Document:

---------------------------
                                                      Exhibit 10.1
                                                      Form of Stock Appreciation
                                                      Right Grant Agreement
                                                      (six month vesting)
                                                     ---------------------------

                               S.Y. BANCORP, INC.

                            STOCK APPRECIATION RIGHT
                                 GRANT AGREEMENT

         This Stock  Appreciation  Right Grant  Agreement dated as of _________,
20______ (the "Grant Date"), is between S.Y. Bancorp, Inc.  (the  "Company") and
_______________________________ (the "Grantee").

                                    RECITALS

A.       The Company  adopted the S.Y.  Bancorp,  Inc. 2005 Stock Incentive Plan
         (the "Plan"). The Plan is administered by the Compensation Committee of
         the Board of Directors (the "Committee").

B.       The Committee has designated  Grantee as a Participant in the Plan, and
         wishes to set forth in this  Agreement the Grantee's a right to receive
         shares of Common  Stock  equal in value to the  difference  between the
         Fair Market Value of a certain  number of shares at this Grant Date and
         the Fair Market Value of those Shares on the date the Grantee exercises
         the right (a "Stock  Appreciation  Right,"  or  "SAR"),  subject to the
         terms of this Agreement.

                                   AGREEMENTS

         The Grantee and the Company agree as follows:

         1. Grant of Stock  Appreciation  Right. The Company grants to Grantee a
stock  appreciation  right ("SAR") with respect to a total of _______  shares of
Common Stock (the "Shares"),  on the terms and conditions set forth below and in
the Plan.

         2. Exercise Price.  The exercise price of this SAR is $___________  per
share,  which is equal to the Fair Market Value of the Common Stock on the Grant
Date.

         3. Term.  This SAR is not  exercisable  and shall  terminate  after the
expiration  of 10 years from the Grant Date and may terminate on an earlier date
in the event of  Grantee's  Termination  of  Employment  with Stock Yards Bank &
Trust Company (the "Bank").  An unexercised (or as-yet unvested) SAR shall lapse
and  become   unexerciseable  3  months  following   Grantee's   Termination  of
Employment,  unless the  termination is caused by death,  in which case it shall
continue  to be  exercisable  for 12 months,  or on account  of  Disability  (as
determined  under  a long  term  disability  Plan  of the  Bank)  or  retirement
(termination  after age 60), in which cases  Grantee's right to exercise the SAR
(to the extent then vested) will continue until the 10-year expiration date.

<PAGE>

         4. Vesting;  Period of Exercise.  If not earlier terminated pursuant to
the Plan or terms of this Agreement, this SAR is first exercisable,  in whole or
in part,  six months  following  the Grant  Date,  if the  Grantee  has not then
incurred a Termination of Employment.

         5.  Method of Exercise  of SAR.  Each  exercise of this SAR shall be in
writing (substantially in the form of Exhibit A hereto),  signed by the Grantee,
and received by the Company in its principal  executive office.  The Grantee may
exercise this SAR with respect to less than the total number of Shares; provided
that no partial exercise of this SAR may be made with respect to a fraction of a
Share to which it is subject.  Upon exercise of this SAR, and  conditioned  upon
Grantee having made satisfactory arrangements for payment of the tax withholding
related thereto in accordance with paragraph 6 below,  the Grantee shall receive
from the Company  certificates  issued in the Grantee's name for number of whole
shares of Common  Stock  (rounded  down in the case of a fraction)  equal to the
amount determined by dividing (A) the product of (i) the difference  between the
Fair Market Value on the date of exercise  over the Exercise  Price,  times (ii)
the number of Shares  with  respect to which this SAR is  exercised,  by (B) the
Fair Market Value of a Share on the date of exercise.

         6. Tax Withholding. The Company or Bank may withhold or retain from any
payment  to  Grantee  (whether  or not such  payment  is made  pursuant  to this
Agreement) or take such other action which  Company  deems  necessary to satisfy
any income or other tax withholding  requirements as a result of the exercise of
the SARs.  Grantee may elect to satisfy  any  federal and state tax  withholding
requirements  through a  reduction  in the  number  of shares of Stock  actually
transferred  to Grantee under the Plan upon the exercise of the SARs. If Grantee
is subject to the  requirements of Section 16 of the Securities  Exchange Act of
1934, as amended,  any such election and any such  reduction must be effected in
accordance with the conditions of Rule 16b-3 or any successor rule or regulation
thereunder.

