# EDGAR Filing Document

**Accession Number:** 0000834285
**File Stem:** 0001193125-23-004119
**Filing Date:** 2023-1
**Character Count:** 44441
**Document Hash:** e948bac5f57483b2eabb0bc558b0d8c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-004119.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001193125-23-004119

**CONFORMED SUBMISSION TYPE**: SC 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**GROUP MEMBERS**: AVERY CONNER CAPITAL TRUST

**GROUP MEMBERS**: GEOFFREY B. HUDSON, IN HIS CAPACITY AS A TRUSTEE

**GROUP MEMBERS**: GREGORY B. BRACA

**GROUP MEMBERS**: PHILIP A. NORCROSS

**GROUP MEMBERS**: ROSE M. GUIDA, IN HER CAPACITY AS A TRUSTEE

**GROUP MEMBERS**: SUSAN D. HUDSON, IN HER CAPACITY AS A TRUSTEE

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REPUBLIC FIRST BANCORP INC
- **CENTRAL INDEX KEY:** 0000834285
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 232486815
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-39824
- **FILM NUMBER:** 23516524

**BUSINESS ADDRESS:**
- **STREET 1:** TWO LIBERTY PLACE
- **STREET 2:** 50 S. 16TH STREET SUITE 2400
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19102
- **BUSINESS PHONE:** 215-735-4422

**MAIL ADDRESS:**
- **STREET 1:** TWO LIBERTY PLACE
- **STREET 2:** 50 S. 16TH STREET SUITE 2400
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST REPUBLIC BANCORP INC /DE/
- **DATE OF NAME CHANGE:** 19960617

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EXECUFIRST BANCORP INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST EXECUTIVE BANCORP INC
- **DATE OF NAME CHANGE:** 19881113
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORCROSS GEORGE E III
- **CENTRAL INDEX KEY:** 0001116528

**FILING VALUES:**
- **FORM TYPE:** SC 13D/A

**MAIL ADDRESS:**
- **STREET 1:** 1087 SPRINGDALE RD
- **CITY:** CHERRY HILL
- **STATE:** NJ
- **ZIP:** 08003

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**Schedule 13D/A** 

**(Rule 13d-101)** 

**Information to be Included in Statements Filed Pursuant to § 240.13d-1(a) and Amendments Thereto Filed Pursuant to § 240.13d-2(a)** 

**Under the Securities Exchange Act of 1934** 

**(Amendment No. 28)\*** 

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## Republic First Bancorp, Inc.
**(Name of Issuer)** 

**Common Stock, par value $0.01 per share** 

**(Title of Class of Securities)** 

**760416107** 

**(CUSIP Number)** 

**George E. Norcross, III** 

**218 Royal Palm Way, Suite 300** 

**Palm Beach, Florida 33480** 

**(561) 500-4600** 

***With a Copy to:***

***H. Rodgin Cohen***

***Mitchell S. Eitel***

***Sullivan & Cromwell LLP***

***125 Broad Street***

***New York, NY 10004***

***212-558-4000***

**(Name, address and telephone number of person authorized to receive notices and communications)** 

**January 7, 2023** 

**(Date of Event which Requires Filing of this Statement)** 

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If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ☐.

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**Note:** Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. *See* § 240.13d-7 for other parties to whom copies are to be sent.

