Stifel/S.Y. Bancorp - Preferred Securities Guarantee Agreement




	
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PREFERRED SECURITIES GUARANTEE AGREEMENT

	 
	
BY AND BETWEEN

	 
	
S.Y. BANCORP, INC.

	 
	
AND

	 
	
WILMINGTON TRUST COMPANY

	 
	
Dated as of June 1, 2001

	 
	
=======================================================================

	 






 


	
TABLE OF CONTENTS

	 	 
	 	
Page

	 	 
	
ARTICLE I. DEFINITIONS AND INTERPRETATION ...............................................
	
1

	 	
Section 1.1. Definitions and Interpretation .......................................................
	
1

	 	 	 
	
ARTICLE II. TRUST INDENTURE ACT ......................................................................
	
5

	 	
Section 2.1. Trust Indenture Act; Application ..................................................
	
5

	 	
Section 2.2. The List of Holders of the Securities ............................................
	
5

	 	
Section 2.3. Reports by the Preferred Guarantee Trustee .................................
	
5

	 	
Section 2.4. Periodic Reports to the Preferred Guarantee Trustee ....................
	
6

	 	
Section 2.5. Evidence of Compliance with Conditions Precedent ....................
	
6

	 	
Section 2.6. Events of Default; Waiver .............................................................
	
6

	 	
Section 2.7. Event of Default; Notice ...............................................................
	
6

	 	
Section 2.8. Conflicting Interests .....................................................................
	
6

	 	 	 
	
ARTICLE III.  POWERS, DUTIES AND RIGHTS OF THE PREFERRED
	 
	 	
GUARANTEE TRUSTEE ...............................................................................
	
7

	 	
Section 3.1. Powers and Duties of the Preferred Guarantee Trustee ................
	
7

	 	
Section 3.2. Certain Rights of the Preferred Guarantee Trustee .......................
	
8

	 	
Section 3.3. Not Responsible for Recitals or Issuance of Guarantee ................
	
10

	 	 	 
	
ARTICLE IV. THE PREFERRED GUARANTEE TRUSTEE
	
10

	 	
Section 4.1. The Preferred Guarantee Trustee; Eligibility ................................
	
10

	 	
Section 4.2. Appointment, Removal and Resignation of the Preferred

                     Guarantee Trustee ........................................................................
	


11

	 	 	 
	
ARTICLE V. GUARANTEE ...........................................................................................
	
12

	 	
Section 5.1. Guarantee ......................................................................................
	
12

	 	
Section 5.2. Waiver of Notice and Demand .....................................................
	
12

	 	
Section 5.3. Obligations Not Affected ..............................................................
	
12

	 	
Section 5.4. Rights of the Holders ....................................................................
	
13

	 	
Section 5.5. Guarantee of Payment ...................................................................
	
13

	 	
Section 5.6. Subrogation ...................................................................................
	
13

	 	
Section 5.7. Independent Obligations ...............................................................
	
13

	 	 	 
	
ARTICLE VI. LIMITATION OF TRANSACTIONS; SUBORDINATION ..................
	
14

	 	
Section 6.1. Limitation on Transactions ...........................................................
	
14

	 	
Section 6.2. Ranking .........................................................................................
	
14

	 	 	 
	
ARTICLE VII. TERMINATION .....................................................................................
	
14

	 	
Section 7.1. Termination ...................................................................................
	
14

	 	 	 
	
i

	 	 	 
	
ARTICLE VIII. INDEMNIFICATION ............................................................................
	
15

	 	
Section 8.1. Exculpation ...................................................................................
	
15

	 	
Section 8.2. Indemnification .............................................................................
	
15

	 	 	 
	
ARTICLE IX. MISCELLANEOUS .................................................................................
	
15

	 	
Section 9.1. Successors and Assigns .................................................................
	
15

	 	
Section 9.2. Amendments ..................................................................................
	
15

	 	
Section 9.3. Notices ...........................................................................................
	
16

	 	
Section 9.4. Benefit ...........................................................................................
	
16

	 	
Section 9.5. Governing Law ..............................................................................
	
16

	 	 	 
	 	 	 
	
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CROSS-REFERENCE TABLE

	 	 
	
Section of

Trust Indenture Act

of 1939, as amended
	
Section of

Guarantee

Agreement

	 	 
	
310(a) 
	
.....................................................................................................................
	
4.1(a)

	
310(b) 
	
.....................................................................................................................
	
4.1(c), 2.8

	
310(c) 
	
.....................................................................................................................
	
Not Applicable

	
311(a) 
	
.....................................................................................................................
	
2.2(b)

	
311(b) 
	
.....................................................................................................................
	
2.2(b)

	
311(c) 
	
.....................................................................................................................
	
Not Applicable

	
312(a) 
	
.....................................................................................................................
	
 2.2(a)

	
312(b) 
	
.....................................................................................................................
	
 2.2(b)

	
313
	
.....................................................................................................................
	
 2.3

	
314(a) 
	
.....................................................................................................................
	
2.4

	
314(b) 
	
.....................................................................................................................
	
Not Applicable

	
314(c) 
	
.....................................................................................................................
	
2.5

	
314(d) 
	
.....................................................................................................................
	
Not Applicable

	
314(e) 
	
.....................................................................................................................
	
1.1, 2.5,3.2

	
314(f) 
	
.....................................................................................................................
	
2.1, 3.2

	
315(a) 
	
.....................................................................................................................
	
3.1(d)

	
315(b) 
	
.....................................................................................................................
	
2.7

	
315(c) 
	
.....................................................................................................................
	
3.1

	
315(d) 
	
.....................................................................................................................
	
3.1(d)

	
316(a) 
	
.....................................................................................................................
	
1.1, 2.6, 5.4

	
316(b) 
	
.....................................................................................................................
	
5.3

	
317(a) 
	
.....................................................................................................................
	
3.1

	
317(b) 
	
.....................................................................................................................
	
Not Applicable

	
318(a) 
	
.....................................................................................................................
	
2.1(a)

	
318(b) 
	
.....................................................................................................................
	
2.1

	
318(c) 
	
.....................................................................................................................
	
2.1(b)

	 	 
	
Note: This Cross-Reference Table does not constitute part of this Agreement and shall not affect the interpretation of any of its terms or provisions.