         7. Definitions.  Unless provided to the contrary in this Agreement, the
definitions contained in the Plan and any amendments thereto shall apply to this
Agreement.

         8.  Nontransferability of SAR. This SAR shall not be transferable other
than by will or the laws of descent or  distribution  and shall be  exercisable,
during the Grantee's lifetime, only by Grantee.

         9. Restrictions Imposed by Law.  Notwithstanding any other provision of
this Agreement, Grantee agrees that Grantee shall not exercise this SAR and that
the Company  will not be obligated to deliver any shares of Common Stock or make
any cash  payment if  counsel  to the  company  determines  that such  exercise,
delivery or payment  would  violate any law or  regulation  of any  governmental
authority  or any  agreement  between the Company  and any  national  securities
exchange upon which the Common Stock is listed. The Company shall in no event be
obligated to take any affirmative  action in order to cause the exercise of this
SAR to comply with any law or regulation of any governmental authority.

         10. Employment  Relationship.  Nothing in this Agreement or in the Plan
shall  limit  the  right  of the  Bank or the  Company  to  terminate  Grantee's

                                       2
<PAGE>

employment  or other  form of  service  relationship  or  otherwise  impose  any
obligation to employ and/or retain Grantee as a service provider.

         11. Shareholder  Status.  Grantee shall have no rights as a shareholder
with respect to any shares of Stock under this Agreement  until such shares have
been duly issued and delivered to Grantee,  and no adjustment  shall be made for
dividends of any kind or description  whatsoever or for  distributions  of other
rights of any kind or  description  whatsoever  respecting  the Shares except as
expressly set forth in the Plan.

         12. Modification, Amendment and Cancellation. The Board of Directors of
Bancorp shall have the right unilaterally to modify, amend or cancel this Option
in accordance  with the terms of the Plan,  and, in  particular,  shall have the
right  under the Plan to cancel this  Option if not  exercised  before a sale or
certain other corporate transactions to the extent provided in the Plan.

         13.  Provisions  Consistent with Plan. This Agreement is intended to be
construed to be consistent with, and is subject to, all applicable provisions of
the Plan, which is incorporated herein by reference.  In the event of a conflict
between the  provisions of this  Agreement and the Plan,  the  provisions of the
Plan shall prevail.

                                        S.Y. BANCORP, INC.

                                        By:      _______________________________

                                        Title:   _______________________________

                                        Date:    _______________________________

                                        GRANTEE:

                                        ________________________________________
                                        [Name of Grantee]
                                        (acknowledging receipt and conditions to
                                        exercise set out above)

                                        Date:  _________________________________

                                       3
<PAGE>

                                    EXHIBIT A

                   Notice of Stock Appreciation Right Exercise

I hereby exercise my stock appreciation right ("SAR") with respect to the number
of shares of common stock of S.Y. Bancorp, Inc (the "Company") shown below
pursuant to the S.Y. Bancorp, Inc 2005 Stock Incentive Plan:

     Date of SAR Grant Agreement: _____________________

     Number of shares with respect to which the grant is being exercised: ______

     Exercise price per share: ____________________

I understand that before I receive my certificate for the shares referenced
above, the Company requires me to remit to it an amount sufficient to satisfy
any outstanding amounts due to the Company and to satisfy any federal, state or
local withholding tax requirements. Therefore, I hereby make arrangements for
that tax withholding as follows (check one):

     |_|      Please  withhold  taxes  related to this exercise from my next
              available regular wages from the Bank.
     |_|      Please  reduce the shares to be issued  upon  exercise of this
              SAR by an amount equal to the tax withholding required.
     |_|      Attached is a check for tax withholding.

                                    __________________________________________
                                    Signature

                                    __________________________________________
                                    Print Name

                                    Date: ____________________________________

                                       4----------------------
                                                           Exhibit 10.2
                                                           Form of Stock
                                                           Appreciation Right
                                                           Grant Agreement
                                                           (five year vesting)
                                                          ----------------------

                               S.Y. BANCORP, INC.