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\* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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| | | |
|:---|:---|:---|
| **CUSIP No. 760416107** | **SCHEDULE 13D** | **Page 2 of 10** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **1** | Names of Reporting Persons<br>**George E. Norcross, III** | Names of Reporting Persons<br>**George E. Norcross, III** | Names of Reporting Persons<br>**George E. Norcross, III** |
| &nbsp;&nbsp;&nbsp; **2** | Check the Appropriate Box If a Member of a Group (See Instructions)<br> a. ☒ b. ☐ | Check the Appropriate Box If a Member of a Group (See Instructions)<br> a. ☒ b. ☐ | Check the Appropriate Box If a Member of a Group (See Instructions)<br> a. ☒ b. ☐ |
| &nbsp;&nbsp;&nbsp; **3** | SEC Use Only | SEC Use Only | SEC Use Only |
| &nbsp;&nbsp;&nbsp; **4** | Source of Funds (See Instructions)<br>**PF** | Source of Funds (See Instructions)<br>**PF** | Source of Funds (See Instructions)<br>**PF** |
| &nbsp;&nbsp;&nbsp; **5** | Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)<br>☐ | Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)<br>☐ | Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)<br>☐ |
| &nbsp;&nbsp;&nbsp; **6** | Citizenship or Place of Organization<br>**United States of America** | Citizenship or Place of Organization<br>**United States of America** | Citizenship or Place of Organization<br>**United States of America** |
| &nbsp;&nbsp;&nbsp; Number of <br> Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of <br> Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **7** | Sole Voting Power<br>**674,572** |
| &nbsp;&nbsp;&nbsp; Number of <br> Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of <br> Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **8** | Shared Voting Power<br>**0** |
| &nbsp;&nbsp;&nbsp; Number of <br> Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of <br> Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **9** | Sole Dispositive Power<br>**674,572** |
| &nbsp;&nbsp;&nbsp; Number of <br> Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of <br> Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **10** | Shared Dispositive Power<br>**0** |
| &nbsp;&nbsp;&nbsp;**11** | Aggregate Amount Beneficially Owned by Each Reporting Person<br>**674,572(1)** | Aggregate Amount Beneficially Owned by Each Reporting Person<br>**674,572(1)** | Aggregate Amount Beneficially Owned by Each Reporting Person<br>**674,572(1)** |
| &nbsp;&nbsp;&nbsp;**12** | Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br>☐ | Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br>☐ | Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br>☐ |
| &nbsp;&nbsp;&nbsp;**13** | Percent of Class Represented By Amount in Row (11)<br>**1.1%(2)** | Percent of Class Represented By Amount in Row (11)<br>**1.1%(2)** | Percent of Class Represented By Amount in Row (11)<br>**1.1%(2)** |
| &nbsp;&nbsp;&nbsp;**14** | Type of Reporting Person (See Instructions) | Type of Reporting Person (See Instructions) | Type of Reporting Person (See Instructions) |
|  | **IN** |  |  |

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(1) The Reporting Person is reporting on this Schedule 13D as a member of a "group" with the other
Reporting Persons. The group beneficially owns 6,311,618 shares of Common Stock owned by all of the Reporting Persons in the aggregate, representing approximately 9.9% of the outstanding shares of Common Stock. See Item 5.

(2) For purposes of calculating beneficial ownership percentages in this statement on Schedule 13D, the total
number of shares of Common Stock outstanding as of November 29, 2022 is 63,788,564, as reported by the Issuer in its Preliminary Proxy Statement, filed with the SEC on December 8, 2022.

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| | | |
|:---|:---|:---|
| **CUSIP No. 760416107** | **SCHEDULE 13D** | **Page 3 of 10** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **1** | Names of Reporting Persons<br>**Avery Conner Capital Trust** | Names of Reporting Persons<br>**Avery Conner Capital Trust** | Names of Reporting Persons<br>**Avery Conner Capital Trust** |
| &nbsp;&nbsp;&nbsp; **2** | Check the Appropriate Box If a Member of a Group (See Instructions)<br> a. ☒ b. ☐ | Check the Appropriate Box If a Member of a Group (See Instructions)<br> a. ☒ b. ☐ | Check the Appropriate Box If a Member of a Group (See Instructions)<br> a. ☒ b. ☐ |
| &nbsp;&nbsp;&nbsp; **3** | SEC Use Only | SEC Use Only | SEC Use Only |
| &nbsp;&nbsp;&nbsp; **4** | Source of Funds (See Instructions)<br>**AF, WC** | Source of Funds (See Instructions)<br>**AF, WC** | Source of Funds (See Instructions)<br>**AF, WC** |
| &nbsp;&nbsp;&nbsp; **5** | Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)<br>☐ | Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)<br>☐ | Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)<br>☐ |
| &nbsp;&nbsp;&nbsp; **6** | Citizenship or Place of Organization<br>**Florida** | Citizenship or Place of Organization<br>**Florida** | Citizenship or Place of Organization<br>**Florida** |
| &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **7** | Sole Voting Power<br>**0** |
| &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **8** | Shared Voting Power<br>**4,724,662(3)** |
| &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **9** | Sole Dispositive Power<br>**0** |
| &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **10** | Shared Dispositive Power<br>**4,724,662(3)** |
| &nbsp;&nbsp;&nbsp;**11** | Aggregate Amount Beneficially Owned by Each Reporting Person<br>**4,724,662(1)** | Aggregate Amount Beneficially Owned by Each Reporting Person<br>**4,724,662(1)** | Aggregate Amount Beneficially Owned by Each Reporting Person<br>**4,724,662(1)** |
| &nbsp;&nbsp;&nbsp;**12** | Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br>☐ | Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br>☐ | Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br>☐ |
| &nbsp;&nbsp;&nbsp;**13** | Percent of Class Represented By Amount in Row (11)<br>**7.4%(2)** | Percent of Class Represented By Amount in Row (11)<br>**7.4%(2)** | Percent of Class Represented By Amount in Row (11)<br>**7.4%(2)** |
| &nbsp;&nbsp;&nbsp;**14** | Type of Reporting Person (See Instructions) | Type of Reporting Person (See Instructions) | Type of Reporting Person (See Instructions) |
|  | **OO** |  |  |

