Form 4: SYBT CEO Hillebrand Reports New SAR Grant
Insider Transaction Report
Stock Yards Bancorp CEO James A. Hillebrand disclosed the grant of 11,994 Stock Appreciation Rights and updated his beneficial ownership of common stock.
Summary
- James A. Hillebrand, Chairman & CEO of Stock Yards Bancorp, Inc. (SYBT), reported changes in his beneficial ownership.
- He was granted 11,994 Stock Appreciation Rights (SARs) on February 19, 2026, with an exercise price of $68.33, exercisable from February 19, 2027, and expiring on February 19, 2036.
- His direct beneficial ownership of common stock is 107,292 shares.
- Indirect beneficial ownership includes 516 shares in a Trust-Directors' Deferred Comp Plan and 26,177 shares in a KSOP, both including shares from dividend reinvestment and employer contributions.
- A Limited Power of Attorney was executed on September 22, 2025, appointing Vycki Seigle and Nathan Berger to handle Hillebrand's Section 16 and Rule 144 reporting obligations.
Sentiment
Score: 6
Explanation: StockSavvy.ai views this as a neutral to slightly positive filing, reflecting routine executive compensation and insider ownership, which generally signals management's alignment with shareholder interests without indicating any significant operational changes or financial performance shifts.
Positives
- Grant of 11,994 Stock Appreciation Rights (SARs) aligns management incentives with shareholder value creation.
- Continued accumulation of common stock through dividend reinvestment and employer contributions demonstrates ongoing commitment to the company.
Future Outlook
NA
Industry Context
StockSavvy.ai notes that the grant of Stock Appreciation Rights (SARs) to a Chairman & CEO is a common practice in the financial services industry, particularly for regional banks like Stock Yards Bancorp, Inc., to align executive incentives with long-term shareholder value creation. This type of equity compensation is designed to reward executives for increases in the company's stock price without requiring an upfront investment from the executive.
Comparison to Industry Standards
- The use of Stock Appreciation Rights (SARs) as a form of executive compensation is a standard practice across the financial sector, comparable to grants seen at regional banks such as Old National Bancorp (ONB) or First Financial Bancorp (FFBC).
- The specific number of SARs granted (11,994) and the exercise price ($68.33) are specific to SYBT's compensation structure and stock valuation, making direct quantitative comparison without broader compensation plan details difficult. However, the mechanism of granting SARs is consistent with industry norms for incentivizing senior leadership.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Power of Attorney Grant | James A. Hillebrand granted a Limited Power of Attorney to Vycki Seigle and Nathan Berger to execute and file Forms 3, 4, 5, and 144 on his behalf. | 09/22/2025 | Streamlines compliance with Section 16 and Rule 144 reporting obligations for the executive, ensuring timely and accurate filings. |
Related Party Transactions
- The grant of Stock Appreciation Rights to James A. Hillebrand, Chairman & CEO, constitutes an executive compensation transaction between the company and a related party.
- Indirect beneficial ownership through a Trust-Directors' Deferred Comp Plan and a KSOP for James Hillebrand also represents related party dealings.
Stakeholder Impact
- Shareholders: The grant of SARs aligns the interests of the Chairman & CEO with shareholders by incentivizing stock price appreciation.
- Employees: The KSOP (presumably a 401k or similar plan) indicates employee benefits, though this specific filing is about the CEO's participation.
Next Steps
- The newly granted Stock Appreciation Rights will become exercisable on February 19, 2027.
Key Dates
| Date | Description |
|---|---|
| 03/21/2018 | Grant date of 7,571 Stock Appreciation Rights (SARs) with an exercise price of $40, expiring 03/21/2027. |
| 02/20/2019 | Grant date of 7,423 Stock Appreciation Rights (SARs) with an exercise price of $35.9, expiring 02/20/2028. |
| 10/01/2019 | Grant date of 25,000 Stock Appreciation Rights (SARs) with an exercise price of $39.32, expiring 10/01/2028. |
| 02/19/2020 | Grant date of 12,254 Stock Appreciation Rights (SARs) with an exercise price of $36.65, expiring 02/19/2029. |
| 02/25/2021 | Grant date of 14,482 Stock Appreciation Rights (SARs) with an exercise price of $37.3, expiring 02/25/2030. |
| 02/25/2022 | Grant date of 8,615 Stock Appreciation Rights (SARs) with an exercise price of $50.71, expiring 02/25/2031. |
| 02/14/2023 | Grant date of 10,142 Stock Appreciation Rights (SARs) with an exercise price of $54.91, expiring 02/14/2032. |
| 02/13/2024 | Grant date of 9,855 Stock Appreciation Rights (SARs) with an exercise price of $60.76, expiring 02/13/2033. |
| 02/12/2025 | Grant date of 11,788 Stock Appreciation Rights (SARs) with an exercise price of $47.95, expiring 02/12/2034. |
| 09/22/2025 | Date James A. Hillebrand executed a Limited Power of Attorney for SEC reporting obligations. |
| 02/10/2026 | Grant date of 9,210 Stock Appreciation Rights (SARs) with an exercise price of $75.21, expiring 02/10/2035. |
| 02/19/2026 | Grant date of 11,994 Stock Appreciation Rights (SARs) with an exercise price of $68.33, exercisable from 02/19/2027, expiring 02/19/2036. |
| 02/23/2026 | Signature date of the Form 4 filing by Power of Attorney. |
Recommendation
holdThis Form 4 filing details a routine grant of Stock Appreciation Rights to the CEO and updates on his beneficial ownership. It does not contain information that would fundamentally alter the investment thesis for Stock Yards Bancorp, Inc. The grant of SARs is a standard compensation practice aimed at aligning executive incentives with shareholder value, which is generally a neutral to slightly positive signal. Therefore, a 'hold' recommendation is appropriate as there's no new information to warrant a change in existing positions based solely on this filing.
Keywords
Stock Yards Bancorp, SYBT, James A. Hillebrand, Form 4, Insider Trading, Stock Appreciation Rights, SARs, Beneficial Ownership, Executive Compensation, Director, CEO, Equity Grant, SEC Filing
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