The Stock Yards Bank Directors Deferred Compensation Plan

The Stock Yards Bank
Director’s Deferred Compensation Plan

o

(A)

Compensation received as an Employee reportable in box 1, Wages, Tips and other Compensation, on Form W-2.

o

(B)

Annual base salary.

o

(C)

Annual bonus.

o

(D)

Long term incentive plan compensation.

ý

(E)

Compensation received as an Independent Contractor reportable on Form 1099.

o

(F)

Commissions.

o

(G)

other [specify]:

.

o

(A)

The last business day of each Plan Year.

o

(B)

The last business day of each calendar quarter during the Plan Year.

o

(C)

The last business day of each month during the Plan Year.

o

(D)

The last business day of each payroll period during the Plan Year.

ý

(E)

Any business day on which Salary Deferral Credits are received by the Sponsor.

o

(F)

Other [specify]:

.

o

(A)

The Employee participating in the Plan shall be considered to be disabled when he has been determined to be disabled for the purposes of any long term disability insurance covering the Participant that is sponsored by the Employer

ý

(B)

The Participant shall be considered to be disabled when he has been determined to be disabled for purposes of the Federal Social Security Act.

o

(C)

Other:

.

o

(A)

This is a newly-established Plan, and the Effective Date of the Plan is                                           .

ý

(B)

This is an amendment and restatement of a plan named Stock Yards Bank Director’s Deferred Compensation Plan with an effective date of March 1, 2001. The Effective Date of this amended and restated Plan is                                        .  This is amendment number 5.

ý

(A)

The attainment of age 70.

o

(B)

The later of age             or the              anniversary of the participation commencement date. The participation commencement date is the first day of the first Plan Year in which the Participant commenced participation in the Plan.

o

(C)

The completion of        Years of Service.

o

(D) 

The completion of         Years of Service and attainment of age        .

Name of Employer

Address

Telephone No.

EIN

Stock Yards Bank and Trust
Company

1040 East Main Street

(502) 625-9122

61-0354170

Louisville, KY 40206

ý

(A)

Committee.

o

(B)

Employer.

o

(C)

Other (specify):

.

o

(A)

The Employer does desire to establish a “rabbi” trust for the purpose of setting aside assets of the Employer contributed thereto for the payment of benefits under the Plan.

o

(B)

The Employer does not desire to establish a “rabbi” trust for the purpose of setting aside assets of the Employer contributed thereto for the payment of benefits under the Plan.

ý

(C)

The Employer desires to establish a “rabbi” trust for the purpose of setting aside assets of the Employer contributed thereto for the payment of benefits under the Plan upon the occurrence of the following event(s): Upon the happening of a Change in Control as hereafter defined. A Change In Control shall occur upon (1) the acquisition by any person of 50% or  more of the voting power of the Employer’s outstanding voting stock, (2) five or more of the current members of the Board of Directors ceasing to be members of the Board unless ceasing any replacement director was  elected by a vote of either at least 75% of the remaining directors, or at least 75% of the shares entitled to vote on such replacement, or (3) approval by the shareholders of the Employer of (A) a merger or  consolidation with another corporation if the stockholders of the Employer immediately before such vote will not, as a result of such merger or consolidation, own more than 50% of the voting stock of the corporation resulting from such merger or consolidation, or (B) a complete liquidation of the Employer or the sale of all, or substantially all, of the assets of the Employer. Notwithstanding the foregoing, a Change in Control shall not occur solely because 50% or more of the voting stock of the Employer is acquired by (i) a trust which is part of the Employer’s or subsidiary’s ‘s employee benefit plan, or (ii) by a corporation which, immediately following such acquisition, is owned directly or indirectly by the stockholders of the Employer in the same  proportion as their ownership of stock in the Employer immediately prior to such acquisition. In the event a Change in Control occurs, you will be notified by the Committee.

o

(A)

Annual base salary:

[Complete the following blanks only if a minimum or maximum deferral is desired]:

Minimum deferral:                 $                        or                       %

Maximum deferral:                $                        or                       %

o

(B)

Annual bonus:

[Complete the following blanks only if a minimum or maximum deferral is desired]:

Minimum deferral:                 $                        or                       %

Maximum deferral:                $                        or                       %

ý

(C)

Other: 1099 Income.

[Complete the following blanks only if a minimum or maximum deferral is desired]:

Minimum deferral:                 $                        or           0         %

Maximum deferral:                $                        or         100       %

o

(D)

Not applicable – no salary deferral provision.