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(3) 4,724,662 shares of Common Stock held by the Avery Conner Capital Trust, of which Philip A. Norcross, Susan D.
Hudson, Geoffrey B. Hudson and Rose M. Guida serve as Trustees and may be deemed to have shared beneficial ownership as Trustees.

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| | | |
|:---|:---|:---|
| **CUSIP No. 760416107** | **SCHEDULE 13D** | **Page 4 of 10** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **1** | Names of Reporting Persons<br>**Philip A. Norcross** | Names of Reporting Persons<br>**Philip A. Norcross** | Names of Reporting Persons<br>**Philip A. Norcross** |
| &nbsp;&nbsp;&nbsp; **2** | Check the Appropriate Box If a Member of a Group (See Instructions)<br> a. ☒ b. ☐ | Check the Appropriate Box If a Member of a Group (See Instructions)<br> a. ☒ b. ☐ | Check the Appropriate Box If a Member of a Group (See Instructions)<br> a. ☒ b. ☐ |
| &nbsp;&nbsp;&nbsp; **3** | SEC Use Only | SEC Use Only | SEC Use Only |
| &nbsp;&nbsp;&nbsp; **4** | Source of Funds (See Instructions)<br>**PF, OO See Item 3** | Source of Funds (See Instructions)<br>**PF, OO See Item 3** | Source of Funds (See Instructions)<br>**PF, OO See Item 3** |
| &nbsp;&nbsp;&nbsp; **5** | Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)<br>☐ | Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)<br>☐ | Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)<br>☐ |
| &nbsp;&nbsp;&nbsp; **6** | Citizenship or Place of Organization<br>**United States of America** | Citizenship or Place of Organization<br>**United States of America** | Citizenship or Place of Organization<br>**United States of America** |
| &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **7** | Sole Voting Power<br>**450,000** |
| &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **8** | Shared Voting Power<br>**4,724,662(3)** |
| &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **9** | Sole Dispositive Power<br>**450,000** |
| &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **10** | Shared Dispositive Power<br>**4,724,662(3)** |
| &nbsp;&nbsp;&nbsp;**11** | Aggregate Amount Beneficially Owned by Each Reporting Person<br>**5,174,662(1), (3)** | Aggregate Amount Beneficially Owned by Each Reporting Person<br>**5,174,662(1), (3)** | Aggregate Amount Beneficially Owned by Each Reporting Person<br>**5,174,662(1), (3)** |
| &nbsp;&nbsp;&nbsp;**12** | Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br>☐ | Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br>☐ | Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br>☐ |
| &nbsp;&nbsp;&nbsp;**13** | Percent of Class Represented By Amount in Row (11)<br>**8.1%(2)** | Percent of Class Represented By Amount in Row (11)<br>**8.1%(2)** | Percent of Class Represented By Amount in Row (11)<br>**8.1%(2)** |
| &nbsp;&nbsp;&nbsp;**14** | Type of Reporting Person (See Instructions) | Type of Reporting Person (See Instructions) | Type of Reporting Person (See Instructions) |
|  | **IN** |  |  |