	 
	
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PREFERRED SECURITIES GUARANTEE AGREEMENT

	 
	
          This PREFERRED SECURITIES GUARANTEE AGREEMENT (this "Preferred Securities Guarantee"), dated as of June 1, 2001, is executed and delivered by S.Y. BANCORP, INC., a Kentucky
corporation (the "Guarantor"), and WILMINGTON TRUST COMPANY, a banking corporation organized and existing under the laws of Delaware, as trustee (the "Preferred Guarantee Trustee"), for the benefit of the Holders (as defined herein)
from time to time of the Preferred Securities (as defined herein) of S.Y. BANCORP CAPITAL TRUST I, a Delaware statutory business trust (the "Trust").

	 
	
RECITALS

	 
	
          WHEREAS, pursuant to an Amended and Restated Trust Agreement (the "Trust Agreement"), dated as of June 1, 2001, among the trustees of the Trust named therein, the Guarantor, as
depositor, and the holders from time to time of undivided beneficial interests in the assets of the Trust, the Trust is issuing on the date hereof up to 2,000,000 preferred securities, having an aggregate liquidation amount of $20,000,000, designated the
9.00% Cumulative Trust Preferred Securities (the "Preferred Securities");

	 
	
          WHEREAS, as incentive for the Holders to purchase the Preferred Securities, the Guarantor desires irrevocably and unconditionally to agree, to the extent set forth in this Preferred
Securities Guarantee, to pay to the Holders of the Preferred Securities the Guarantee Payments (as defined herein) and to make certain other payments on the terms and conditions set forth herein.

	 
	
          NOW, THEREFORE, in consideration of the purchase by each Holder of Preferred Securities, which purchase the Guarantor hereby agrees shall benefit the Guarantor, the Guarantor executes and
delivers this Preferred Securities Guarantee for the benefit of the Holders.

	 
	
ARTICLE I.

DEFINITIONS AND INTERPRETATION

	 
	
          Section 1.1.           Definitions and Interpretation.  In this Preferred Securities Guarantee, unless the
context otherwise requires:

	 
	
          (a)        capitalized terms used in this Preferred Securities Guarantee but not defined in the preamble above have the respective meanings assigned to
them in this Section 1.1;

	 
	
          (b)        terms defined in the Trust Agreement as at the date of execution of this Preferred Securities Guarantee have the same meaning when used in
this Preferred Securities Guarantee, unless otherwise defined in this Preferred Securities Guarantee;

	 
	
          (c)        a term defined anywhere in this Preferred Securities Guarantee has the same meaning throughout;

	 
	
           (d)        all references to "the Preferred Securities Guarantee" or "this Preferred Securities Guarantee" are to this Preferred
Securities Guarantee as modified, supplemented or amended from time to time;

	 
	
           (e)        all references in this Preferred Securities Guarantee to Articles and Sections are to Articles and Sections of this Preferred Securities
Guarantee, unless otherwise specified;

	 
	
           (f)        a term defined in the Trust Indenture Act has the same meaning when used in this Preferred Securities Guarantee, unless otherwise defined
in this Preferred Securities Guarantee or unless the context otherwise requires; and

	 
	
           (g)        a reference to the singular includes the plural and vice versa.

	 
	
           "Affiliate" has the same meaning as given to that term in Rule 405 of the Securities Act of 1933, as amended, or any successor rule thereunder.

	 
	
           "Business Day" means any day other than a Saturday, Sunday, a day on which federal or state banking institutions in the Borough of Manhattan, the City of New York, are authorized
or required by law, executive order or regulation to close or a day on which the Corporate Trust Office of the Preferred Guarantee Trustee is closed for business.

	 
	
           "Code" means the Internal Revenue Code of 1986, as amended.

	 
	
           "Corporate Trust Office" means the office of the Preferred Guarantee Trustee at which the corporate trust business of the Preferred Guarantee Trustee shall, at any particular time,
be principally administered, which office at the date of execution of this Preferred Securities Guarantee is located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware  19890-0001, Attention: Corporate Trust Administration.

	 
	
           "Covered Person" means any Holder or beneficial owner of Preferred Securities.

	 
	
           "Debentures" means the 9.00% Subordinated Debentures due 2031, of the Debenture Issuer held by the Property Trustee of the Trust.

	 
	
           "Debenture Issuer" means S.Y. Bancorp, Inc., issuer of the Debentures under the Indenture.

	 
	
           "Event of Default" means a default by the Guarantor on any of its payments or other obligations under this Preferred Securities Guarantee.

	 
	
2

	 
	
           "Guarantee Payments" means the following payments or distributions, without duplication, with respect to the Preferred Securities, to the extent not paid or made by the Trust: (i)
any accrued and unpaid Distributions that are required to be paid on such Preferred Securities, to the extent the Trust shall have funds available therefor, (ii) the redemption price, including all accrued and unpaid Distributions to the date of
redemption (the "Redemption Price"), to the extent the Trust has funds available therefor, with respect to any Preferred Securities called for redemption by the Trust, and (iii) upon a voluntary or involuntary dissolution, winding-up or
termination of the Trust (other than in connection with the distribution of the Debentures to the Holders in exchange for the Preferred Securities as provided in the Trust Agreement), the lesser of (A) the aggregate of the Liquidation Amount and all
accrued and unpaid Distributions on the Preferred Securities to the date of payment, to the extent the Trust shall have funds available therefor (the "Liquidation Distribution"), and (B) the amount of assets of the Trust remaining available for
distribution to Holders in liquidation of the Trust.

	 
	
           "Guarantor" means S.Y. Bancorp, Inc., a Kentucky corporation.

	 
	
           "Holder" means a Person in whose name a Preferred Security is or Preferred Securities are registered in the Securities Register; provided, however, that, in determining whether the
holders of the requisite percentage of the Preferred Securities have given any request, notice, consent or waiver hereunder, "Holder" shall not include the Guarantor, the Preferred Guarantee Trustee or any of their respective Affiliates.

	 
	
           "Indemnified Person" means the Preferred Guarantee Trustee, any Affiliate of the Preferred Guarantee Trustee, or any officers, directors, shareholders, members, partners,
employees, representatives, nominees, custodians or agents of the Preferred Guarantee Trustee.

