Form 4: SYBT Director Acquires Stock Appreciation Rights

Stock Yards Bancorp Director David L. Hardy reported the acquisition of 1,000 Stock Appreciation Rights, exercisable from October 21, 2026.

Summary

• David L. Hardy, a Director of Stock Yards Bancorp, Inc. (SYBT), acquired 1,000 Stock Appreciation Rights (SARs).
• The transaction date for the acquisition was October 21, 2025.
• Each Stock Appreciation Right has an exercise price of $67.85.
• The SARs become exercisable on October 21, 2026, and have an expiration date of October 21, 2035.
• Following this transaction, Mr. Hardy beneficially owns 1,000 derivative securities directly.
• The underlying security for these SARs is 1,000 shares of Common Stock.

Sentiment

Score: 7

Explanation: The acquisition of Stock Appreciation Rights by a director is generally viewed positively as it aligns insider interests with shareholder value creation, indicating confidence in future stock performance. It is a routine compensation event, not a direct investment, hence a moderate positive score.

Positives

• A director's acquisition of Stock Appreciation Rights can signal confidence in the company's future performance, as SARs derive value from an increase in the underlying stock price.
• The grant of SARs aligns the director's interests with those of shareholders by incentivizing stock price appreciation.

Future Outlook

The acquisition of Stock Appreciation Rights by a director indicates a long-term incentive structure tied to the future performance and stock price appreciation of Stock Yards Bancorp, Inc. The SARs are exercisable over a period extending to 2035, suggesting a long-term view on value creation.

Industry Context

Insider transactions, such as the grant of Stock Appreciation Rights, are common forms of executive and director compensation in the financial services industry. They are designed to align the interests of management and directors with those of shareholders by tying compensation to stock performance. This specific transaction is a routine disclosure of such compensation.

Stakeholder Impact

• Shareholders: May view the director's acquisition of SARs as a positive signal of management's confidence in the company's future growth and stock price appreciation, potentially fostering investor confidence.

Next Steps

• The director may choose to exercise the Stock Appreciation Rights at any point after October 21, 2026, and before their expiration on October 21, 2035, depending on the stock price performance.

Key Dates

Keywords

Stock Yards Bancorp, SYBT, Stock Appreciation Rights, SARs, Insider Transaction, Director Compensation, Equity Compensation, SEC Form 4