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| | | |
|:---|:---|:---|
| **CUSIP No. 760416107** | **SCHEDULE 13D** | **Page 5 of 10** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **1** | Names of Reporting Persons<br>**Susan D. Hudson, in her capacity as a Trustee** | Names of Reporting Persons<br>**Susan D. Hudson, in her capacity as a Trustee** | Names of Reporting Persons<br>**Susan D. Hudson, in her capacity as a Trustee** |
| &nbsp;&nbsp;&nbsp; **2** | Check the Appropriate Box If a Member of a Group (See Instructions)<br> a. ☒ b. ☐ | Check the Appropriate Box If a Member of a Group (See Instructions)<br> a. ☒ b. ☐ | Check the Appropriate Box If a Member of a Group (See Instructions)<br> a. ☒ b. ☐ |
| &nbsp;&nbsp;&nbsp; **3** | SEC Use Only | SEC Use Only | SEC Use Only |
| &nbsp;&nbsp;&nbsp; **4** | Source of Funds (See Instructions)<br>**OO See Item 3** | Source of Funds (See Instructions)<br>**OO See Item 3** | Source of Funds (See Instructions)<br>**OO See Item 3** |
| &nbsp;&nbsp;&nbsp; **5** | Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)<br>☐ | Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)<br>☐ | Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)<br>☐ |
| &nbsp;&nbsp;&nbsp; **6** | Citizenship or Place of Organization<br>**United States of America** | Citizenship or Place of Organization<br>**United States of America** | Citizenship or Place of Organization<br>**United States of America** |
| &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **7** | Sole Voting Power<br>**0** |
| &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **8** | Shared Voting Power<br>**4,724,662(3)** |
| &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **9** | Sole Dispositive Power<br>**0** |
| &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **10** | Shared Dispositive Power<br>**4,724,662(3)** |
| &nbsp;&nbsp;&nbsp;**11** | Aggregate Amount Beneficially Owned by Each Reporting Person<br>**4,724,662(1), (3)** | Aggregate Amount Beneficially Owned by Each Reporting Person<br>**4,724,662(1), (3)** | Aggregate Amount Beneficially Owned by Each Reporting Person<br>**4,724,662(1), (3)** |
| &nbsp;&nbsp;&nbsp;**12** | Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br>☐ | Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br>☐ | Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br>☐ |
| &nbsp;&nbsp;&nbsp;**13** | Percent of Class Represented By Amount in Row (11)<br>**7.4%(2)** | Percent of Class Represented By Amount in Row (11)<br>**7.4%(2)** | Percent of Class Represented By Amount in Row (11)<br>**7.4%(2)** |
| &nbsp;&nbsp;&nbsp;**14** | Type of Reporting Person (See Instructions) | Type of Reporting Person (See Instructions) | Type of Reporting Person (See Instructions) |
|  | **IN** |  |  |

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|:---|:---|:---|
| **CUSIP No. 760416107** | **SCHEDULE 13D** | **Page 6 of 10** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **1** | Names of Reporting Persons<br>**Geoffrey B. Hudson, in his capacity as a Trustee** | Names of Reporting Persons<br>**Geoffrey B. Hudson, in his capacity as a Trustee** | Names of Reporting Persons<br>**Geoffrey B. Hudson, in his capacity as a Trustee** |
| &nbsp;&nbsp;&nbsp; **2** | Check the Appropriate Box If a Member of a Group (See Instructions)<br> a. ☒ b. ☐ | Check the Appropriate Box If a Member of a Group (See Instructions)<br> a. ☒ b. ☐ | Check the Appropriate Box If a Member of a Group (See Instructions)<br> a. ☒ b. ☐ |
| &nbsp;&nbsp;&nbsp; **3** | SEC Use Only | SEC Use Only | SEC Use Only |
| &nbsp;&nbsp;&nbsp; **4** | Source of Funds (See Instructions)<br>**OO See Item 3** | Source of Funds (See Instructions)<br>**OO See Item 3** | Source of Funds (See Instructions)<br>**OO See Item 3** |
| &nbsp;&nbsp;&nbsp; **7** | Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)<br>☐ | Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)<br>☐ | Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)<br>☐ |
| &nbsp;&nbsp;&nbsp; **6** | Citizenship or Place of Organization<br>**United States of America** | Citizenship or Place of Organization<br>**United States of America** | Citizenship or Place of Organization<br>**United States of America** |
| &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **7** | Sole Voting Power<br>**0** |
| &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **8** | Shared Voting Power<br>**4,724,662(3)** |
| &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **9** | Sole Dispositive Power<br>**0** |
| &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **10** | Shared Dispositive Power<br>**4,724,662(3)** |
| &nbsp;&nbsp;&nbsp;**11** | Aggregate Amount Beneficially Owned by Each Reporting Person<br>**4,724,662(1), (3)** | Aggregate Amount Beneficially Owned by Each Reporting Person<br>**4,724,662(1), (3)** | Aggregate Amount Beneficially Owned by Each Reporting Person<br>**4,724,662(1), (3)** |
| &nbsp;&nbsp;&nbsp;**12** | Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br>☐ | Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br>☐ | Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br>☐ |
| &nbsp;&nbsp;&nbsp;**13** | Percent of Class Represented By Amount in Row (11)<br>**7.4%(2)** | Percent of Class Represented By Amount in Row (11)<br>**7.4%(2)** | Percent of Class Represented By Amount in Row (11)<br>**7.4%(2)** |
| &nbsp;&nbsp;&nbsp;**14** | Type of Reporting Person (See Instructions) | Type of Reporting Person (See Instructions) | Type of Reporting Person (See Instructions) |
|  | **IN** |  |  |

