ITEM 1.01 - ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On January 24, 2023, Community Trust Bancorp, Inc.'s Board of Directors approved the Employee Incentive Compensation Plan for the year ending December 31, 2023, 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 24, 2023, 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 (NEOs):  Mark A. Gooch (Vice Chairman,
  President, and Chief Executive Officer) - $655,500; Kevin J. Stumbo (Executive
  Vice President, Chief Financial Officer, and Treasurer) - $353,500; and James
  B. Draughn (Executive Vice President) - $343,000.  Jean R. Hale, former Chief
  Executive Officer, retired effective February 7, 2022.  At that time, Mark A.
  Gooch became Chief Executive Officer of Community Trust Bancorp, Inc.  Larry W.
  Jones, former Executive Vice President, retired effective December 30, 2022.

• Cash Incentive Compensation Awards for the Year(s) Ended December 31, 2022.


  CTBI's named executive officers were participants in CTBI's Senior Management
  Incentive Compensation Plan for the year ended December 31, 2022 ("2022
  Plan").  The Committee previously established the performance measures under
  the 2022 Plan and the required level of performance for the maximum tier
  payment was achieved by CTBI under the Plan.  Accordingly, the named executive
  officers received payments (paid in January 2023) as follows:


                                                            2022 Cash Payments
                                                            Awarded Under the
                                                            Senior Management
                                                          Incentive Compensation
                                                                 Plan ($)
Mark A. Gooch - Vice Chairman, President, and Chief              630,000
Executive Officer
Kevin J. Stumbo - Executive Vice President, Chief                204,000
Financial Officer, and Treasurer
James B. Draughn - Executive Vice President                      198,000
Larry W. Jones - Executive Vice President                        192,000

CTBI's named executive officers were also participants in CTBI's 2020 Executive Committee Long-Term Incentive Compensation Plan ("2020 Plan") for the three year period ending December 31, 2022. The Committee previously established the performance measures under the 2020 Plan and the required level of performance for the maximum tier payment was achieved by CTBI under the Plan. Accordingly, the named executive officers were entitled to the following cash incentive awards (paid in January 2023).



                                                           2022 Cash Incentive
                                                            Awarded Under the
                                                           Long-Term Incentive
                                                          Compensation Plan ($)
Mark A. Gooch - Vice Chairman, President, and Chief              213,750
Executive Officer
Kevin J. Stumbo - Executive Vice President, Chief                 94,500
Financial Officer, and Treasurer
James B. Draughn - Executive Vice President                       90,600
Larry W. Jones - Executive Vice President                         90,000

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


  executive officers (as shown in the chart below) as a result of achieving the
  required level of performance for the maximum tier payment under the 2022
  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)
Mark A. Gooch - Vice Chairman, President, and Chief               3,425
Executive Officer
Kevin J. Stumbo - Executive Vice President, Chief                 1,386
Financial Officer, and Treasurer
James B. Draughn - Executive Vice President                       1,345
Larry W. Jones - Executive Vice President                           0

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

2023. The Committee recommended and the Board of Directors approved the Senior

Management Incentive Compensation Plan for the year ending December 31, 2023

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 CEO

of Community Trust Bancorp, Inc. 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 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 - Other Executive Officers minimum award of 15% of

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

3.5% of salary and maximum award of 8.75% of salary; and (iv) 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 - Other

Executive Officers minimum award of 7.5% of salary and maximum award of 17.25%

of salary; (iii) Group II - minimum award of 5% of salary and maximum award of

11.5% of salary; and (iv) 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 Board of Directors previously adopted the CTBI 2020 Executive Committee Long-Term Incentive Compensation Plan (the "2020 Plan"), the CTBI 2021 Executive Committee Long-Term Incentive Compensation Plan (the "2021 Plan"), and the CTBI 2022 Executive Committee Long-Term Incentive Compensation Plan (the "2022 Plan"). The retirement of a participant triggers payment under all three plans.

In connection with Mr. Jones' retirement effective December 30, 2022, the Board of Directors approved payments to him under the 2021 Plan and the 2022 Plan. These payments in the amount of $188,700 were made on January 20, 2023. The Board also approved the accelerated vesting of Mr. Jones' outstanding 2,924 shares of restricted stock effective on the date of his retirement pursuant to Section 4.03 of the previously Board approved Senior Management Incentive Plans.

The Committee also recommended and the Board of Directors approved the Employee Incentive Compensation Plan for the year ending December 31, 2023 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 2023 Executive

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

Exhibit 10.24 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

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 2023 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 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.

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, 2023)

10.9          Employee Incentive Compensation Plan (for the year ending December
              31, 2023)

10.24         Community Trust Bancorp, Inc. 2023 Executive Committee Long-Term
              Incentive Compensation Plan

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