UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Bonus Compensation Payout for William Nelson
On October 12, 2021, the Compensation Committee of Republic Bancorp, Inc. (the “Company” or “Republic”), the parent company of Republic Bank & Trust Company, approved a bonus payout for William (Bill) Nelson, President of the Republic Processing Group (“RPG”), of $375,000 that was comprised of both non-equity incentive plan compensation and a discretionary bonus as described below.
Non-Equity Incentive Plan Compensation. The Compensation Committee previously established the RPG financial performance goals for Mr. Nelson’s Bonus Incentive Compensation Program specific to the measurement period of October 1, 2020 through September 30, 2021 (the “Measurement Period”). On October 12, 2021, the Compensation Committee awarded Mr. Nelson a $315,000 bonus based on RPG’s actual financial performance during the Measurement Period.
Discretionary Bonus. In addition, as a result of Mr. Nelson’s extraordinary effort related to the previously disclosed agreement to sell Tax Refund Solutions to Green Dot Corporation, the Company’s Executive Chair & Chief Executive Officer recommended to the Compensation Committee, and the Compensation Committee concurred, to exercise its discretion and award Mr. Nelson an additional bonus of $60,000.
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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.
Republic Bancorp, Inc. | ||
(Registrant) | ||
Date: October 15, 2021 | By: | /s/ Kevin Sipes |
Executive Vice President, Chief Financial Officer & Chief Accounting Officer |
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