Plan, automatic dividend reinvestment

3 terms

Stock Appreciation Right financial

"The filing also shows a stock appreciation right tied to 1,000 underlying common shares"

A stock appreciation right (SAR) is a form of employee pay that gives the holder the right to receive the increase in a company's share price over a set reference price, paid in cash or shares, without having to buy stock first. It matters to investors because SARs can create future cash outflows or dilute existing shareholders if settled in stock, and they align employee incentives with share-price performance like a bonus tied to a home's price rise.

Trust Directors Deferred Comp Plan financial

"credited to a Trust Directors Deferred Comp Plan, bringing his indirect holdings in that plan to 673 shares"

automatic dividend reinvestment financial

"which include shares acquired through automatic dividend reinvestment"

Form 4 Insider Transactions: What Each Field Means →

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^*

Hardy David L.

(Last) (First) (Middle)

1040 EAST MAIN STREET

(Street)

LOUISVILLE KENTUCKY 40206

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/28/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	04/28/2026		A		104	A	$73.09	673(1)	I	Trust Directors Deferred Comp Plan
Common Stock								2,847(1)	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	$67.85							10/21/2026	10/21/2035	Common Stock	1,000		1,000	D

Explanation of Responses:

1. Includes shares acquired through automatic dividend reinvestment.

	/s/ Vycki Seigle by Power of Attorney	04/29/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did SYBT director David L. Hardy report?

Director David L. Hardy reported receiving 104 shares of Stock Yards Bancorp common stock as a compensation-related award. The shares were credited to a Trust Directors Deferred Comp Plan, increasing his indirect holdings in that plan while not representing an open-market purchase or sale.

How many Stock Yards Bancorp (SYBT) shares does David L. Hardy hold after this filing?

After this filing, David L. Hardy holds 2,847 shares of Stock Yards Bancorp common stock directly and 673 shares indirectly through a Trust Directors Deferred Comp Plan. The direct holdings include shares that were previously acquired via automatic dividend reinvestment.

What are the terms of David L. Hardy’s stock appreciation right in SYBT?

David L. Hardy holds a stock appreciation right covering 1,000 underlying SYBT common shares with an exercise price of $67.85. The right is exercisable through an expiration date in 2035, providing additional long-term, derivative-based equity compensation exposure to the company’s stock.

Was the SYBT Form 4 transaction an open-market buy or sell?

The SYBT Form 4 does not show an open-market buy or sell. Instead, it reports a grant or award of 104 shares to a deferred compensation trust for director fees, along with updates to existing direct holdings and a previously awarded stock appreciation right position.

How does the deferred compensation plan affect David L. Hardy’s SYBT holdings?

The Trust Directors Deferred Comp Plan holds 673 SYBT shares for David L. Hardy after the 104-share award. These shares represent indirect ownership linked to his director compensation, separate from the 2,847 common shares he holds directly in his own name.

What does the dividend reinvestment footnote in the SYBT Form 4 mean?

The footnote explains that Hardy’s direct common stock holdings include shares acquired through automatic dividend reinvestment. Instead of receiving cash dividends, those amounts were used to purchase additional SYBT shares, gradually increasing his direct share count over time.