Form 4: Stock Yards Bancorp Executive Exercises Stock Appreciation Rights, Increases Direct Shareholding
Insider Transaction Report
Michael Croce, Executive Vice President of Stock Yards Bancorp, Inc., exercised Stock Appreciation Rights and increased his direct beneficial ownership of common stock.
Summary
- Michael Croce, Executive Vice President of Stock Yards Bancorp, Inc. (SYBT), engaged in transactions involving the company's common stock on June 6, 2025.
- Mr. Croce exercised 5,979 Stock Appreciation Rights (SARs) at an exercise price of $25.76 per share, resulting in the acquisition of 5,979 shares of common stock.
- Concurrently, 3,814 shares of common stock were disposed of at a price of $75.88 per share, typically to cover tax liabilities associated with the SAR exercise.
- Following these transactions, Mr. Croce's direct beneficial ownership of common stock stands at 28,700 shares.
- Additionally, Mr. Croce indirectly owns 8,584 shares of common stock through a 401k/ESOP.
- The net effect of the transactions on direct ownership was an increase of 2,165 shares (5,979 acquired 3,814 disposed).
Sentiment
Score: 6
Explanation: The transaction reflects the exercise of in-the-money Stock Appreciation Rights, indicating value realization by an executive. While a portion of shares was sold, it was primarily for tax withholding, a common practice, resulting in a net increase in direct share ownership.
Positives
- The exercise of Stock Appreciation Rights indicates that the underlying stock price has appreciated significantly above the exercise price, allowing the executive to realize value.
- Despite a portion of shares being sold for tax purposes, the transaction resulted in a net increase of 2,165 shares in the executive's direct beneficial ownership, signaling continued confidence in the company.
Negatives
- A portion of the acquired shares (3,814 shares) was immediately disposed of, likely for tax withholding, which reduces the total number of shares held directly by the executive compared to if no shares were sold.
Future Outlook
This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future outlook.
Industry Context
This filing details a routine insider transaction related to executive compensation, which is common across all industries. It does not provide specific insights into broader industry trends for the banking sector.
Comparison to Industry Standards
- The exercise of Stock Appreciation Rights and subsequent sale of shares for tax withholding is a standard practice for executive compensation in publicly traded companies across various industries, including financial services.
- The transaction reflects the monetization of previously granted equity awards, a common component of executive compensation packages designed to align management interests with shareholder value creation.
Stakeholder Impact
- Shareholders: The transaction represents a routine monetization of executive compensation, which is a standard part of aligning executive incentives with shareholder returns. The net increase in direct shares held by the executive could be viewed positively as a sign of continued commitment.
Key Dates
| Date | Description |
|---|---|
| 03/15/2017 | Date exercisable for Stock Appreciation Right with $25.76 exercise price (exercised on 06/06/2025). |
| 03/21/2018 | Date exercisable for Stock Appreciation Right with $40.00 exercise price. |
| 02/20/2019 | Date exercisable for Stock Appreciation Right with $35.90 exercise price. |
| 02/19/2020 | Date exercisable for Stock Appreciation Right with $36.65 exercise price. |
| 02/25/2021 | Date exercisable for Stock Appreciation Right with $37.30 exercise price. |
| 02/25/2022 | Date exercisable for Stock Appreciation Right with $50.71 exercise price. |
| 02/14/2023 | Date exercisable for Stock Appreciation Right with $54.91 exercise price. |
| 02/13/2024 | Date exercisable for Stock Appreciation Right with $60.76 exercise price. |
| 02/12/2025 | Date exercisable for Stock Appreciation Right with $47.95 exercise price. |
| 06/06/2025 | Date of Stock Appreciation Right exercise and subsequent common stock disposition for tax purposes. |
| 06/09/2025 | Date the Form 4 filing was signed. |
| 03/15/2026 | Expiration date for Stock Appreciation Right with $25.76 exercise price (exercised on 06/06/2025). |
| 02/10/2026 | Date exercisable for Stock Appreciation Right with $75.21 exercise price. |
| 03/21/2027 | Expiration date for Stock Appreciation Right with $40.00 exercise price. |
| 02/20/2028 | Expiration date for Stock Appreciation Right with $35.90 exercise price. |
| 02/19/2029 | Expiration date for Stock Appreciation Right with $36.65 exercise price. |
| 02/25/2030 | Expiration date for Stock Appreciation Right with $37.30 exercise price. |
| 02/25/2031 | Expiration date for Stock Appreciation Right with $50.71 exercise price. |
| 02/14/2032 | Expiration date for Stock Appreciation Right with $54.91 exercise price. |
| 02/13/2033 | Expiration date for Stock Appreciation Right with $60.76 exercise price. |
| 02/12/2034 | Expiration date for Stock Appreciation Right with $47.95 exercise price. |
| 02/10/2035 | Expiration date for Stock Appreciation Right with $75.21 exercise price. |
Recommendation
holdKeywords
Stock Yards Bancorp, SYBT, Form 4, Insider Trading, Stock Appreciation Rights, Executive Compensation, Michael Croce, Equity Awards
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