Company: SYBT
Filing Date: 2025-03-12
Form Type: DEF 14A
Source: 0001437749-25-007118
Chunk: 65

Company: Stock Yards Bancorp, Inc.
Filing Date: 2025-03-12
Form: DEF 14A
Chunk 65
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3,422 |     |            |  47,807 |
| Budnick(3) |     |           | 45 | % |     |                    |  2,871 |     |            | 120,123 |     |          |  2,866 |     |            |  40,038 |

| (1) | Because grantees are not entitled to dividend payments during the performance period and have a mandatory one-year post-vesting holding period, the fair value of these PSUs is estimated based upon the fair value of the underlying shares as of the date of the grant. |

| (2) | SARs are valued using Black-Scholes option pricing model as of the date of grant.                                                                                                                                                                                                                         |
| (3) | The SAR amounts for Ms. Budnick included in this table only include the regular 2024 equity awards. See the section captioned “Ms. Budnick Promotion Equity Award” below for additional information regarding the one-time award of 7,500 SARs granted to Ms. Budnick upon her promotion in January 2024. |

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Performance Stock Units

In 2024, the Committee granted PSUs to each of the NEOs. PSUs were awarded under the following terms:

| Performance period:  | Three years, beginning January 1, 2024, through December 31, 2026.                                                                                                                                                                                                                                                                                                                     |
|:---------------------|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Performance goals at |                                                                                                                                                                                                                                                                                                                                                                                        |
| 50% weighting each:  | 1. Cumulative EPS over the three-year performance period, excluding any acquisition costs during the performance period.                                                                                                                                                                                                                                                               |
|                      | 2. ROAA over the three-year performance period compared to all publicly traded banks with total assets between $6.0 and $16.0 billion as calculated by S&P Global Market Intelligence. Performance will be measured by calculating the simple average of the Company’s ROAA for the three years in the performance period and determining the percentile ranking as compared to peers. |
| Performance ranges:  | The PSUs provide for threshold, target, and maximum performance goals as follows:                                                                                                                                                                                                                                                                                                      |

|                                       |     | Threshold |    |   |     | Target |    |   |     | Maximum |    |   |
| Three-year cumulative EPS             |     | See Below |    |   |     |        |    |   |