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|:---|:---|:---|
| **CUSIP No. 760416107** | **SCHEDULE 13D** | **Page 7 of 10** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **1** | Names of Reporting Persons<br>**Rose M. Guida, in her capacity as a Trustee** | Names of Reporting Persons<br>**Rose M. Guida, in her capacity as a Trustee** | Names of Reporting Persons<br>**Rose M. Guida, in her capacity as a Trustee** |
| &nbsp;&nbsp;&nbsp; **2** | Check the Appropriate Box If a Member of a Group (See Instructions)<br> a. ☒ b. ☐ | Check the Appropriate Box If a Member of a Group (See Instructions)<br> a. ☒ b. ☐ | Check the Appropriate Box If a Member of a Group (See Instructions)<br> a. ☒ b. ☐ |
| &nbsp;&nbsp;&nbsp; **3** | SEC Use Only | SEC Use Only | SEC Use Only |
| &nbsp;&nbsp;&nbsp; **4** | Source of Funds (See Instructions)<br>**OO See Item 3** | Source of Funds (See Instructions)<br>**OO See Item 3** | Source of Funds (See Instructions)<br>**OO See Item 3** |
| &nbsp;&nbsp;&nbsp; **8** | Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)<br>☐ | Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)<br>☐ | Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)<br>☐ |
| &nbsp;&nbsp;&nbsp; **6** | Citizenship or Place of Organization<br>**United States of America** | Citizenship or Place of Organization<br>**United States of America** | Citizenship or Place of Organization<br>**United States of America** |
| &nbsp;&nbsp;&nbsp; Number of Shares<br> Beneficially<br> Owned By<br> Each<br> Reporting<br> Person<br> With | &nbsp;&nbsp;&nbsp; Number of Shares<br> Beneficially<br> Owned By<br> Each<br> Reporting<br> Person<br> With | **7** | Sole Voting Power<br>**0** |
| &nbsp;&nbsp;&nbsp; Number of Shares<br> Beneficially<br> Owned By<br> Each<br> Reporting<br> Person<br> With | &nbsp;&nbsp;&nbsp; Number of Shares<br> Beneficially<br> Owned By<br> Each<br> Reporting<br> Person<br> With | **8** | Shared Voting Power<br>**4,724,662(3)** |
| &nbsp;&nbsp;&nbsp; Number of Shares<br> Beneficially<br> Owned By<br> Each<br> Reporting<br> Person<br> With | &nbsp;&nbsp;&nbsp; Number of Shares<br> Beneficially<br> Owned By<br> Each<br> Reporting<br> Person<br> With | **9** | Sole Dispositive Power<br>**0** |
| &nbsp;&nbsp;&nbsp; Number of Shares<br> Beneficially<br> Owned By<br> Each<br> Reporting<br> Person<br> With | &nbsp;&nbsp;&nbsp; Number of Shares<br> Beneficially<br> Owned By<br> Each<br> Reporting<br> Person<br> With | **10** | Shared Dispositive Power<br>**4,724,662(3)** |
| &nbsp;&nbsp;&nbsp;**11** | Aggregate Amount Beneficially Owned by Each Reporting Person<br>**4,724,662(1), (3)** | Aggregate Amount Beneficially Owned by Each Reporting Person<br>**4,724,662(1), (3)** | Aggregate Amount Beneficially Owned by Each Reporting Person<br>**4,724,662(1), (3)** |
| &nbsp;&nbsp;&nbsp;**12** | Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br>☐ | Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br>☐ | Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br>☐ |
| &nbsp;&nbsp;&nbsp;**13** | Percent of Class Represented By Amount in Row (11)<br>**7.4%(2)** | Percent of Class Represented By Amount in Row (11)<br>**7.4%(2)** | Percent of Class Represented By Amount in Row (11)<br>**7.4%(2)** |
| &nbsp;&nbsp;&nbsp;**14** | Type of Reporting Person (See Instructions) | Type of Reporting Person (See Instructions) | Type of Reporting Person (See Instructions) |
|  | **IN** |  |  |

