Community Trust Bancorp Reports 2025 Executive Plans
Ticker: CTBI · Form: 8-K · Filed: Jan 29, 2025 · CIK: 350852
Sentiment: neutral
Topics: executive-compensation, governance, filing
Related Tickers: CTBI
TL;DR
CTBI filed 8-K: new exec comp plans, board changes, and material agreements effective Jan 28.
AI Summary
Community Trust Bancorp, Inc. filed an 8-K on January 29, 2025, reporting on executive compensation and incentive plans for 2025, effective January 28, 2025. The filing also noted the departure of directors or certain officers, the election of directors, and the appointment of certain officers. Additionally, it covered entry into a material definitive agreement and included financial statements and exhibits.
Why It Matters
This filing provides insight into the company's executive compensation structure and any changes in its board or officer composition, which can impact strategic direction and investor confidence.
Risk Assessment
Risk Level: low — The filing primarily concerns routine corporate governance and executive compensation matters, with no immediate indication of significant financial distress or major strategic shifts.
Key Players & Entities
- Community Trust Bancorp, Inc. (company) — Registrant
- January 28, 2025 (date) — Effective date of events
- January 29, 2025 (date) — Filing date
FAQ
What specific executive compensation and incentive plans were adopted or amended?
The filing indicates the adoption of executive compensation and incentive plans for 2025, but the specific details of these plans are not provided in the summary text.
Were there any departures of directors or officers, and who were they?
The filing states there was a departure of directors or certain officers, but the names of those individuals are not specified in the provided text.
Were new directors elected or officers appointed?
Yes, the filing reports the election of directors and the appointment of certain officers, though specific names are not detailed.
What material definitive agreement was entered into?
The filing notes the entry into a material definitive agreement, but the nature or counterparty of this agreement is not disclosed in the provided text.
What financial statements and exhibits are included with this filing?
The filing indicates that financial statements and exhibits are included, but their specific content is not detailed in the provided text.
Filing Stats: 2,159 words · 9 min read · ~7 pages · Grade level 12.5 · Accepted 2025-01-29 16:56:22
Key Financial Figures
- $725,000 — esident, and Chief Executive Officer) - $725,000; Kevin J. Stumbo (Executive Vice Presid
- $400,000 — ief Financial Officer, and Treasurer) - $400,000; Richard W. Newsom (Executive Vice Pres
- $393,000 — W. Newsom (Executive Vice President) - $393,000; and Ricky D. Sparkman (Executive Vice
- $350,000 — . Sparkman (Executive Vice President) - $350,000. James B. Draughn (Executive Vice Presi
Filing Documents
- execcomp_incplan2025.htm (8-K) — 56KB
- execcomp_incplan2025ex10_1.htm (EX-10.1) — 121KB
- execcomp_incplan2025ex10_2.htm (EX-10.2) — 54KB
- execcomp_incplan2025ex10_3.htm (EX-10.3) — 71KB
- 0000350852-25-000034.txt ( ) — 439KB
- ctbi-20250128.xsd (EX-101.SCH) — 4KB
- ctbi-20250128_lab.xml (EX-101.LAB) — 21KB
- ctbi-20250128_pre.xml (EX-101.PRE) — 16KB
- execcomp_incplan2025_htm.xml (XML) — 4KB
01 – Entry into a Material Definitive Agreement
Item 1.01 – Entry into a Material Definitive Agreement On January 28, 2025, Community Trust Bancorp, Inc.'s ("CTBI") Board of Directors (the "Board") approved the Employee Incentive Compensation Plan for the year ending December 31, 2025, 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 28, 2025, 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 (Chairman, President, and Chief Executive Officer) - $725,000; Kevin J. Stumbo (Executive Vice President, Chief Financial Officer, and Treasurer) - $400,000; Richard W. Newsom (Executive Vice President) - $393,000; and Ricky D. Sparkman (Executive Vice President) - $350,000. James B. Draughn (Executive Vice President) announced his retirement effective January 31, 2025. Cash Incentive Compensation Awards for the Year(s) Ended December 31, 2024. CTBI's NEOs were participants in CTBI's Senior Management Incentive Compensation Plan for the year ended December 31, 2024 (the "2024 Plan"). The Committee previously established the performance measures under the 2024 Plan and the required base level of performance for payment was achieved by CTBI under the 2024 Plan. Accordingly, the NEOs received payments (paid in January 2025) as follows: 2025 Cash Payments Awarded ($) Mark A. Gooch – Chairman, President, and Chief Executive Officer 342,750 Kevin J. Stumbo – Executive Vice President, Chief Financial Officer, and Treasurer 110,400 Richard W. Newsom – Executive Vice President 113,400 James B. Draughn – Executive Vice President 107,100 Ricky D. Sparkman – Executive Vice President 9
01 – Financial Statements and Exhibits
Item 9.01 – Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 10.1 Senior Management Incentive Compensation Plan (for the year ending December 31, 2025) 10.2 Employee Incentive Compensation Plan (for the year ending December 31, 2025) 10.3 Community Trust Bancorp, Inc. 2025 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 29, 2025 /s/ Mark A. Gooch Mark A. Gooch Chairman, President, and Chief Executive Officer