Company: SYBT
Filing Date: 2025-03-12
Form Type: DEF 14A
Source: 0001437749-25-007118
Chunk: 57

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-03-12
Form: DEF 14A
Chunk 57
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 the Company, like many financial institutions in the U.S., expected an earnings decline in 2024 based on a number of economic factors. The Committee also reviewed the growth in the Company’s size, the competitive marketplace, current economic conditions and the individual pay factors, and determined that our executives’ base salaries were aligned with market practice in the industry and among peer companies. In connection with Ms. Budnick’s promotion to EVP and Director of the WM&T in January 2024, she received a salary increase to align with her level of responsibility for this new role, as well as market salaries for comparable positions.

| Executive  |     | 2024        
 Base Salary |         |     | 2023        
 Base Salary |         |     | Increase |     |   |
|:-----------|:----|:------------|--------:|:----|:------------|--------:|:----|:---------|----:|:--|
| Hillebrand |     | $           | 775,000 |     | $           | 775,000 |     |          |   0 | % |
| Poindexter |     |             | 500,000 |     |             | 500,000 |     |          |   0 | % |
| Stinnett   |     |             | 425,000 |     |             | 425,000 |     |          |   0 | % |
| Rehm       |     |             | 425,000 |     |             | 425,000 |     |          |   0 | % |
| Budnick(1) |     |             | 356,000 |     |             |     N/A |     |          | N/A |   |

| (1) | Ms. Budnick became a NEO for the first time in January 2024 and received a salary increase of $44,000, or 14%, in connection with her promotion to EVP and Director of WM&T in January 2024. |

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Short-Term Cash Incentives

The objective of annual cash incentive compensation is to deliver variable compensation that is conditioned on the attainment of certain financial, departmental, and/or operating results of the Company. Therefore, the Committee established an incentive program based upon the achievement of an EPS goal as well as line of business goals applicable to specific officers’ duties and employs a rigorous process to set the performance targets.

For 2024, the determination as