ý

(A)

The first full payroll period commencing after the date written notice of the termination is received

by the Committee.

o

(B)

The first day of the Plan Year occurring after the date written notice of the termination is received by the Committee.

o

(C)

Not applicable – no salary deferral provision.

o

(A)

Employer Matching Credits:  The Employer may make matching credits to the Deferred Compensation Account of each Employee Participant in an amount determined as follows [check desired option(s)]:

o

(i)

        % of the Participant’s Salary Deferral Credits.

o

(ii)

        % of the first         % of the Participant’s Compensation which is elected as a Salary Deferral Credit.

o

(iii)

An amount determined each Plan Year by the Employer.

o

(iv)

The Employer shall not match amounts provided above in excess of $               or in excess of         % of the Participant’s Compensation per Plan Year.

o

(v)

Other:

.

ý

(vi)

Not applicable – no Employer matching credits provision.

o

(B)

Employer Profit Sharing Credits:  The Employer may make profit sharing credits to the Deferred Compensation Account of each Active Employee Participant in an amount determined as follows:

o

(i)

Such amount out of the current or accumulated net profit of the Employer for such year as the Employer in its sole discretion shall determine.

o

(ii)

Such amount as the Employer in its sole discretion shall determine without regard to current or accumulated net profit.

o

(iii)

The Employer shall not make profit sharing credits in excess of $              , or in excess of         % of the Participant’s Compensation per Plan Year.

o

(iv)

Other:

.

ý

(v)

Not applicable – no Employer profit sharing provision.

o

(C)

Other [describe]:

.

o

(A)

An amount to be determined by the Committee.

o

(B)

Other [specify]:

.

ý

(C)

No additional benefits.

ý

(A)

Yes.

(i)

The In-Service Account may be withdrawn only after the account has been established for [check desired option]:

ý

(a)          A minimum of 3 years (insert minimum of 2 years.)

o

(b)         Not applicable.

(ii)

A Participant may defer the date of any scheduled in-service withdrawal by giving notice of the new withdrawal date to the Committee [check desired option]:

o

(a)          At least         (insert minimum of 12) months prior to the scheduled withdrawal date.

ý

(b)         Not applicable.

o

(B)

No in-service withdrawals.

ý

(A)

Yes.

o

(B)

No.

o

(A)

Yes.  If a Participant obtains a “haircut” withdrawal, the Participant shall forfeit 10% (specify percentage not less than 10%) of the amount of withdrawal.

ý

(B)

No “haircut” withdrawals.

ý

(A)

Yes.

(i)

Education withdrawals may be made in installment payments over no more than 6 years.

(ii)

A Participant may defer the date of any scheduled education withdrawal by giving notice of the new withdrawal date to the Committee [check desired option]:

o

(a)          At least         (insert minimum of 12) months prior to the scheduled withdrawal date.

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(b)         Not applicable.

o

(B)

No education withdrawals.

ý

(A)

A lump sum in cash as soon as practicable following the date of the Qualifying Distribution Event.

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(B)

Approximately equal annual installments over a term no longer than 10 years as elected by the Participant upon his entry into the Plan.

ý

(i)

Payment of the benefit shall commence as soon as practicable after the following date [select desired option]:

o

(a)

The first business day of the calendar year following the date of the Qualifying Distribution Event.

o

(b)

The first business day of the calendar quarter following the date of the Qualifying Distribution Event.

ý

(c)

The first business day of the calendar month following the date of the Qualifying Distribution Event.

The payment of each annual installment shall be made on the anniversary of the date selected for the commencement of the installment payments in this subsection (i).  The amount of the annual installment shall be adjusted on each anniversary date of the commencement of the installment payments for credits or debits to the Participant’s account pursuant to Section 9 of the Plan. Such adjustment shall be made by dividing the balance in the Deferred Compensation Account on each such date (following adjustment on such date) by the number of annual installments remaining to be paid hereunder; provided that the last annual installment due under the Plan shall be the entire amount credited to the Participant’s account on the date of the payment.

ý

(ii)

Notwithstanding the payment option elected by the Participant, the vested Accrued Benefit of the Participant will be distributed in a single lump payment if the amount of such benefit on the date that payment is to commence does not exceed [check desired option]:

o

(a)

$                  (Insert desired cash out amount).

ý

(b)

Not applicable.

ý

(C)

A Participant may defer the date of any scheduled payment by giving notice of the new payment date to the Committee [check desired option]:

o

(i)

(a)          At least         (insert minimum of 12) months prior to the scheduled payment date.

ý

(ii)

(b)         Not applicable.