	 
	
           "Indenture" means the Indenture, dated as of June 1, 2001, among the Debenture Issuer and Wilmington Trust Company, as trustee, and any indenture supplemental thereto pursuant to
which the Debentures are to be issued to the Property Trustee of the Trust.

	 
	
           "Liquidation Amount" means the stated value of $10 per Preferred Security.

	 
	
           "Liquidation Distribution" has the meaning provided therefor in the definition of Guarantee Payments.

	 
	
           "List of Holders" has the meaning set forth in Section 2.2 of this Preferred Securities Guarantee.

	 
	
           "Majority in Liquidation Amount of the Preferred Securities" means the Holders of more than 50% of the Liquidation Amount (including the stated amount that would be paid on
redemption, liquidation or otherwise, plus accrued and unpaid Distributions to the date upon which the voting percentages are determined) of all of the Preferred Securities.

	 
	
           "Officers' Certificate" means, with respect to any Person, a certificate signed by two authorized officers of such Person, at least one of whom shall be the principal executive
officer, principal financial officer, principal accounting officer, treasurer or any vice president of such 

	 
	
3

	 
	
Person.  Any Officers' Certificate delivered with respect to compliance with a condition or covenant provided for in this Preferred Securities Guarantee shall include:

	 
	
           (a)        a statement that each officer signing the Officers' Certificate has read the covenant or condition and the definition relating thereto;

	 
	
           (b)        a brief statement of the nature and scope of the examination or investigation undertaken by each officer in rendering the Officers'
Certificate;

	 
	
           (c)        a statement that each such officer has made such examination or investigation as, in such officer's opinion, is necessary to enable such
officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and

	 
	
           (d)        a statement as to whether, in the opinion of each such officer, such condition or covenant has been complied with.

	 
	
           "Person" means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint stock company, limited liability company, trust,
unincorporated association, or government or any agency or political subdivision thereof, or any other entity of whatever nature.

	 
	
           "Preferred Guarantee Trustee" means Wilmington Trust Company, until a Successor Preferred Guarantee Trustee has been appointed and has accepted such appointment pursuant to the
terms of this Preferred Securities Guarantee and thereafter means each such Successor Preferred Guarantee Trustee.

	 
	
           "Preferred Securities" means the 9.00% Cumulative Trust Preferred Securities representing undivided beneficial interests in the assets of the Trust which rank pari passu with
Common Securities issued by the Trust; provided, however, that upon the occurrence of an Event of Default, the rights of holders of Commons Securities to payment in respect of distributions and payments upon liquidation, redemption and otherwise are
subordinated to the rights of holders of Preferred Securities.

	 
	
           "Redemption Price" has the meaning provided therefor in the definition of Guarantee Payments.

	 
	
           "Responsible Officer" means, with respect to the Preferred Guarantee Trustee, any officer within the Corporate Trust Office of the Preferred Guarantee Trustee with direct
responsibility for the administration of this Preferred Securities Guarantee, including any vice-president, any assistant vice-president, the secretary, any assistant secretary, the treasurer, any assistant treasurer or other officer of the Corporate
Trust Office of the Preferred Guarantee Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter
is referred because of that officer's knowledge of and familiarity with the particular subject.

	 
	
4

	 
	
           "Securities Register" and "Securities Registrar" have the meanings assigned to such terms as in the Trust Agreement (as defined in the Indenture). 

	 
	
           "Successor Preferred Guarantee Trustee" means a successor Preferred Guarantee Trustee possessing the qualifications to act as Preferred Guarantee Trustee under Section 4.1.

	 
	
           "Trust Indenture Act" means the Trust Indenture Act of 1939, as amended, as in force at the date of which this instrument was executed; provided, however, that in the event the
Trust Indenture Act of 1939, as amended, is amended after such date, "Trust Indenture Act" means, to the extent required by any such amendment, the Trust Indenture Act of 1939, as so amended.

	 
	
ARTICLE II.

TRUST INDENTURE ACT

	 
	
          Section 2.1.        Trust Indenture Act; Application.

	 
	
           (a)        This Preferred Securities Guarantee is subject to the provisions of the Trust Indenture Act that are required to be part of this Preferred
Securities Guarantee and shall, to the extent applicable, be governed by such provisions.

	 
	
           (b)        If and to the extent that any provision of this Preferred Securities Guarantee limits, qualifies or conflicts with the duties imposed by
Section 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control.

	 
	
          Section 2.2.        The List of Holders of the Securities.

	 
	
           (a)        In the event the Preferred Guarantee Trustee is not also the Securities Registrar, the Guarantor shall provide the Preferred Guarantee
Trustee with a list, in such form as the Preferred Guarantee Trustee may reasonably require, of the names and addresses of the Holders of the Preferred Securities (the "List of Holders") (i) within five (5) Business Days after March 15, June 15,
September 15 and December 15 of each year, and (ii) at any other time within thirty (30) days of receipt by the Guarantor of a written request for a List of Holders as of a date no more than fifteen (15) days before such List of Holders is given to the
Preferred Guarantee Trustee; provided, that the Guarantor shall not be obligated to provide such List of Holders at any time the List of Holders does not differ from the most recent List of Holders given to the Preferred Guarantee Trustee by the
Guarantor. The Preferred Guarantee Trustee may destroy any List of Holders previously given to it on receipt of a new List of Holders.

	 
	
           (b)        The Preferred Guarantee Trustee shall comply with its obligations under Sections 311(a), 311(b) and Section 312(b) of the Trust Indenture Act
 .

	 
	
          Section 2.3.        Reports by the Preferred Guarantee Trustee. On or before October 15 of each year, commencing
October 15, 2001, the Preferred Guarantee Trustee shall provide to the Holders of the Preferred Securities such reports as are required by Section 313 of the Trust Indenture Act, if any, in the form and in the manner provided by Section 313 of the Trust 

	 
	
5

	 
	
Indenture Act. The Preferred Guarantee Trustee shall also comply with the requirements of Section 313(d) of the Trust Indenture Act.

	 
	
          Section 2.4.        Periodic Reports to the Preferred Guarantee Trustee. The Guarantor shall provide to the
Preferred Guarantee Trustee such documents, reports and information as required by Section 314 (if any) and the compliance certificate required by Section 314 of the Trust Indenture Act in the form, in the manner and at the times required by Section 314
of the Trust Indenture Act.

