Paul J. Bickel III
About Paul J. Bickel III
Paul J. Bickel III is an independent director of Stock Yards Bancorp (SYBT), age 69 as of December 31, 2024, and has served on the board since 2017; he is founder and President of U.S. Specialties and has managed real estate development organizations in Louisville for over 30 years, with leadership across local non‑profits . He currently serves on SYBT’s Audit Committee and the Bank’s Trust Committee; he is not designated an audit committee financial expert, and is considered independent under Nasdaq and company guidelines . Board and committee attendance was strong in 2024, with all directors attending at least 98% of meetings; all directors attended the 2024 annual meeting except Mses. Arvin and Wells (implying Bickel attended) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| U.S. Specialties | Founder & President | Not disclosed | Brings small business and sales/marketing perspective to the board |
| Louisville-area real estate development organizations | Managing Member | “Over the past 30 years” | Contributes commercial real estate expertise relevant to CRE risk oversight |
External Roles
- Active in Louisville community with leadership capacities on numerous non‑profit boards (specific organizations not disclosed) .
Board Governance
| Item | Detail |
|---|---|
| Committees | Audit Committee (member); Trust Committee (member) |
| Audit Committee meetings (2024) | 5 meetings held |
| Board meetings (2024) | 8 meetings held; directors of Bancorp and Bank each attended their respective 8 regular meetings |
| Attendance | All directors attended ≥98% of Board and committee meetings in 2024; Bickel included |
| Independence | Affirmatively determined independent by the Board |
| Lead Independent Director | Stephen M. Priebe; executive sessions of non‑management directors at Board and committee meetings are part of governance practices |
| Retirement policy | Mandatory retirement age 70; no waivers expected (Bickel age 69 signals likely near‑term transition) |
Fixed Compensation
| Year | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Option Awards ($) | Non-Equity Incentive Plan ($) | Nonqualified Deferred Comp Earnings ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|---|---|---|
| 2024 | 67,450 | 50,000 (955 RSUs) | – | – | – | 1,165 (dividends on RSUs) | 118,615 |
- 2024 RSU program: January grant equals $50,000 divided by FMV; each director received 955 RSUs; dividend equivalents accrue and vest with RSUs (one‑year vest) .
- Director compensation structure refreshed for 2025 (effective Jan 1, 2025): Board member cash retainer $48,000; member equity retainer $54,000; per meeting fee $1,625; additional chair retainers by committee; lead director add’l cash retainer $20,000 .
Performance Compensation
- Non‑employee directors are paid in cash and time‑based RSUs; no performance‑based metrics or option awards were granted to Bickel in 2024 .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Other public company boards | None |
| Compensation Committee interlocks | Committee members had no interlocks requiring disclosure; Bickel is not on this committee |
Expertise & Qualifications
| Skill Area | Indicated for Bickel |
|---|---|
| Commercial Real Estate | Yes |
| Sales & Marketing | Yes |
| Community Engagement | Yes |
| Strategic Planning | Yes |
| Small Business | Yes |
| Customer Experience | Yes |
| Accounting/Financial Reporting | Not indicated |
| Risk Management | Not indicated |
| Corporate Governance | Not indicated |
| Banking & Financial Services | Not indicated |
| Mergers & Acquisitions | Not indicated |
Equity Ownership
| Component | Shares / Detail |
|---|---|
| Beneficial ownership (Dec 31, 2024) | 35,314; less than 1% of outstanding shares |
| Included SARs (exercisable within 60 days) | 1,000 |
| Unvested restricted stock grants (2024 RSUs) | 955 |
| Directors’ Deferred Compensation Plan holdings | 13,104 shares |
| Joint holdings with spouse | 10,500 shares |
| Ownership guideline | Non‑management directors must own ≥5x annual cash retainer within five years and maintain thereafter |
| Anti‑hedging/pledging | Company policy prohibits hedging and pledging of Stock Yards Bancorp stock |
Governance Assessment
- Board effectiveness and independence: Bickel is affirmed independent, serves on the Audit Committee (which met 5 times), and the Trust Committee; overall attendance was ≥98%, supporting engagement and oversight quality .
- Alignment and incentives: 2024 director pay is balanced between cash and time‑based RSUs ($50k), with strong director stock ownership requirements (≥5x cash retainer) and anti‑hedging/pledging—positive alignment signals for investors .
- Conflicts and related‑party exposure: No related‑party transactions disclosed for Bickel; independence review noted certain relationships for other directors as immaterial; hedging/pledging prohibited reduces alignment risk .
- Transition risk: Mandatory retirement at age 70 and Bickel’s age 69 suggests potential near‑term board turnover; succession planning is managed by the Nominating & Corporate Governance Committee and is an active focus area .
- Broader governance context: Strong governance features include a lead independent director, executive sessions, majority voting with resignation policy, and high say‑on‑pay support (98% in 2024), collectively supporting investor confidence in oversight .
RED FLAGS: None disclosed specific to Bickel (no related‑party transactions, no pledging/hedging, high attendance). Watch near‑term retirement timing and non‑financial‑expert designation on Audit Committee for depth of technical financial oversight, though the committee includes two designated financial experts (Herde and Lechleiter) .
