Republic Bancorp Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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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.
Approval of Discretionary 2024 Cash Bonus
On October 7, 2024, the Compensation Committee of the Board of Directors of Republic Bancorp, Inc. (the “Company”) approved a discretionary cash bonus payout of $225,000 for William (Bill) Nelson, President of the Republic Processing Group (“RPG”).
As previously described in the Company’s compensation discussion and analysis in its annual proxy solicitation materials, Mr. Nelson participates in the Company’s Bonus Incentive Compensation Program. The most recent bonus program goals for Mr. Nelson and for others in RPG (“RPG Bonus Program”) were tied to the overall performance of RPG as measured through RPG’s gross operating profit for the period from October 1, 2023 through September 30, 2024 (the “RPG Fiscal Year”) as further disclosed as Exhibit 10.1, attached hereto. Additionally, overall performance, achievement of 2023/2024 assigned goals, and any extraordinary efforts were considered in determining the amount of the payout under the RPG Bonus Program. The cash bonus of $225,000 as set forth above for Mr. Nelson represents his entire bonus payout for the RPG Fiscal Year.
Item 9.01.Financial Statements and Exhibits.
(d) | Exhibits. | |||
Exhibit No. | ||||
104 | Cover Page Interactive Data File (embedded within the inline XBRL document) | |||
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 8, 2024 | By: | /s/ Kevin Sipes |
Executive Vice President, Chief Financial Officer & Chief Accounting Officer |
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