	 
	
          Section 2.5.        Evidence of Compliance with Conditions Precedent. The Guarantor shall provide to the Preferred
Guarantee Trustee such evidence of compliance with any conditions precedent, if any, provided for in this Preferred Securities Guarantee that relate to any of the matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion
required to be given by an officer pursuant to Section 314(c)(1) may be given in the form of an Officers' Certificate.

	 
	
          Section 2.6.        Events of Default; Waiver. The Holders of a Majority in Liquidation Amount of the Preferred
Securities may, by vote, on behalf of the Holders of all of the Preferred Securities, waive any past Event of Default and its consequences. Upon such waiver, any such Event of Default shall cease to exist, and any Event of Default arising therefrom shall
be deemed to have been cured, for every purpose of this Preferred Securities Guarantee, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon.

	 
	
          Section 2.7.        Event of Default; Notice.

	 
	
           (a)        The Preferred Guarantee Trustee shall, within ninety (90) days after the occurrence of an Event of Default, transmit by mail, first class
postage prepaid, to the Holders of the Preferred Securities, notices of all Events of Default actually known to a Responsible Officer of the Preferred Guarantee Trustee, unless such defaults have been cured before the giving of such notice; provided, that
the Preferred Guarantee Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Preferred Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the
Preferred Securities.

	 
	
           (b)        The Preferred Guarantee Trustee shall not be deemed to have knowledge of any Event of Default unless the Preferred Guarantee Trustee shall
have received written notice, or a Responsible Officer of the Preferred Guarantee Trustee charged with the administration of the Trust Agreement shall have obtained actual knowledge of such Event of Default.

	 
	
          Section 2.8.        Conflicting Interests. The Trust Agreement shall be deemed to be specifically described in this
Preferred Securities Guarantee for the purposes of clause (i) of the first proviso contained in Section 310(b) of the Trust Indenture Act.

	 
	
6

	 
	
ARTICLE III.

POWERS, DUTIES AND RIGHTS

OF THE PREFERRED GUARANTEE TRUSTEE

	 
	
          Section 3.1.        Powers and Duties of the Preferred Guarantee Trustee.

	 
	
           (a)        This Preferred Securities Guarantee shall be held by the Preferred Guarantee Trustee for the benefit of the Holders of the Preferred
Securities, and the Preferred Guarantee Trustee shall not transfer this Preferred Securities Guarantee to any Person except a Holder of Preferred Securities exercising his or her rights pursuant to Section 5.4(b) or to a Successor Preferred Guarantee
Trustee on acceptance by such Successor Preferred Guarantee Trustee of its appointment to act as Successor Preferred Guarantee Trustee. The right, title and interest of the Preferred Guarantee Trustee shall automatically vest in any Successor Preferred
Guarantee Trustee, and such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered pursuant to the appointment of such Successor Preferred Guarantee Trustee.

	 
	
           (b)        If an Event of Default actually known to a Responsible Officer of the Preferred Guarantee Trustee has occurred and is continuing, the
Preferred Guarantee Trustee shall enforce this Preferred Securities Guarantee for the benefit of the Holders of the Preferred Securities.

	 
	
           (c)        The Preferred Guarantee Trustee, before the occurrence of any Event of Default and after the curing of all Events of Default that may have
occurred, shall undertake to perform only such duties as are specifically set forth in this Preferred Securities Guarantee, and no implied covenants shall be read into this Preferred Securities Guarantee against the Preferred Guarantee Trustee. In case an
Event of Default has occurred (that has not been cured or waived pursuant to Section 2.6) and is actually known to a Responsible Officer of the Preferred Guarantee Trustee, the Preferred Guarantee Trustee shall exercise such of the rights and powers
vested in it by this Preferred Securities Guarantee, and use the same degree of care and skill in its exercise thereof, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.

	 
	
          (d)        No provision of this Preferred Securities Guarantee shall be construed to relieve the Preferred Guarantee Trustee from liability for its own
negligent action, its own negligent failure to act, or its own willful misconduct, except that:

	 	 
	 	
          (i)        prior to the occurrence of any Event of Default and after the curing or waiving of all such Events of Default that may have occurred:

	 
	 	 	
          (A)        the duties and obligations of the Preferred Guarantee Trustee shall be determined solely by the express provisions of this Preferred
Securities Guarantee, and the Preferred Guarantee Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Preferred Securities Guarantee, and no implied covenants or obligations shall be
read into this Preferred Securities Guarantee against the Preferred Guarantee Trustee; and

	 	 	 
	
7

	 	 	 
	 	 	
             (B)        in the absence of bad faith on the part of the Preferred Guarantee Trustee, the Preferred Guarantee Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Preferred Guarantee Trustee and conforming to the requirements of this Preferred Securities Guarantee; but in
the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Preferred Guarantee Trustee, the Preferred Guarantee Trustee shall be under a duty to examine the same to determine whether or not
they conform to the requirements of this Preferred Securities Guarantee;

	 
	 	
           (ii)        the Preferred Guarantee Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Preferred
Guarantee Trustee, unless it shall be proved that the Preferred Guarantee Trustee was negligent in ascertaining the pertinent facts upon which such judgment was made;

	 	 
	 	
           (iii)        the Preferred Guarantee Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in
accordance with the direction of the Holders of not less than a Majority in Liquidation Amount of the Preferred Securities relating to the time, method and place of conducting any proceeding for any remedy available to the Preferred Guarantee Trustee, or
exercising any trust or power conferred upon the Preferred Guarantee Trustee under this Preferred Securities Guarantee; and

	 	 
	 	
           (iv)        no provision of this Preferred Securities Guarantee shall require the Preferred Guarantee Trustee to expend or risk its own funds or
otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if the Preferred Guarantee Trustee shall have reasonable grounds for believing that the repayment of such funds or
liability is not reasonably assured to it under the terms of this Preferred Securities Guarantee or indemnity, reasonably satisfactory to the Preferred Guarantee Trustee, against such risk or liability is not reasonably assured to it.

	 
	
          Section 3.2.        Certain Rights of the Preferred Guarantee Trustee.

