Company: SYBT
Filing Date: 2025-03-12
Form Type: DEF 14A
Source: 0001437749-25-007118
Chunk: 56

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-03-12
Form: DEF 14A
Chunk 56
---
 increase commensurate with that outperformance.

Each compensation element is discussed in more detail below and outlined in more detail in the 2024 Summary Compensation Table and 2024 Grants of Plan-Based Awards Table appearing on pages 52 and 53 of this proxy statement.

<div align='center'>40</div>

IV. Components of Our Compensation Program

| Compensation              
 Component                 |     | Purpose                                                                                                                       |     | Link to Performance                                                                                                                                                                                                       |     | Fixed or    
 Performance 
 Based       |     | Short      
 or         
 Long-term  |
| Base salary               |     | Provide stable compensation and attract and retain executives through market competitive payments                             |     | Based on each executive's performance and responsibilities. Used as a basis for short and long-term incentive award goals                                                                                                 |     | Fixed       |     | Short-term |
| Cash incentives           |     | Incentivize and reward executives for achievement of certain annual financial goals                                           |     | Incentives are 100% quantitative to goals important for short-term financial success. Includes a measurement of our corporate performance for all executives, as well as business line performance for certain executives |     | Performance |     | Short-term |
| Equity                    
 Incentives                |     |                                                                                                                               |     |                                                                                                                                                                                                                           |     |             |     |            |
| Performance stock units   |     | Reward executives for sustained long-term performance while aligning the value of awards with the success of our shareholders |     | Awards vest based on achievement of three-year goals on EPS growth and ROAA versus peers. Three-year performance period plus an additional one-year mandatory holding period on vested awards                             |     | Performance |     | Long-term  |
| Stock appreciation rights |     | Align interests of executives with shareholders by rewarding increases in our stock price                                     |     | Awards only have value if stock price increases. Awards vest ratably over five years                                                                                                                                      |     | Performance |     | Long-term  |

Base Salary

We provide a base salary as the fundamental element of executive compensation. In addition, salaries are the basis from which incentives and other select benefits are derived.

In support of our focus to attract and retain top talent, our philosophy is to pay base salaries that are within a competitive range of market practice. Individual pay will vary within the range depending on each executive’s position, performance, experience, and contribution. For 2024, the Committee determined that base salaries for our NEOs would not be changed except for Ms. Budnick. The Committee considered the fact that