SEC Contract Filing

Filing Date: 2023-08-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exh_101.htm
<DESCRIPTION>EXHIBIT 10.1
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<p style="text-align: right; margin: 0"><b>Exhibit 10.1</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-variant: small-caps"><b>Executive
Transition Agreement</b></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Executive Transition Agreement (the &ldquo;<u>Agreement</u>&rdquo;)
is by and among Kathleen C. Thompson (&ldquo;<u>Thompson</u>&rdquo;), Stock Yards Bancorp, Inc. (&ldquo;<u>Bancorp</u>&rdquo;) and Stock
Yards Bank &amp; Trust Company (the &ldquo;<u>Bank</u>&rdquo;) (together, the &ldquo;<u>Companies</u>&rdquo;), and is made and entered
into as of August 16, 2023 (the &ldquo;<u>Effective Date</u>&rdquo;).</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-variant: small-caps"><b>Recitals</b></font></p>

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<td style="width: 0"></td><td style="width: 0.5in">A.</td><td style="text-align: justify">The Bank is a wholly owned subsidiary of Bancorp.</td></tr></table>

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<td style="width: 0"></td><td style="width: 0.5in">B.</td><td style="text-align: justify">Thompson is currently a Senior Executive Vice President and the Director of Wealth Management &amp; Trust
of the Bank (collectively, &ldquo;<u>SEVP</u>&rdquo;) and is paid and provided benefits by the Bank as its SEVP and she also currently
serves on the Board of Directors of both Companies (the &ldquo;<u>Board(s)</u>&rdquo;).</td></tr></table>

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<td style="width: 0"></td><td style="width: 0.5in">C.</td><td style="text-align: justify">Thompson has expressed her intention to retire from active employment with the Bank.</td></tr></table>

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<td style="width: 0"></td><td style="width: 0.5in">D.</td><td style="text-align: justify">The Companies desire to implement their plan for executive succession in connection with Thompson&rsquo;s
planned retirement, including retirement from the Boards, and Thompson wishes to facilitate and cooperate in such succession on the terms
and conditions set out in this Agreement.</td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-variant: small-caps"><b>Agreements</b></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.<font style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><b>Remaining Employment Period</b>. Unless employment ends sooner as provided herein, the Bank shall continue to employ Thompson,
and Thompson shall continue to serve as the SEVP of the Bank, until January 2, 2024 (the &ldquo;<u>Retirement Date</u>&rdquo;).</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.<font style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><b>Effect
of Earlier Termination. </b>If Thompson&rsquo;s employment ends due to Thompson being terminated by the Bank for &ldquo;Cause&rdquo;
or Thompson resigning her employment without &ldquo;Good Reason&rdquo; prior to the Retirement Date, this Agreement shall terminate and
no longer have any effect. For purposes of this Section 2:</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<font style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font>&ldquo;Cause&rdquo; shall mean termination upon (i) the willful and continued failure, or the inability or refusal, by Thompson
to substantially perform her duties with the Bank after written demand for substantial performance has bee