	 
	
           (a)        Subject to the provisions of Section 3.1:

	 
	 	
           (i)        the Preferred Guarantee Trustee may conclusively rely, and shall be fully protected in acting or refraining from acting upon, any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed, sent or
presented by the proper party or parties;

	 
	 	
           (ii)         any direction or act of the Guarantor contemplated by this Preferred Securities Guarantee shall be sufficiently evidenced by an Officers'
Certificate;

	 
	
8

	 
	 	
           (iii)        whenever, in the administration of this Preferred Securities Guarantee, the Preferred Guarantee Trustee shall deem it desirable that a
matter be proved or established before taking, suffering or omitting any action hereunder, the Preferred Guarantee Trustee (unless other evidence is herein specifically prescribed) may, in the absence of bad faith on its part, request and conclusively
rely upon an Officers' Certificate which, upon receipt of such request, shall be promptly delivered by the Guarantor;

	 	 
	 	
           (iv)        the Preferred Guarantee Trustee shall have no duty to see to any recording, filing or registration of any instrument (or any rerecording,
refiling or registration thereof);

	 	 
	 	
           (v)        the Preferred Guarantee Trustee may consult with counsel, and the written advice or opinion of such counsel with respect to legal matters
shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with such advice or opinion. Such counsel may be counsel to the Guarantor or any of its Affiliates
and may include any of its employees. The Preferred Guarantee Trustee shall have the right at any time to seek instructions concerning the administration of this Preferred Securities Guarantee from any court of competent jurisdiction;

	 	 
	 	
           (vi)        the Preferred Guarantee Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Preferred
Securities Guarantee at the request or direction of any Holder, unless such Holder shall have provided to the Preferred Guarantee Trustee such security and indemnity, reasonably satisfactory to the Preferred Guarantee Trustee, against the costs, expenses
(including reasonable attorneys' fees and expenses and the expenses of the Preferred Guarantee Trustee's agents, nominees or custodians) and liabilities that might be incurred by it in complying with such request or direction, including such reasonable
advances as may be requested by the Preferred Guarantee Trustee; provided that, nothing contained in this Section 3.2(a)(vi) shall be taken to relieve the Preferred Guarantee Trustee, upon the occurrence and during the continuance of an Event of Default,
of its obligation to exercise the rights and powers vested in it by this Preferred Securities Guarantee;

	 	 
	 	
           (vii)        the Preferred Guarantee Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Preferred Guarantee Trustee, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit;

	 	 
	 	
           (viii)        the Preferred Guarantee Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by
or through agents, nominees, custodians or attorneys, and the Preferred Guarantee Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;

	 	 
	
9

	 	 
	 	
           (ix)        no third party shall be required to inquire as to the authority of the Preferred Guarantee Trustee to so act or as to its compliance with
any of the terms and provisions of this Preferred Securities Guarantee, both of which shall be conclusively evidenced by the Preferred Guarantee Trustee's or its agent's taking such action;

	 	 
	 	
           (x)        whenever in the administration of this Preferred Securities Guarantee the Preferred Guarantee Trustee shall deem it desirable to receive
instructions with respect to enforcing any remedy or right or taking any other action hereunder, the Preferred Guarantee Trustee (A) may request instructions from the Holders of a Majority in Liquidation Amount of the Preferred Securities, (B) may refrain
from enforcing such remedy or right or taking such other action until such instructions are received, and (C) shall be protected in conclusively relying on or acting in accordance with such instructions.

	 
	
           (b)        No provision of this Preferred Securities Guarantee shall be deemed to impose any duty or obligation on the Preferred Guarantee Trustee to
perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on it in any jurisdiction in which it shall be illegal, or in which the Preferred Guarantee Trustee shall be unqualified or incompetent in accordance with
applicable law, to perform any such act or acts or to exercise any such right, power, duty or obligation. No permissive power or authority available to the Preferred Guarantee Trustee shall be construed to be a duty.

	 
	
          Section 3.3.        Not Responsible for Recitals or Issuance of Guarantee. The Recitals contained in this Guarantee
shall be taken as the statements of the Guarantor, and the Preferred Guarantee Trustee does not assume any responsibility for their correctness. The Preferred Guarantee Trustee makes no representation as to the validity or sufficiency of this Preferred
Securities Guarantee.

	 
	
ARTICLE IV.

THE PREFERRED GUARANTEE TRUSTEE

	 
	
          Section 4.1.        The Preferred Guarantee Trustee; Eligibility.

	 
	
           (a)        There shall at all times be a Preferred Guarantee Trustee which shall:

	 
	 	
           (i)        not be an Affiliate of the Guarantor; and

	 	 
	 	
           (ii)        be a corporation organized and doing business under the laws of the United States or any state or territory thereof or of the District of
Columbia, or a corporation or Person permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus
of at least $50,000,000, and subject to supervision or examination by federal, state, territorial or District of Columbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the
supervising or examining authority referred to above, then, for the purposes of this Section 4.1(a)(ii), the combined capital and 

	 	 
	
10

	 	 
	 	
surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.

	 
	
           (b)        If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.1(a), the Preferred Guarantee Trustee
shall immediately resign in the manner and with the effect set out in Section 4.2(c).

	 
	
           (c)        If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the
Trust Indenture Act, the Preferred Guarantee Trustee and the Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

	 
	
          Section 4.2.        Appointment, Removal and Resignation of the Preferred Guarantee Trustee.

	 
	
           (a)        Subject to Section 4.2(b), the Preferred Guarantee Trustee may be appointed or removed without cause at any time by the Guarantor.

	 
	
           (b)        The Preferred Guarantee Trustee shall not be removed in accordance with Section 4.2(a) until a Successor Preferred Guarantee Trustee has
been appointed and has accepted such appointment by written instrument executed by such Successor Preferred Guarantee Trustee and delivered to the Guarantor.

	 
	
           (c)        The Preferred Guarantee Trustee appointed to office shall hold office until a Successor Preferred Guarantee Trustee shall have been
appointed or until its removal or resignation. The Preferred Guarantee Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing executed by the Preferred Guarantee Trustee and delivered to the Guarantor,
which resignation shall not take effect until a Successor Preferred Guarantee Trustee has been appointed and has accepted such appointment by instrument in writing executed by such Successor Preferred Guarantee Trustee and delivered to the Guarantor and
the resigning Preferred Guarantee Trustee.

