ITEM 1.01 - ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT On January 26, 2021, Community Trust Bancorp, Inc.'s Board of Directors approved the Employee Incentive Compensation Plan for the year ending December 31, 2021, 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 ARRANGEMENTS OF CERTAIN OFFICERS On January 26, 2021, Community Trust Bancorp, Inc.'s ("CTBI") Board of Directors approved the following actions, which were approved by the Compensation Committee (the "Committee") and recommended to the Board of Directors: • Base Salary Increases. New annual base salaries were approved for the


  following named executive officers:  Jean R. Hale (Chairman, President and
  Chief Executive Officer) - $700,000; Kevin J. Stumbo (Executive Vice President,
  Chief Financial Officer, and Treasurer) - $325,000; Mark A. Gooch (Executive
  Vice President and Secretary) - $490,000; James B. Draughn (Executive Vice
  President) - $312,000; and Larry W. Jones (Executive Vice President) -
  $309,000.

• Cash Incentive Compensation Awards for the Year(s) Ended December 31, 2020.


  CTBI's named executive officers were participants in CTBI's Senior Management
  Incentive Compensation Plan for the year ended December 31, 2020 ("2020
  Plan").  The Committee previously established the performance measures under
  the 2020 Plan and the required minimum level of performance was not achieved by
  CTBI under the Plan.  However, the Committee recommended and the Board of
  Directors approved a payment to employees due to the unique circumstances of
  2020, the difficult conditions under which everyone worked, and the
  extraordinary performance of the management team.  Accordingly, the named
  executive officers received payments (paid in January 2021) as follows:


                                                            2020 Cash Payments
                                                            Outside the Senior
                                                           Management Incentive
                                                          Compensation Plan ($)
Jean R. Hale - Chairman, President and Chief Executive            85,006

Officer

Kevin J. Stumbo - Executive Vice President, Chief                 23,801
Financial Officer, and Treasurer
Mark A. Gooch - Executive Vice President and Secretary            47,855
James B. Draughn - Executive Vice President                       22,819
Larry W. Jones - Executive Vice President                         22,668

CTBI's named executive officers were also participants in CTBI's 2018 Executive Committee Long-Term Incentive Compensation Plan ("2018 Plan") for the three year period ending December 31, 2020. The Committee previously established the performance measures under the 2018 Plan and the required level of performance was achieved by CTBI under the Plan. Accordingly, the named executive officers were entitled to the following cash incentive awards (paid in January 2021).



                                                           2020 Cash Incentive
                                                            Awarded Under the
                                                           Long-Term Incentive
                                                          Compensation Plan ($)
Jean R. Hale - Chairman, President and Chief Executive           125,000

Officer

Kevin J. Stumbo - Executive Vice President, Chief                 28,000
Financial Officer, and Treasurer
Mark A. Gooch - Executive Vice President and Secretary            66,750
James B. Draughn - Executive Vice President                       27,750
Larry W. Jones- Executive Vice President                          28,000

• Grants of Restricted Stock. Restricted stock was also granted to the named


  executive officers (as shown in the chart below) based upon a recommendation of
  the Committee and approval by the Board of Directors due to the unique
  circumstances of 2020, the difficult conditions under which everyone worked,
  and the extraordinary performance of the management team, although the Company
  did not achieve the minimum level of performance under the 2020 Senior
  Management Incentive Compensation Plan.  The restricted stock was granted
  pursuant to the terms of CTBI's 2015 Stock Ownership Incentive Plan.  The
  restrictions on the restricted stock will lapse ratably over four years.
  However, in the event of certain participant employee termination events
  occurring within 24 months of a change in control of CTBI or the death of the
  participant, the restrictions will lapse, and in the event of the participant's
  disability, the restrictions will lapse on a pro rata basis.  The Committee
  will have discretion to review and revise restrictions applicable to a
  participant's restricted stock in the event of the participant's retirement.


                                                             Restricted Stock
                                                             Granted (Shares)
Jean R. Hale - Chairman, President and Chief Executive             728

Officer

Kevin J. Stumbo - Executive Vice President, Chief                  248
Financial Officer, and Treasurer
Mark A. Gooch - Executive Vice President and Secretary             451
James B. Draughn- Executive Vice President                         244
Larry W. Jones - Executive Vice President                          244

• Plans for Annual Incentive Compensation Awards for the Year Ending December 31,

2021. The Committee recommended and the Board of Directors approved the Senior

Management Incentive Compensation Plan for the year ending December 31, 2021

which is included herein as Exhibit 10.7 to this Current Report on Form 8-K.