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|:---|:---|:---|
| **CUSIP No. 760416107** | **SCHEDULE 13D** | **Page 8 of 10** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **1** | Names of Reporting Persons<br>**Gregory B. Braca** | Names of Reporting Persons<br>**Gregory B. Braca** | Names of Reporting Persons<br>**Gregory B. Braca** |
| &nbsp;&nbsp;&nbsp; **2** | Check the Appropriate Box If a Member of a Group (See Instructions)<br> a. ☒ b. ☐ | Check the Appropriate Box If a Member of a Group (See Instructions)<br> a. ☒ b. ☐ | Check the Appropriate Box If a Member of a Group (See Instructions)<br> a. ☒ b. ☐ |
| &nbsp;&nbsp;&nbsp; **3** | SEC Use Only | SEC Use Only | SEC Use Only |
| &nbsp;&nbsp;&nbsp; **4** | Source of Funds (See Instructions)<br>**PF** | Source of Funds (See Instructions)<br>**PF** | Source of Funds (See Instructions)<br>**PF** |
| &nbsp;&nbsp;&nbsp; **5** | Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)<br>☐ | Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)<br>☐ | Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)<br>☐ |
| &nbsp;&nbsp;&nbsp; **6** | Citizenship or Place of Organization<br>**United States of America** | Citizenship or Place of Organization<br>**United States of America** | Citizenship or Place of Organization<br>**United States of America** |
| &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **7** | Sole Voting Power<br>**462,384** |
| &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **8** | Shared Voting Power<br>**0** |
| &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **9** | Sole Dispositive Power<br>**462,384** |
| &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | &nbsp;&nbsp;&nbsp; Number of Shares <br> Beneficially <br> Owned By <br> Each <br> Reporting <br> Person <br> With  | **10** | Shared Dispositive Power<br>**0** |
| &nbsp;&nbsp;&nbsp;**11** | Aggregate Amount Beneficially Owned by Each Reporting Person<br>**462,384(1)** | Aggregate Amount Beneficially Owned by Each Reporting Person<br>**462,384(1)** | Aggregate Amount Beneficially Owned by Each Reporting Person<br>**462,384(1)** |
| &nbsp;&nbsp;&nbsp;**12** | Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br>☐ | Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br>☐ | Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br>☐ |
| &nbsp;&nbsp;&nbsp;**13** | Percent of Class Represented By Amount in Row (11)<br>**0.7%(2)** | Percent of Class Represented By Amount in Row (11)<br>**0.7%(2)** | Percent of Class Represented By Amount in Row (11)<br>**0.7%(2)** |
| &nbsp;&nbsp;&nbsp;**14** | Type of Reporting Person (See Instructions) | Type of Reporting Person (See Instructions) | Type of Reporting Person (See Instructions) |
|  | **IN** |  |  |

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|:---|:---|:---|
| **CUSIP No. 760416107** | **SCHEDULE 13D** | **Page 9 of 10** |

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This Amendment No. 28 ("Amendment No. 28") amends the statement on Schedule 13D filed with the Securities and Exchange Commission (the "SEC") on January 31, 2022, as amended prior to the date of this Amendment No. 28 (the "Original Schedule 13D") as specifically set forth herein (as so amended, the "Schedule 13D"). Except as provided herein, each Item of the Original Schedule 13D remains unchanged.

