Sec Form 4 Filing - DRAUGHN JAMES B @ COMMUNITY TRUST BANCORP INC /KY/ - 2012-02-22

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person DRAUGHN JAMES B 2. Issuer Name and Ticker or Trading Symbol COMMUNITY TRUST BANCORP INC /KY/ [ CTBI] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Executive Vice President (Last) (First) (Middle) C/O COMMUNITY TRUST BANCORP INC, PO BOX 2947 3. Date of Earliest Transaction (MM/DD/YY) 02/22/2012 (Street) PIKEVILLE, KY41502-2947 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 02/22/2012 M 1,406 A $ 20.983 7,979 D Common Stock 02/23/2012 S 806 D $ 31.37 7,173 D Common Stock 02/23/2012 S 118 D $ 31.35 7,055 D Common Stock 02/23/2012 S 100 D $ 31.31 6,955 D Common Stock 02/23/2012 S 300 D $ 31.15 6,655 D Common Stock 02/23/2012 S 18 D $ 31.34 6,637 D Common Stock 02/23/2012 S 64 D $ 31.23 6,573 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, war rants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Option ( 1 ) $ 20.983 ( 2 ) 02/22/2012 M 1,406 ( 2 ) 01/17/2007 01/17/2013 Common Stock 1,406 ( 2 ) $ 20.983 ( 2 ) 0 D Option ( 3 ) $ 27.109 ( 4 ) 01/27/2009 01/27/2014 Common Stock 2,750 ( 4 ) 2,750 D Option ( 1 ) $ 30.88 01/28/2006 01/28/2015 Common Stock 1,052 3,802 D Option ( 1 ) $ 30.88 01/28/2007 01/28/2015 Common Stock 1,052 4,854 D Option ( 1 ) $ 30.88 01/28/2008 01/28/2015 Common Stock 1,052 5,906 D Option ( 1 ) $ 30.88 01/28/2009 01/28/2015 Common Stock 1,052 6,958 D Option ( 3 ) $ 32.44 01/27/2011 01/27/2016 Common Stock 10,000 16,958 D Option ( 1 ) $ 32.44 01/27/2007 01/27/2016 Common Stock 1,040.25 17,998.25 D Option ( 1 ) $ 32.44 01/27/2008 01/27/2016 Common Stock 1,040.25 19,038.5 D Option ( 1 ) $ 32.44 01/27/2009 01/27/2016 Common Stock 1,040.25 20,078.75 D Option ( 1 ) $ 32.44 01/27/2010 01/27/2016 Common Stock 1,040.25 21,119 D Option ( 5 ) $ 38.95 01/23/2008 01/23/2017 Common Stock 1,203.5 22,322.5 D Option ( 5 ) $ 38.95 01/23/2009 01/23/2017 Common Stock 1,203.5 23,526 D Option ( 5 ) $ 38.95 01/23/2010 01/23/2017 Common Stock 1,203.5 24,729.5 D Option ( 5 ) $ 38.95 01/23/2011 01/23/2017 Common Stock 1,203.5 25,933 D Option ( 6 ) $ 28.32 01/29/2013 01/29/2018 Common Stock 3,750 29,683 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other DRAUGHN JAMES B C/O COMMUNITY TRUST BANCORP INC PO BOX 2947 PIKEVILLE, KY41502-2947 Executive Vice President Signatures James B. Draughn By: Marilyn T. Justice, Attorney-in-Fact 02/23/2012 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Right to buy pursuant to Incentive Stock Option Agreement (CTBI 1998 Stock Option Plan). ( 2 )Option previously reported as covering 1,161.75 shares @$25.39 per share, adjusted to reflect 10% stock dividends effective 12/15/03 and 12/15/04. ( 3 )Right to buy pursuant to Management Retention Incentive Stock Option Agreement (CTBI 1998 Stock Option Plan). ( 4 )Option previously reported as covering 2,500 shares @$29.82 per share, adjusted to reflect 10% stock dividend effective 12/15/04. ( 5 )Right to buy pursuant to Incentive Stock Option Agreement (CTBI 2006 Stock Option Plan). ( 6 )Right to buy pursuant to Non-Qualified Stock Option Agreement (CTBI 2006 Stock Ownership Incentive Plan).

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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