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(D)

Other [specify]: A Participant may change an initial form of payment election by a writing

delivered to the Employer to select either a lump sum or installments as allowed in Section 7.1 (A) and (B) above, at any time up to the date director status ends or, with respect to accounts paid while still a director, before the December 31 of the year prior to the year in which payment is to begin.

o

(A)

Normal Retirement Date.

o

(B)

Death.

o

(C)

Disability.

o

(D)

Completion of that number of Years of Service specified below:

o

(i)

Employer Matching Credits [complete if applicable]:

o

(a)

Immediate 100% vesting.

o

(b)

100% vesting after       Years of Service.

o

(c)

100% vesting at age        .

o

(d)

Number of Years

Vested

of Service

Percentage

Less than

1

%

1

%

2

%

3

%

4

%

5

%

6

%

7

%

8 or more

%

For this purpose, Years of Service of a Participant shall be calculated from the date designated below [check desired option]:

o

(1)

First Day of Service.

o

(2)

Effective Date of the Plan Participation.

o

(3)

Each Crediting Date. Under this option (3), each Employer Matching Credit shall vest based on the Years of Service of a Participant from the Crediting Date on which each Employer Credit is made to his or her Deferred Compensation Account.

o

(ii)

Employer Profit Sharing Credits [complete if applicable]:

o

(a)

Immediate 100% vesting.

o

(b)

100% vesting after       Years of Service.

o

(c)

100% vesting at age        .

o

(d)

Number of Years

Vested

of Service

Percentage

Less than

1

%

1

%

2

%

3

%

4

%

5

%

6

%

7

%

8

%

9

%

10 or more

%

For this purpose, Years of Service of a Participant shall be calculated from the date designated below [check desired option]:

o

(1)

First Day of Service.

o

(2)

Effective Date of the Plan Participation.

o

(3)

Each Crediting Date. Under this option (3), each Employer Profit Sharing Credit shall vest based on the Years of Service of a Participant from the Crediting Date on which each Employer Credit is made to his or her Deferred Compensation Account.

o

(iii)

Other Employer Credits [complete if applicable]:

o

(a)

Immediate 100% vesting.

o

(b)

100% vesting after       Years of Service.

o

(c)

100% vesting at age        .

o

(d)

Number of Years

Vested

of Service

Percentage

Less than

1

%

1

%

2

%

3

%

4

%

5

%

6

%

7

%

8

%

9

%

10 or more

%

For this purpose, Years of Service of a Participant shall be calculated from the date designated below [check desired option]:

o

(1)

First Day of Service.

o

(2)

Effective Date of the Plan Participation.

o

(3)

Each Crediting Date. Under this option (3), each Other Employer Credit shall vest based on the Years of Service of a Participant from the Crediting Date on which each Employer Credit is made to his or her Deferred Compensation Account.

o

(A)

Yes.

ý

(B)

No.

o

(A)

Yes. Insert name of Qualified Plan:

.

ý

(B)

No.

ý

(A)

Notwithstanding any provision in this Adoption Agreement or the Plan to the contrary, Exhibit A shall be added to Section 4.1.5 of the Plan.

o

(B)

The Plan shall be terminated upon the occurrence of one or more of the following events [check if desired]:

o

(i)

The amount of shareholders equity shown on the financial statements of the Employer for each of the two most recent fiscal years is less than $            .

o

(ii)

The aggregate net loss (after tax) as reported on the financial statements of the Employer for the two most recent fiscal years is greater than $            .

o

(iii)

There is a change of control of the Employer. For this purpose, a “change of control” shall be deemed to have occurred if: (A) any person other than an officer who is an Employee of the Employer for at least one year preceding the change of control, acquires or becomes the beneficial owner, directly or indirectly, of securities of the Employer representing       % [insert percentage] or more of the combined voting power of the Employer’s then outstanding securities and thereafter, the membership of the Board becomes such that a majority are persons who were not members of the Board at the time of the acquisition of securities; or (B) the Employer, or its assets, are acquired by or combined with another entity and less than a majority of the outstanding voting shares of such entity after the acquisition or combination are owned, immediately after the acquisition or combination, by the owners of voting shares of the Employer immediately prior to the acquisition or combination.

o

(iv)

Other [specify]:

.

ý

(C)

In the event of a termination of the Plan, the Employer elects that [check if desired]:

o

(i)

Each Active Participant will become fully vested in the Deferred Compensation Account. [If not checked, the vesting provisions of Section 8 will continue to apply.]

ý

(ii)

The Deferred Compensation Account will be immediately distributed to each Participant in a single lump sum payment. [If not checked the payment provisions of Section 7 will continue to apply.]

STOCK YARDS BANK AND TRUST COMPANY

Name of Employer

By:

Authorized Person

Title