CTBI Reports Executive & Director Compensation Changes

TL;DR

**CTBI just updated executive pay, watch for details on impact.**

AI Summary

Community Trust Bancorp, Inc. (CTBI) filed an 8-K on January 25, 2024, reporting an event that occurred on January 23, 2024, related to changes in its executive and director compensatory arrangements. This filing indicates that the company is making adjustments to how it compensates its leadership, which could impact future financial performance and shareholder value. Investors should pay attention to the specifics of these compensatory changes as they can influence executive motivation and the company's bottom line.

Why It Matters

Changes in executive compensation can affect a company's expenses and leadership stability, directly influencing its profitability and stock performance.

Risk Assessment

Risk Level: low — This filing is administrative, reporting changes in compensatory arrangements, which typically carries a low immediate risk unless the changes are unusually drastic.

Analyst Insight

Investors should monitor future filings, such as proxy statements or subsequent 8-Ks, for specific details on the compensatory arrangements to assess their potential impact on the company's financials and executive incentives.

Key Players & Entities

• Community Trust Bancorp, Inc. (company) — the registrant filing the 8-K
• CTBI (company) — the trading symbol for Community Trust Bancorp, Inc.
• January 23, 2024 (date) — date of the earliest event reported
• January 25, 2024 (date) — date the 8-K was filed

Forward-Looking Statements

• The specific details of the compensatory arrangements will be disclosed in subsequent filings or proxy statements. (Community Trust Bancorp, Inc.) — medium confidence, target: Q1 2024

FAQ

Key Financial Figures

• $685,500 — esident, and Chief Executive Officer) - $685,500; Richard W. Newsom (Executive Vice Pres
• $378,000 — W. Newsom (Executive Vice President) - $378,000; Kevin J. Stumbo (Executive Vice Presid
• $368,000 — ief Financial Officer, and Treasurer) - $368,000; James B. Draughn (Executive Vice Presi
• $357,000 — B. Draughn (Executive Vice President) - $357,000; and Ricky D. Sparkman (Executive Vice
• $330,000 — . Sparkman (Executive Vice President) - $330,000. Cash Incentive Compensation Awards fo
• $1,000 — mployees hired prior to July 1, 2023 of $1,000 and all full-time employees hired after
• $500 — employees hired after June 30, 2023 of $500, as well as a discretionary gift/paymen

Filing Documents

• ctbi2024exec_director8k.htm (8-K) — 58KB
• ctbi2024exec_dir8kex10-7.htm (EX-10.7) — 124KB
• ctbi2024exec_dir8kex10-9.htm (EX-10.9) — 52KB
• ctbi2024exec_dir8kex10-21.htm (EX-10.21) — 72KB
• 0000350852-24-000033.txt ( ) — 445KB
• ctbi-20240123.xsd (EX-101.SCH) — 4KB
• ctbi-20240123_lab.xml (EX-101.LAB) — 22KB
• ctbi-20240123_pre.xml (EX-101.PRE) — 16KB
• ctbi2024exec_director8k_htm.xml (XML) — 4KB

01 – Entry into a Material Definitive Agreement

Item 1.01 – Entry into a Material Definitive Agreement On January 23, 2024, Community Trust Bancorp, Inc.'s ("CTBI") Board of Directors (the "Board") approved the Employee Incentive Compensation Plan for the year ending December 31, 2024, which is included under Item 5.02 below, and incorporated herein by reference. Item 5.02 – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers Compensatory Arrangements On January 23, 2024, the Board approved the following actions, which were approved by the Compensation Committee (the "Committee") and recommended to the Board: Base Salary Increases. New annual base salaries were approved for the following named executive officers ("NEOs"): Mark A. Gooch (Vice Chairman, President, and Chief Executive Officer) - $685,500; Richard W. Newsom (Executive Vice President) - $378,000; Kevin J. Stumbo (Executive Vice President, Chief Financial Officer, and Treasurer) - $368,000; James B. Draughn (Executive Vice President) - $357,000; and Ricky D. Sparkman (Executive Vice President) - $330,000. Cash Incentive Compensation Awards for the Year(s) Ended December 31, 2023. CTBI's NEOs were participants in CTBI's Senior Management Incentive Compensation Plan for the year ended December 31, 2023 (the "2023 Plan"). The Committee previously established the performance measures under the 2023 Plan and the required minimum level of performance for payment was not achieved by CTBI under the 2023 Plan. However, the Committee authorized a discretionary gift/payment to all full-time employees hired prior to July 1, 2023 of $1,000 and all full-time employees hired after June 30, 2023 of $500, as well as a discretionary gift/payment to our Executive Committee and other members of senior management. Accordingly, the NEOs received payments (paid in January 2024) as follows: 2024 Cash Payments Awarded ($) Mark A. Gooch – Vice Chairman, President, and Chief Exe

01 – Financial Statements and Exhibits

Item 9.01 – Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 10.7 Senior Management Incentive Compensation Plan (for the year ending December 31, 2024) 10.9 Employee Incentive Compensation Plan (for the year ending December 31, 2024) 10.21 Community Trust Bancorp, Inc. 2024 Executive Committee Long-Term Incentive Compensation Plan

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. COMMUNITY TRUST BANCORP, INC. By: Date: January 25, 2024 /s/ Mark A. Gooch Mark A. Gooch Vice Chairman, President, and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR