Republic Bancorp Inc 8-K, filed Oct 13, 2023
Republic Bancorp Inc (RBCAA)
About this 8-K
Republic Bancorp Inc filed this 8-K on October 13, 2023, reporting on events of October 10, 2023.
Items reported
- Item 5.02: Director or officer change, or executive pay
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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.
Approval of Discretionary 2023 Cash Bonus
On October 10, 2023, the Compensation Committee of the Board of Directors of Republic Bancorp, Inc. (the “Company”) approved a discretionary cash bonus payout of $180,000 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 Incentive Compensation Program goals for Mr. Nelson were tied to the overall performance of RPG as measured through RPG’s gross operating profit for the period from October 1, 2022 through September 30, 2023 (the “RPG Fiscal Year”). The discretionary cash bonus of $180,000 as set forth above for Mr. Nelson represents his entire bonus payout for the RPG Fiscal Year. Additionally, this discretionary bonus is in-line with the discretionary bonuses approved for, in general, all other RPG associates whose incentive compensation goals were tied to the RPG Fiscal Year.
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 13, 2023 | By: | /s/ Kevin Sipes |
| | Executive Vice President, Chief Financial Officer & Chief Accounting Officer |
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