                            STOCK APPRECIATION RIGHT
                                 GRANT AGREEMENT

         This Stock  Appreciation Right Grant Agreement dated as of  __________,
20______ (the "Grant Date"),  is  between  S.Y.  Bancorp,  Inc.  (the "Company")
and  _______________________________  (the "Grantee").

                                    RECITALS

A.       The Company  adopted the S.Y.  Bancorp,  Inc. 2005 Stock Incentive Plan
         (the "Plan"). The Plan is administered by the Compensation Committee of
         the Board of Directors (the "Committee").

B.       The Committee has designated  Grantee as a Participant in the Plan, and
         wishes to set forth in this  Agreement the Grantee's a right to receive
         shares of Common  Stock  equal in value to the  difference  between the
         Fair Market Value of a certain  number of shares at this Grant Date and
         the Fair Market Value of those Shares on the date the Grantee exercises
         the right (a "Stock  Appreciation  Right,"  or  "SAR"),  subject to the
         terms of this Agreement.

                                   AGREEMENTS

         The Grantee and the Company agree as follows:

         1. Grant of Stock  Appreciation  Right. The Company grants to Grantee a
stock  appreciation  right ("SAR") with respect to a total of _______  shares of
Common Stock (the "Shares"),  on the terms and conditions set forth below and in
the Plan.

         2. Exercise Price.  The exercise price of this SAR is $___________  per
share,  which is equal to the Fair Market Value of the Common Stock on the Grant
Date.

         3. Term.  This SAR is not  exercisable  and shall  terminate  after the
expiration  of 10 years from the Grant Date and may terminate on an earlier date
in the event of  Grantee's  Termination  of  Employment  with Stock Yards Bank &
Trust Company (the "Bank").  An unexercised (or as-yet unvested) SAR shall lapse
and  become   unexerciseable  3  months  following   Grantee's   Termination  of
Employment,  unless the  termination is caused by death,  in which case it shall
continue  to be  exercisable  for 12 months,  or on account  of  Disability  (as
determined  under  a long  term  disability  Plan  of the  Bank)  or  retirement
(termination  after age 60), in which cases  Grantee's right to exercise the SAR
(to the extent then vested) will continue until the 10-year expiration date.

<PAGE>

         4. Vesting;  Period of Exercise.  If not earlier terminated pursuant to
the Plan or  terms of this  Agreement,  this  SAR is first  exercisable,  in the
portions  indicated in the vesting  schedule  below,  and once so vested remains
exercisable until it lapses or terminates as provided herein and in the Plan:

         If there has not been a
         Termination of Employment then
         on the following Anniversary(ies)
         of Grant Date                         this % of the SARs becomes vested
         ---------------------------------     ---------------------------------
               1 year                                   20%
               2 years                                  40%
               3 years                                  60%
               4 years                                  80%
               5 years                                  100%

         5.  Method of Exercise  of SAR.  Each  exercise of this SAR shall be in
writing (substantially in the form of Exhibit A hereto),  signed by the Grantee,
and received by the Company in its principal  executive office.  The Grantee may
exercise this SAR with respect to less than the total number of Shares; provided
that no partial exercise of this SAR may be made with respect to a fraction of a
Share to which it is subject.  Upon exercise of this SAR, and  conditioned  upon
Grantee having made satisfactory arrangements for payment of the tax withholding
related thereto in accordance with paragraph 6 below,  the Grantee shall receive
from the Company  certificates  issued in the Grantee's name for number of whole
shares of Common  Stock  (rounded  down in the case of a fraction)  equal to the
amount determined by dividing (A) the product of (i) the difference  between the
Fair Market Value on the date of exercise  over the Exercise  Price,  times (ii)
the number of Shares  with  respect to which this SAR is  exercised,  by (B) the
Fair Market Value of a Share on the date of exercise.