	 
	
           (d)        If no Successor Preferred Guarantee Trustee shall have been appointed and accepted appointment as provided in this Section 4.2 within sixty
(60) days after delivery to the Guarantor of an instrument of resignation, the resigning Preferred Guarantee Trustee may petition any court of competent jurisdiction for appointment of a Successor Preferred Guarantee Trustee. Such court may thereupon,
after prescribing such notice, if any, as it may deem proper, appoint a Successor Preferred Guarantee Trustee.

	 
	
           (e)        No Preferred Guarantee Trustee shall be liable for the acts or omissions to act of any Successor Preferred Guarantee Trustee.

	 
	
           (f)        Upon termination of this Preferred Securities Guarantee or removal or resignation of the Preferred Guarantee Trustee pursuant to this
Section 4.2, the Guarantor shall pay to the Preferred Guarantee Trustee all fees and expenses accrued to the date of such termination, removal or resignation.

	 
	
11

	 
	
ARTICLE V.

GUARANTEE

	 
	
          Section 5.1.        Guarantee. The Guarantor irrevocably and unconditionally agrees to pay in full to the Holders
the Guarantee Payments (without duplication of amounts theretofore paid by the Trust), as and when due, regardless of any defense, right of set-off or counterclaim that the Trust may have or assert. The Guarantor's obligation to make a Guarantee Payment
may be satisfied by direct payment of the required amounts by the Guarantor to the Holders or by causing the Trust to pay such amounts to the Holders.

	 
	
          Section 5.2.        Waiver of Notice and Demand. The Guarantor hereby waives notice of acceptance of this Preferred
Securities Guarantee and of any liability to which it applies or may apply, presentment, demand for payment, any right to require a proceeding first against the Trust or any other Person before proceeding against the Guarantor, protest, notice of
nonpayment, notice of dishonor, notice of redemption and all other notices and demands.

	 
	
          Section 5.3.        Obligations not Affected. The obligations, covenants, agreements and duties of the Guarantor
under this Preferred Securities Guarantee shall in no way be affected or impaired by reason of the happening from time to time of any of the following:

	 
	
           (a)        the release or waiver, by operation of law or otherwise, of the performance or observance by the Trust of any express or implied agreement,
covenant, term or condition relating to the Preferred Securities to be performed or observed by the Trust;

	 
	
           (b)        the extension of time for the payment by the Trust of all or any portion of the Distributions, Redemption Price, Liquidation Distribution
or any other sums payable under the terms of the Preferred Securities or the extension of time for the performance of any other obligation under, arising out of, or in connection with, the Preferred Securities (other than an extension of time for payment
of Distributions, Redemption Price, Liquidation Distribution or other sum payable that results from the extension of any interest payment period on the Debentures permitted by the Indenture);

	 
	
           (c)        any failure, omission, delay or lack of diligence on the part of the Holders to enforce, assert or exercise any right, privilege, power or
remedy conferred on the Holders pursuant to the terms of the Preferred Securities, or any action on the part of the Trust granting indulgence or extension of any kind;

	 
	
           (d)        the voluntary or involuntary liquidation, dissolution, sale of any collateral, receivership, insolvency, bankruptcy, assignment for the
benefit of creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Trust or any of the assets of the Trust;

	 
	
           (e)        any invalidity of, or defect or deficiency in, the Preferred Securities;

	 
	
           (f)        any failure or omission to receive any regulatory approval or consent required in connection with the Preferred Securities (or the common
equity securities issued by the Trust), 

	 
	
12

	 
	
including the failure to receive any approval of the Board of Governors of the Federal Reserve System required for the redemption of the Preferred Securities;

	 
	
           (g)        the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or

	 
	
           (h)        any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a guarantor, it being the
intent of this Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances.

	 
	
          There shall be no obligation of the Holders to give notice to, or obtain consent of, the Guarantor with respect to the happening of any of the foregoing.

	 
	
          Section 5.4.        Rights of the Holders.

	 
	
          (a)        The Holders of a Majority in Liquidation Amount of the Preferred Securities have the right to direct the time, method and place of
conducting of any proceeding for any remedy available to the Preferred Guarantee Trustee in respect of this Preferred Securities Guarantee or exercising any trust or power conferred upon the Preferred Guarantee Trustee under this Preferred Securities
Guarantee.

	 
	
          (b)        Any Holder of Preferred Securities may institute and prosecute a legal proceeding directly against the Guarantor to enforce its rights under
this Preferred Securities Guarantee, without first instituting a legal proceeding against the Trust, the Preferred Guarantee Trustee or any other Person.

	 
	
          Section 5.5.        Guarantee of Payment. This Preferred Securities Guarantee creates a guarantee of payment and not
of collection.

	 
	
          Section 5.6.        Subrogation. The Guarantor shall be subrogated to all (if any) rights of the Holders of the
Preferred Securities against the Trust in respect of any amounts paid to such Holders by the Guarantor under this Preferred Securities Guarantee; provided, however, that the Guarantor shall not (except to the extent required by mandatory provisions of
law) be entitled to enforce or exercise any right that it may acquire by way of subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of payment under this Preferred Securities Guarantee, if, at the time of any such
payment, any amounts are due and unpaid under this Preferred Securities Guarantee. If any amount shall be paid to the Guarantor in violation of the preceding sentence, the Guarantor agrees to hold such amount in trust for the Holders and to pay over such
amount to the Holders.

	 
	
          Section 5.7.        Independent Obligations. The Guarantor acknowledges that its obligations hereunder are
independent of the obligations of the Trust with respect to the Preferred Securities, and that the Guarantor shall be liable as principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of this Preferred Securities Guarantee
notwithstanding 

	 
	
13

	 
	
the occurrence of any event referred to in subsections (a) through (h), inclusive, of Section 5.3 hereof.

	 
	
ARTICLE VI.

