Company: SYBT
Filing Date: 2025-03-12
Form Type: DEF 14A
Source: 0001437749-25-007118
Chunk: 52

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-03-12
Form: DEF 14A
Chunk 52
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 a material adverse effect on the Company.

II. Compensation Philosophy and Objectives

Our compensation philosophy guides the design and decisions of our compensation program to achieve the following objectives:

| ● | To attract, retain, and motivate top executive talent;                                                                                                                      |
| ● | To link overall compensation to company performance;                                                                                                                        |
| ● | To align executive interests with shareholder interests;                                                                                                                    |
| ● | To place a significant portion of total compensation at risk, making it contingent on Company performance while remaining consistent with our risk management policies; and |
| ● | To support the Company’s objective of creating shareholder value without taking unnecessary risks.                                                                          |

III. Compensation Determination Process

Role of the Compensation Committee

The Committee assists our Board in establishing our compensation philosophy and determining the compensation of our NEOs. The Committee is also responsible for determining the structure and components of our programs, as well as reviewing and approving the compensation of the NEOs, or recommending it for approval by the Board of Directors. The Committee is responsible for annually assessing the performance of the executive officers, including the NEOs, and for determining their annual salary, incentive (short- and long-term) compensation goals and payout/grant levels. Each of the four members of our Committee is independent as is defined under Nasdaq listing standards.

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The Committee held seven meetings during 2024, and its actions included finalizing all aspects of 2024 executive compensation. The Committee in 2024, among other items:

| ● | Reviewed its compensation philosophy;                                                                                                                                               |
| ● | Conducted an annual performance evaluation of our CEO;                                                                                                                              |
| ● | Reviewed the Committee charter;                                                                                                                                                     |
| ● | Reviewed the Company’s 2024 operating budget and its effect on incentive compensation programs for 2024 (including setting the EPS benchmarks for short-term compensation payouts); |
| ● | Established the performance-based metrics and targets for the annual incentive plans;                                                                                               |
| ● | Established the design, award mix and performance goals for the long-term incentive plan;                                                                                           |
| ● | Evaluated achievement relative to performance targets, and determined and certified corresponding incentive payouts;                                                                |
| ● | Reviewed and approved a peer group for use in compensation studies;                                                                                                                 |
| ● | Reviewed the stock ownership guidelines for our executive officers;                                                                                                                 |
| ● | Reviewed existing change in control severance agreements;                                                                                                                           |
| ● | Discussed executive succession planning;                                                                                                                                            |
| ● | Reviewed the Company-wide retirement