**Item 4.** **Purpose of the Transaction.** <br>

Item 4 of the Original Schedule 13D is hereby amended to delete the last paragraph thereof and add the following:

On January 7, 2023, Raymond James & Associates, Inc. submitted a further updated non-binding proposal to the Issuer's financial advisors, Keefe, Bruyette & Woods, Inc., on behalf of the Reporting Persons, which modified certain terms of the Further Updated Term Sheet (the "January 7 Term Sheet"). The January 7 Term Sheet sets forth certain key terms of the Reporting Persons' proposal to make a direct investment of $100,000,000 through the purchase of newly-issued common shares of the Issuer to be issued after receipt of all required approvals.

The foregoing summary of the January 7 Term Sheet does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the January 7 Term Sheet, which is filed herewith as Exhibit 7(k), and is incorporated herein by reference in its entirety.

The January 7 Term Sheet is only a proposal, and the Reporting Persons give no assurance that any transaction will be entered into, or as to the timing of such transaction or steps towards a transaction. The Reporting Persons cannot predict any actions the Issuer, its Board or the Strategic Review Committee may take, including in response to the January 7 Term Sheet, or any meetings, letters or any other proposal, and there can be no assurances as to how any such proposals may be supplemented or revised and what further actions will be taken by the Issuer or the Reporting Persons. Each Reporting Person reserves the right to take actions, including those that relate to or could result in any of the matters set forth in clauses (a) through (j) of Item 4 of Schedule 13D, other than as described in this Item 4.

**Item 7.** **Material to be Filed as Exhibits.** <br>

Item 7 of the Original Schedule 13D is hereby amended to add the following exhibit.

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|:---|:---|
| **Exhibit<br>Number** | **Description** |
| **7(k)** | January 7 Term Sheet |

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| **CUSIP No. 760416107** | **SCHEDULE 13D** | **Page 10 of 10** |

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**SIGNATURES** 

After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

Date: January 9, 2023

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| | |
|:---|:---|
| **George E. Norcross, III** | **George E. Norcross, III** |
| By: | /s/ George E. Norcross, III |
| **Avery Conner Capital Trust** | **Avery Conner Capital Trust** |
| By: | /s/ Philip A. Norcross |
| Name: | Philip A. Norcross |
| Title: | Trustee |
| **Philip A. Norcross** | **Philip A. Norcross** |
| By: | /s/ Philip A. Norcross |
| **Susan D. Hudson** | **Susan D. Hudson** |
| By: | /s/ Susan D. Hudson |
| **Geoffrey B. Hudson** | **Geoffrey B. Hudson** |
| By: | /s/ Geoffrey B. Hudson |
| **Rose M. Guida** | **Rose M. Guida** |
| By: | /s/ Rose M. Guida |
| **Gregory B. Braca** | **Gregory B. Braca** |
| By: | /s/ Gregory B. Braca |

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## Exhibit 99.7

**CONFIDENTIAL** 

**Exhibit 7(k)** 

**January 7, 2023** 

**Republic First Bancorp, Inc.** 

**Proposed Terms** 

Set forth below are certain non-binding key terms pursuant to which George E. Norcross, III, Gregory B. Braca and Philip A. Norcross (collectively, and together with their respective affiliates and potentially additional certain individual investors, the "Investors") propose to make a direct investment, through the purchase of newly issued common stock (the "Securities"), in Republic First Bancorp, Inc. ("Republic First" or the "Company") (the "Transaction").

This Term Sheet is intended for discussion purposes only and, other than with respect to the Right of Co-Investment, Expense Reimbursement and Governing Law provisions below (collectively, the "Binding Provisions"), neither this Term Sheet nor any past, present or future course of conduct relating to the Transaction will give rise to any legally binding obligation on the part of any party to these discussions or any affiliates of any party to these discussions unless and until such parties have executed and delivered to each other definitive, binding written agreements in respect of the Transaction. This Term Sheet does not create and is not intended to create a duty to negotiate in good faith towards a binding contract or, other than as set forth under the Binding Provisions, an obligation to be bound by any particular term, and may not otherwise be relied upon as the basis for a contract by estoppel or otherwise. This Term Sheet is subject to review with the Federal Reserve and the Pennsylvania Department of Banking and Securities. It is a condition of this Term Sheet that the representatives of the Company and the Investors meet to discuss the Proposed Terms of the Investment and other relevant matters no later than January 10, 2023.

