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.
(e)
Termination of Cash Bonus Plan for Acquisitions
On February 21, 2023, the Compensation Committee (the “Compensation Committee”) of the Board of Directors of Republic Bancorp, Inc. (the “Company”), who administered the Company’s Cash Bonus Plan for Acquisitions (the “Bonus Plan”), voted to terminate the Bonus Plan effective immediately. Participants in the Bonus Plan could include the Company’s named executive officers.
The purpose of the Bonus Plan was to financially reward associates of the Company who materially participated in the negotiation, consummation, transition and long-term profitability of acquisitions, whether through asset purchase, stock purchase, merger or other corporate transaction. However, since the effectiveness of the Bonus Plan on November 7, 2012, few grants were made pursuant to the Bonus Plan; therefore, the Compensation Committee decided to terminate the Bonus Plan.
The foregoing description of the Bonus Plan is a summary only and is qualified in its entirety by reference to the complete text of the Bonus Plan, a copy of which is attached hereto as Exhibit 10.1 and incorporated into this Item 5.02 by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number |
| Description |
10.1 | ||
104 | Cover Page Interactive Data File (formatted as Inline XBRL). |
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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: February 24, 2023 | By: | /s/ Kevin Sipes |
Executive Vice President, Chief Financial Officer & Chief Accounting Officer |
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