         6. Tax Withholding. The Company or Bank may withhold or retain from any
payment  to  Grantee  (whether  or not such  payment  is made  pursuant  to this
Agreement) or take such other action which  Company  deems  necessary to satisfy
any income or other tax withholding  requirements as a result of the exercise of
the SARs.  Grantee may elect to satisfy  any  federal and state tax  withholding
requirements  through a  reduction  in the  number  of shares of Stock  actually
transferred  to Grantee under the Plan upon the exercise of the SARs. If Grantee
is subject to the  requirements of Section 16 of the Securities  Exchange Act of
1934, as amended,  any such election and any such  reduction must be effected in
accordance with the conditions of Rule 16b-3 or any successor rule or regulation
thereunder.

         7. Definitions.  Unless provided to the contrary in this Agreement, the
definitions contained in the Plan and any amendments thereto shall apply to this
Agreement.

         8.  Nontransferability of SAR. This SAR shall not be transferable other
than by will or the laws of descent or  distribution  and shall be  exercisable,
during the Grantee's lifetime, only by Grantee.

                                       2
<PAGE>

         9. Restrictions Imposed by Law.  Notwithstanding any other provision of
this Agreement, Grantee agrees that Grantee shall not exercise this SAR and that
the Company  will not be obligated to deliver any shares of Common Stock or make
any cash  payment if  counsel  to the  company  determines  that such  exercise,
delivery or payment  would  violate any law or  regulation  of any  governmental
authority  or any  agreement  between the Company  and any  national  securities
exchange upon which the Common Stock is listed. The Company shall in no event be
obligated to take any affirmative  action in order to cause the exercise of this
SAR to comply with any law or regulation of any governmental authority.

         10. Employment  Relationship.  Nothing in this Agreement or in the Plan
shall  limit  the  right  of the  Bank or the  Company  to  terminate  Grantee's
employment  or other  form of  service  relationship  or  otherwise  impose  any
obligation to employ and/or retain Grantee as a service provider.

         11. Shareholder  Status.  Grantee shall have no rights as a shareholder
with respect to any shares of Stock under this Agreement  until such shares have
been duly issued and delivered to Grantee,  and no adjustment  shall be made for
dividends of any kind or description  whatsoever or for  distributions  of other
rights of any kind or  description  whatsoever  respecting  the Shares except as
expressly set forth in the Plan.

         12. Modification, Amendment and Cancellation. The Board of Directors of
Bancorp shall have the right unilaterally to modify, amend or cancel this Option
in accordance  with the terms of the Plan,  and, in  particular,  shall have the
right  under the Plan to cancel this  Option if not  exercised  before a sale or
certain other corporate transactions to the extent provided in the Plan.

         13.  Provisions  Consistent with Plan. This Agreement is intended to be
construed to be consistent with, and is subject to, all applicable provisions of
the Plan, which is incorporated herein by reference.  In the event of a conflict
between the  provisions of this  Agreement and the Plan,  the  provisions of the
Plan shall prevail.

                                        S.Y. BANCORP, INC.

                                        By:      _______________________________

                                        Title:   _______________________________

                                        Date:    _______________________________

                                        GRANTEE:

                                        ________________________________________
                                        [Name of Grantee]
                                        (acknowledging receipt and conditions to
                                        exercise set out above)

                                        Date:  _________________________________

                                       3
<PAGE>

                                    EXHIBIT A

                   Notice of Stock Appreciation Right Exercise

I hereby exercise my stock appreciation right ("SAR") with respect to the number
of shares of common stock of S.Y. Bancorp, Inc (the "Company") shown below
pursuant to the S.Y. Bancorp, Inc 2005 Stock Incentive Plan:

     Date of SAR Grant Agreement: _____________________

     Number of shares with respect to which the grant is being exercised: ______

     Exercise price per share: ____________________

I understand that before I receive my certificate for the shares referenced
above, the Company requires me to remit to it an amount sufficient to satisfy
any outstanding amounts due to the Company and to satisfy any federal, state or
local withholding tax requirements. Therefore, I hereby make arrangements for
that tax withholding as follows (check one):

     |_|      Please  withhold  taxes  related to this exercise from my next
              available regular wages from the Bank.
     |_|      Please  reduce the shares to be issued  upon  exercise of this
              SAR by an amount equal to the tax withholding required.
     |_|      Attached is a check for tax withholding.

                                    __________________________________________
                                    Signature

                                    __________________________________________
                                    Print Name

                                    Date: ____________________________________

                                       4

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