The participation groups under the Plan are: (i) Group I, consisting of the

Community Trust Bancorp, Inc. Chief Executive Officer ("CTBI CEO"), Community

Trust Bank, Inc. Chief Executive Officer ("CTB CEO"), and other members of the

Executive Committee ("Other Executive Officers"); (ii) Group II, consisting of

CTB officers responsible for the various consolidated functions as selected by

the CTB CEO, the Presidents of each market, and the Community Trust and

Investment Company (CTIC) officers responsible for various departments as

selected by the CTIC CEO; and (iii) Group III, consisting of Senior Vice

Presidents of consolidated functions selected for participation by the

Compensation Committee. Individuals below the Senior Vice President level may

be selected by the Compensation Committee for special option awards for

extraordinary performance. This Plan may be amended, modified, or terminated

by the Board of Directors at any time at its sole discretion, except that after

the 90th day of the year the performance standards may not be changed in a

manner that would increase the amount of incentive compensation payable for

such year.

o Participants will be eligible for a cash award determined by earnings per share

(EPS) growth and earnings as a percentage of average assets (ROAA). The

minimum and maximum awards as a percentage of salary for each group will be:

(i) Group I - CTBI CEO minimum award of 25% of salary and maximum award of 100%

of salary; (ii) Group I - CTB CEO minimum award of 20% of salary and maximum

award of 80% of salary; (iii) Group I - Other Executive Officers minimum award

of 15% of salary and maximum award of 60% of salary; (iv) Group II - minimum

award of 3.5% of salary and maximum award of 8.75% of salary; and (v) Group III

- minimum award of 2.75% of salary and maximum award of 6.71% of salary. In

the event that the ROAA or EPS are not attained but the target net income is

attained, the amount of the award under the Plan shall be paid at the base

level of target performance payment. There shall be a minimum acceptable

performance beneath which no incentive awards are paid and a maximum above

which there is no additional award paid to avoid excessive payout in the event

of windfall profits.

o Participants will be eligible to receive stock options (pursuant to CTBI's 2015

Stock Ownership Incentive Plan) with a face value equal to certain percentages

of salary or restricted stock (or a combination of options and restricted

stock) of an amount recommended by the Compensation Committee and approved by

the Board of Directors of CTBI subject to any limitations of the 2015 Stock

Ownership Incentive Plan. The minimum and maximum stock option awards as a

percentage of salary for each group will be: (i) Group I - CTBI CEO minimum

award of 10% of salary and maximum award of 23% of salary; (ii) Group I - CTB

CEO minimum award of 8.757% of salary and maximum award of 20.125% of salary;

(iii) Group I - Other Executive Officers minimum award of 7.5% of salary and

maximum award of 17.25% of salary; (iv) Group II - minimum award of 5% of

salary and maximum award of 11.5% of salary; and (v) Group III - minimum award

of 2.25% of salary and maximum award of 5% of salary. In the event that the

ROAA or EPS are not attained but the target net income is attained, the amount

of stock options and/or restricted stock awarded under the Plan shall be

granted at the base level of target performance. There shall be a minimum

acceptable performance beneath which awards will not be granted and a maximum

above which there is no additional award in the event of windfall profits.

The Committee also recommended and the Board of Directors approved the Employee Incentive Compensation Plan for the year ending December 31, 2021 which is included herein as Exhibit 10.9 to this Current Report on Form 8-K. Full-time employees who do not participate in another incentive plan are eligible to participate in this Plan. This Plan may be amended, modified, or terminated by the Board of Directors at any time at its sole discretion, except that after the 90th day of the year the target award and the performance standards may not be changed in a manner that would increase the amount of incentive compensation payable over the amount which would have been payable under the performance standards previously established. o Participants will be eligible for a cash award determined by earnings per share

growth and earnings as a percentage of average assets (ROAA). The minimum and

maximum awards as a percentage of salary for each participant will be: minimum

award - 2% of salary and maximum award - 4.5% of salary. In the event that the

ROAA or EPS are not attained but the target net income is attained, the amount

of the award under the Plan shall be paid at the base level of target

performance payment. There shall be a minimum acceptable performance beneath

which no incentive awards are paid and a maximum above which there is no

additional award paid to avoid excessive payout in the event of windfall

profits.

• Plan for Long-Term Incentive Compensation for Executive Committee. The

Committee recommended and the Board of Directors approved the 2021 Executive

Committee Long-Term Incentive Compensation Plan which is included herein as

Exhibit 10.21 to this Current Report on Form 8-K. This Plan may be amended,

modified, or terminated by the Board of Directors at any time at its sole

discretion, except that after the 90th day of the year, the performance goals

set forth within may not be amended in a manner which would increase the amount

of compensation payable pursuant to performance units over the amount which

would have been payable under the performance goals previously established for

such year. Participants in this Plan will be the members of the Executive

Committee of CTBI.

o The target award fund shall be generated by 40% of the salary of the CTBI CEO,

30% of the CTB CEO, and 20% of the salary of other members of the Executive

Committee. The target award may be changed by the Compensation Committee of

the Board of Directors at any time during the Performance Period at their

discretion provided, however, that the target award as a percentage of salary

may not be increased after the 90th day of the 2021 calendar year.

o The actual amount of payments under the performance units shall be calculated

according to a schedule comparing cumulative net income (over a three-year

performance period) to the performance goals described within the Plan and

payments will be made in the form of cash or shares. The minimum and maximum

awards as a percentage of salary will be 10.0% and 60.0% for the CTBI CEO,

7.50% and 45.0% for the CTB CEO, and 5.00% and 30.0% for all other members of

the Executive Committee, respectively. No amounts may be paid under the

performance units unless CTBI attains a minimum acceptable performance, and no

additional amounts may be paid above the maximum performance level.

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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, 2021)

10.9        Employee Incentive Compensation Plan (for the year ending December 31,
            2021)

10.21       Community Trust Bancorp, Inc. 2021 Executive Committee Long-Term
            Incentive Compensation Plan

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