[Form 4] Stock Yards Bancorp, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Stock Yards Bancorp insider Paul J. Bickel III reported transactions on 09/18/2025. The filing shows an acquisition of 63 shares of common stock at $76.54 per share and a disposition of 11,267 shares. Following the transactions, the filing reports 14,909 shares beneficially owned in a trust and other indirect holdings (including 9,175 in an irrevocable trust and 580 in a GST exempt trust). A stock appreciation right for 1,000 shares remains outstanding and exercisable through 01/16/2028.

Positive

• Insider purchased shares (63 shares at $76.54), indicating an additional personal purchase of company stock
• Maintains significant indirect ownership (14,909 shares held in trust), showing continued insider economic exposure

Negative

• Large disposition reported (11,267 shares disposed), a materially larger sell transaction by count
• Filing provides no explanation for the 11,267-share disposition or the small purchase, leaving motive unclear

Insights

Financial Analyst

TL;DR: Insider executed a small open-market buy and a larger disposal; net holdings remain meaningful via trusts.

The 63-share purchase at $76.54 is a minor open-market acquisition relative to the disclosed 14,909 shares now held indirectly in a trust. The larger 11,267-share disposal is explicit and materially larger in share count, but no proceeds or rationale are provided in the filing. The outstanding stock appreciation right for 1,000 shares (exercise through 01/16/2028) is noted and remains a potential future equity dilution factor. Overall, this Form 4 documents routine insider activity rather than a company-level event.

Corporate Governance Expert

TL;DR: Filing shows mixed insider actions and continued indirect trust ownership; no governance changes disclosed.

The reporting person is identified as a director and the transactions are reported as individual-level and indirect trust holdings. The presence of multiple trust vehicles (irrevocable trust, GST exempt trust, directors' deferred comp plan) indicates long-term estate and compensation structuring rather than operational changes. No new grants, option exercises beyond the existing SAR schedule, or leadership changes are disclosed. Documentation is consistent with required Section 16 reporting practices.

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)
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	09/18/2025		A		63	A	$76.54	14,909	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	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).
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 did Paul J. Bickel III report on Form 4 for SYBT?

The report shows a purchase of 63 common shares at $76.54 and a disposition of 11,267 common shares, with total indirect beneficial ownership of 14,909 shares in a trust after the transactions.

When were the reported transactions executed for SYBT?

The transactions are dated 09/18/2025 and the Form 4 was signed on 09/22/2025 by power of attorney.

Does the filing show any derivative securities for the reporting person?

Yes. The filing discloses a Stock Appreciation Right with an underlying 1,000 common shares, exercisable and expiring on 01/16/2028.

How is the reporting person related to Stock Yards Bancorp (SYBT)?

The reporting person, Paul J. Bickel III, is identified as a director of the issuer.

Are there trusts or plans holding SYBT shares for the reporting person?

Yes. The Form 4 lists holdings in a Directors' Deferred Comp Plan, an irrevocable trust (9,175 shares), and a GST exempt trust (580 shares).