LIMITATION OF TRANSACTIONS; SUBORDINATION

	 
	
          Section 6.1.        Limitation on Transactions. So long as any of the Preferred Securities remain outstanding, if
any of the circumstances described in Section 5.6 of the Indenture shall have occurred, then (a) neither the Guarantor nor any of its Subsidiaries (as defined in the Indenture) shall declare or pay any dividend on, make any distributions with respect to,
or redeem, purchase, acquire or make a liquidation payment with respect to, any of its capital stock (other than (i) dividends or distributions in common stock of the Guarantor or any declaration of a non-cash dividend in connection with the
implementation of a shareholder rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto, (ii) purchases of common stock of the Guarantor related to the rights under
any of the Guarantor's benefit plans for its directors, officers or employees, (iii) as a result of a reclassification of its capital stock, (iv) dividends or distributions made by a Subsidiary to the Company, or (v) dividends or distributions made by a
Subsidiary to a Subsidiary), and (b) neither the Guarantor nor any Subsidiary shall make any payment of principal or interest on or repay, repurchase or redeem any debt securities issued by the Guarantor or any Subsidiary which rank pari passu with or
junior to the Debentures or make any guarantee payments with respect to any guarantee by the Guarantor of any debt securities if such guarantee ranks pari passu or junior in interest to the Debentures, other than payments under this Preferred Securities
Guarantee.

	 
	
          Section 6.2.        Ranking. This Preferred Securities Guarantee will constitute an unsecured obligation of the
Guarantor and will rank (a) subordinate and junior in right of payment to all Senior Debt, Subordinated Debt and Additional Senior Obligations (as defined in the Indenture) of the Guarantor, (b) pari passu with any guarantee now or hereafter entered into
by the Guarantor in respect of any preferred securities or preference stock of any Affiliate of the Guarantor and (c) senior to the most senior preferred securities or preference stock now or hereafter issued by the Guarantor and senior to the Guarantor's
common stock.

	 
	
ARTICLE VII.

TERMINATION

	 
	
          Section 7.1.        Termination.  This Preferred Securities Guarantee shall terminate upon (a) full payment of the
Redemption Price of all the Preferred Securities, (b) full payment of the amounts payable in accordance with the Trust Agreement upon liquidation of the Trust, or (c) distribution of the Debentures to the Holders of the Preferred Securities.
Notwithstanding the foregoing, this Preferred Securities Guarantee shall continue to be effective or shall be reinstated, as the case may be, if at any time any Holder of Preferred Securities must restore payment of any sums paid under the Preferred
Securities or under this Preferred Securities Guarantee.

	 
	
14

	 
	
ARTICLE VIII.

INDEMNIFICATION

	 
	
          Section 8.1.        Exculpation.

	 
	
           (a)        No Indemnified Person shall be liable, responsible or accountable in damages or otherwise to the Guarantor or any Covered Person for any
loss, damage or claim incurred by reason of any act or omission performed or omitted by such Indemnified Person in good faith in accordance with this Preferred Securities Guarantee and in a manner that such Indemnified Person reasonably believed to be
within the scope of the authority conferred on such Indemnified Person by this Preferred Securities Guarantee or by law, except that an Indemnified Person shall be liable for any such loss, damage or claim incurred by reason of such Indemnified Person's
negligence or willful misconduct with respect to such acts or omissions.

	 
	
           (b)        An Indemnified Person shall be fully protected in relying in good faith upon the records of the Guarantor and upon such information,
opinions, reports or statements presented to the Guarantor by any Person as to matters the Indemnified Person reasonably believes are within such other Person's professional or expert competence, including information, opinions, reports or statements as
to the value and amount of the assets, liabilities, profits, losses, or any other facts pertinent to the existence and amount of assets from which Distributions to the Holders of the Preferred Securities might properly be paid.

	 
	
          Section 8.2.        Indemnification. The Guarantor agrees to indemnify each Indemnified Person for, and to hold each
Indemnified Person harmless against, any loss, liability or expense incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and
expenses (including reasonable legal fees and expenses) of defending itself against, or investigating, any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. The obligation to indemnify as set forth
in this Section 8.2 shall survive the termination of this Preferred Securities Guarantee.

	 
	
ARTICLE IX.

MISCELLANEOUS

	 
	
          Section 9.1.        Successors and Assigns. All guarantees and agreements contained in this Preferred Securities
Guarantee shall bind the successors, assigns, receivers, trustees and representatives of the Guarantor and shall inure to the benefit of the Holders of the Preferred Securities then outstanding.

	 
	
          Section 9.2.        Amendments. Except with respect to any changes that do not adversely affect the rights of the
Holders (in which case no consent of the Holders will be required), this Preferred Securities Guarantee may only be amended with the prior approval of the Holders of at least a Majority in Liquidation Amount of the Preferred Securities. The provisions of
Article VI of the Trust Agreement with respect to meetings of the Holders of the Preferred Securities apply to the giving of such approval.

	 
	
15

	 
	
          Section 9.3.        Notices. All notices provided for in this Preferred Securities Guarantee shall be in writing,
duly signed by the party giving such notice, and shall be delivered, telecopied or mailed by registered or certified mail, as follows:

	 
	
           (a)        If given to the Preferred Guarantee Trustee, at the Preferred Guarantee Trustee's mailing address set forth below (or such other address as
the Preferred Guarantee Trustee may give notice of to the Holders of the Preferred Securities):

	 
	
                    Wilmington Trust Company

	
                    Rodney Square North

	
                    1100 North Market Street

	
                    Wilmington, Delaware 19890-0001

	
                    Attention:   Corporate Trust Administration

	 
	
           (b)        If given to the Guarantor, at the Guarantor's mailing address set forth below (or such other address as the Guarantor may give notice of to
the Holders of the Preferred Securities):

	 
	
                    S.Y. Bancorp, Inc.

	
                    1040 East Main Street

	
                    Louisville, Kentucky 40206

	
                    Attention: Chief Financial Officer

	 
	
           (c)        If given to any Holder of Preferred Securities, at the address set forth on the books and records of the Trust.

	 
	
          All such notices shall be deemed to have been given when received in person, telecopied with receipt confirmed, or mailed by first class mail, postage prepaid except that if a notice or other
document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other document shall be deemed to have been delivered on the date of such refusal or inability to deliver.

	 
	
          Section 9.4.        Benefit. This Preferred Securities Guarantee is solely for the benefit of the Holders of the
Preferred Securities and, subject to Section 3.1(a), is not separately transferable from the Preferred Securities.

	 
	
          Section 9.5.        Governing Law. THIS PREFERRED SECURITIES GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE (WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES).

	 
	
*  *  *  *  *

	 
	
16

	 
	
          This Preferred Securities Guarantee is executed as of the day and year first above written.

