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

Rhea-AI Filing Summary

Insider transaction summary for Stock Yards Bancorp (SYBT). Director John Schutte reported a sale of 82,940 shares of common stock and a purchase of 63 shares at $76.54 on 09/18/2025. After these transactions he beneficially owned 8,319 shares indirectly through a trust or deferred compensation plan. He also holds a direct stock appreciation right exercisable into 1,000 shares that expires on 08/28/2028. The Form 4 was signed by a power of attorney on 09/22/2025.

Positive

• Retention of incentive alignment: Director holds a Stock Appreciation Right exercisable into 1,000 shares, expiring 08/28/2028.
• Minor open-market purchase: Acquisition of 63 shares at $76.54 indicating a purchase on the reported date.

Negative

• Large disposition: Reported sale/disposition of 82,940 common shares on 09/18/2025.
• Limited disclosure of rationale: Form does not state whether the sale was pursuant to a trading plan or the reason for the disposal.

Insights

Corporate Governance Expert

TL;DR: Director filed both a large sale and a small purchase on the same date; maintains indirect holdings and vested SARs.

The filing shows a substantial disposition of 82,940 common shares alongside a purchase of 63 shares at $76.54, leaving the reporting person with 8,319 indirectly held shares. From a governance perspective, large sales by directors are notable for disclosure and may warrant monitoring for timing and compliance with any trading plans, but the form does not indicate a 10b5-1 plan or provide a reason for the sale. The director also retains an in-force stock appreciation right covering 1,000 shares expiring in 2028, which may align executive incentives with long-term value. All observations are strictly limited to the facts reported in the Form 4.

Securities Analyst

TL;DR: Material sale noted; remaining indirect ownership and SARs could retain some alignment with shareholders.

The transaction set comprises a large disposal (82,940 shares) and a small open-market purchase (63 shares at $76.54) reported for 09/18/2025. Beneficial ownership following the transactions is reported as 8,319 shares held indirectly. The analyst notes the existence of a stock appreciation right for 1,000 shares exercisable through 08/28/2028, which remains outstanding. The filing contains no cash proceeds, percentage ownership, or explanatory comments beyond the signature; therefore assessment is limited to reported quantities and dates.

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^*

Schutte John

(Last) (First) (Middle)

PO BOX 32890

(Street)

LOUISVILLE KY 40232-2890

(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								82,940	D
Common Stock	09/18/2025		A		63	A	$76.54	8,319	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	$38.85							08/28/2019	08/28/2028	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 transactions did John Schutte report on the Form 4 for SYBT?

He reported a disposition of 82,940 common shares and an acquisition of 63 common shares at $76.54 on 09/18/2025.

How many SYBT shares does John Schutte beneficially own after the reported transactions?

The Form 4 reports he beneficially owns 8,319 shares indirectly following the transactions.

Does the filing show any derivative holdings for John Schutte?

Yes. He holds a Stock Appreciation Right with an exercise price of $38.85, exercisable since 08/28/2019 and expiring 08/28/2028, covering 1,000 underlying shares.

When was the Form 4 signed and by whom?

The form shows a signature executed by Donna Cleek, Power of Attorney on 09/22/2025.

Is there any indication the sale was under a Rule 10b5-1 trading plan?

The Form 4 does not indicate that the transaction was made pursuant to a Rule 10b5-1(c) trading plan.