	 	 
	 	
S.Y. BANCORP, INC.,

	 	
as Guarantor

	 	 
	 	
By: /s/ David P. Heintzman                  

	 	
Name:  David P. Heintzman

	 	
Title:  President

	 	 
	 	
WILMINGTON TRUST COMPANY,

	 	
as Preferred Guarantee Trustee

	 	 
	 	
By: /s/ Donald G. MacKelcan              

	 	
Name:  Donald G. MacKelcan

	 	
Title:   Vice President

	 	 
	
17






 


	
Certificate Number P-1
	
Number of Preferred Securities 2,000,000

	
CUSIP NO. 785058207

	 
	
Certificate Evidencing Preferred Securities

	
of

	
S.Y. Bancorp Capital Trust I

	 
	
9.00% Cumulative Trust Preferred Securities

	
(Liquidation Amount $10 per Preferred Security)

	 
	
          S.Y. BANCORP CAPITAL TRUST I, a statutory business trust created under the laws of the State of Delaware (the "Trust"), hereby certifies that Cede & Co. (the "Holder")
is the registered owner of Two Million (2,000,000) preferred securities (the "Preferred Securities") of the Trust representing undivided beneficial interests in the assets of the Trust and designated the 9.00% Cumulative Trust Preferred
Securities (Liquidation Amount $10 per Preferred Security). The Preferred Securities are transferable on the books and records of the Trust, in person or by a duly authorized attorney, upon surrender of this Certificate duly endorsed and in proper form
for transfer as provided in Section 504 of the Trust Agreement (as defined herein).  The designations, rights, privileges, restrictions, preferences, and other terms and provisions of the Preferred Securities are set forth in, and this Certificate and the
Preferred Securities represented hereby are issued and shall in all respects be subject to the terms and provisions of, the Amended and Restated Trust Agreement of the Trust dated as of June 1, 2001, as the same may be amended from time to time (the "
Trust Agreement"), including the designation of the terms of the Preferred Securities as set forth therein.  The Holder is entitled to the benefits of the Preferred Securities Guarantee Agreement entered into by S.Y. Bancorp, Inc., a Kentucky
corporation, and Wilmington Trust Company, as guarantee trustee, dated as of June 1, 2001 (the "Guarantee"), to the extent provided therein.  The Trust shall furnish a copy of the Trust Agreement and the Guarantee to the Holder without charge
upon written request to the Trust at its principal place of business or registered office.

	 
	
          Upon receipt of this Certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereunder.

	 
	
          Unless the Certificate of Authentication has been manually executed by the Authentication Agent, this Certificate is not valid or effective.

	 
	
1

	 
	
          IN WITNESS WHEREOF, the Administrative Trustees of the Trust have executed this Certificate as of this 1st day of June, 2001.

	 
	 	
S.Y. BANCORP CAPITAL TRUST I

	 	 
	 	
By: _________________________________

	 	
      David P. Heintzman

	 	
      Administrative Trustee

	 	 
	 	
By: _________________________________

	 	
      Kathy C. Thompson

	 	
      Administrative Trustee

	 	 
	 	
By: _________________________________

	 	
      Nancy B. Davis

	 	
      Administrative Trustee

	 	 
	 	 
	
LEGEND

	 
	
FOR CERTIFICATES EVIDENCING

	 
	
GLOBAL PREFERRED SECURITIES ONLY:

	 
	
Unless this certificate is presented by an authorized representative of the Depository Trust Company, a New York corporation ("DTC"), to Issuer or its agent for registration or transfer, exchange, or payment, and any certificate issued is registered
in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is required by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

	 





 

 


	
[REVERSE OF CERTIFICATE]

	 
	
          The Trust will furnish without charge to any registered owner of Preferred Securities who so requests, a copy of the Trust Agreement and the Guarantee.  Any such
request should be in writing and addressed to S.Y. Bancorp Capital Trust I, c/o S.Y. Bancorp, Inc., 1040 East Main Street, Louisville, Kentucky 40206 or to the Registrar named on the face of this Certificate.

	 
	
          The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to
applicable laws or regulations:

	 
	 	
TEN COM  -
	
as tenants in common
	
UNIF GIFT MIN ACT -.......Custodian...........................

	 	 	 	
                                     (Cust) 
                   (Minor)

	 	 	 	
                                     under Uniform
Gifts to

	 	
TEN ENT    -
	
as tenants by the entireties
	
                                     Minors
Act..................................

	 	 	 	
                                       
                     (State)

	 	 	 	 
	 	
JT TEN       -
	
as joint tenants with right of
	
UNIF TRF MIN ACT -..........Custodian

	 	 	
survivorship and not as tenants in
	
                                     (until
age)...................................

	 	 	
common
	
                                     .
 .....................under Uniform

	 	 	 	
                                     (Minor)

	 	 	 	
                                     Transfers to Minor
s

	 	 	 	
                                     A
ct..............................................

	 	 	 	
                                       
                (State)

	 	
TOD            -
	
transfer on death direction in event owner's death, to person named on face and subject to TOD rules referenced
	 
	 	 	 	 
	 	
Additional abbreviations may also be used though not in the above list.

	 	 
	 	
FOR VALUE RECEIVED, the undersigned hereby sell, assign and transfer unto: ______________________________________

	
________________________________________________________________________________________________________________

	 
	 
	
(Please insert Social Security or other 

identifying number of assignee)

	 
	
______________________________________________________

	
______________________________________________________

	 
	
______________________________________________________________________________________________________________

	
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

	 
	
______________________________________________________________________________________________________________

	
______________________________________________________________________________________________________________

	
_________________________________________________ Preferred Securities represented by the within Certificate, and do(es) hereby

	
irrevocably constitute and appoint

	
_______________________________________________________________________________________________________attorney

	
to transfer the said Preferred Securities on the books of the within-named Trust with full power of substitution in the premises.

	 
	
Dated: __________________________________

	 
	
Signature: ________________________________________________________________________

	
NOTICE:    
	
THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERNATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

	 	 
	
SIGNATURE(S) GUARANTEED:
	 
	
______________________________________________________________________________________________________________

	
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED MEDALLION SIGNATURE GUARANTEE PROGRAM), PURSUANT TO S.E.C.
RULE 17Ad-15.