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|:---|:---|
| **Direct Investment** | **Direct Investment** |
| Investment: | Upon receipt of (i) all required shareholder approvals, including as required under Chapter 25 Subchapter G of the Pennsylvania Business Corporation Law (the "Shareholder Approvals"), (ii) all corporate approvals necessary to issue the Securities, including any board approvals or waivers under the Company's organizational documents, and (iii) any bank regulatory approvals necessary to allow the Investors to own the Securities, the Investors will purchase from the Company newly issued Securities of Republic First for an aggregate purchase price of $100,000,000 pursuant to a transaction agreement between the Investors and the Company (the "Agreement"). As of the date of this Term Sheet, the purchase price for the Securities is expected to be $2.35 per share. The final price will be determined based on the in person meeting and the results of due diligence.<br>Although this Term Sheet reflects an all Common Stock transaction, we are open to discussing alternative structures at our meeting, including structures that would allow a portion of the investment to be funded as non-voting common stock after shareholder approval if regulatory approval has not been obtained at the time of shareholder approval. |
| Registration Rights: | The Investors will be granted customary registration rights for all shares owned by the Investors. |
| Voting Agreement; Efforts: | The Investors and current Company directors and officers shall enter into a voting agreement to vote all of their shares of Common Stock in favor of the Transaction. The Company |

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|:---|:---|
|  | will commit to use reasonable best efforts to obtain the Shareholder Approvals as promptly as possible after the signing of the Agreement (including calling a special meeting for the purpose of obtaining such approval and adjourning such meeting if necessary to obtain such approval). |
| **Additional Matters** | **Additional Matters** |
| Board Representation: | Upon the closing of the Transaction (the "Closing"), the Investors shall have the right to nominate two directors to the board of directors (the "Board") of both Republic First and Republic First Bank (the "Bank"). Additionally, the Company will appoint one new independent director to the Board who is not affiliated with either the Company or the Investors, which shall be subject to the Investors' prior written approval. At Closing, the Board would have no more than seven members. |
| Public Announcement: | There will be a mutually agreed upon public announcement within one (1) day of the execution of this Term Sheet. |
| Governance: | The Agreement will set forth agreed changes to the governing documents of the Company and the Board to reflect appropriate agreed governance arrangements. |
| Conditions to Closing: | The Shareholder Approvals shall have been obtained. Any required regulatory approvals shall have been obtained.<br> Customary rep and warranty bringdown / covenant compliance.<br>Confirmatory due diligence / representations & warranties / disclosure schedules: to be discussed.<br>The Company is current on all regulatory and SEC filings with unqualified opinions, is in full compliance with Nasdaq listing requirements, and there are no pending or threatened regulatory actions.<br>Confirmation that the Transaction does not result in a change in control or accelerate any benefits under any of the Company's compensation plans (or, if triggered, waiver of any acceleration). |
| Right of Co-Investment: | The Investors expect to expend significant funds and effort in connection with its negotiation and preparation of the Agreement and any and all documentation for the transaction contemplated thereby. As such, the Investors require a 60 day "co-investment period", which shall commence on the date the parties begin negotiations pursuant to this Term Sheet (the "Co-Invest Commencement Date"). The co-investment period shall end on the earliest of: (i) the execution of the Agreement; (ii) the written agreement of the Investors and the Company to terminate the co-investment period; and (iii) 60 days from the Co-Investment Commencement Date. |

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|:---|:---|
|  | During this co-investment period, the Company agrees not to directly or indirectly solicit, initiate or continue any discussion, other than those contemplated hereby, regarding the direct or indirect sale of all or any portion of the assets, deposits or equity interests of the Company (a "Conflicting Transaction") or any other discussions without providing Investors the ability to invest no less than $75 million on substantially similar terms. In furtherance of the foregoing, the Company agrees not to enter into any letter of intent, memorandum or other binding or non-binding agreement with or provide any information to, any person or entity regarding a Conflicting Transaction or any other transaction without providing such right of co-investment. |
| Co-Investors: | The Company may add additional co-investors if such investors invest no more than $25 million in the aggregate. The Investors will consider, in their discretion, any additional co-investors above the threshold in the prior sentence. |
| Expense Reimbursement: | In consideration of this Term Sheet and in order to induce the Investors to expend additional time and resources necessary to negotiate definitive documentation and effect the Transaction, the Company agrees that if the Company and the Investors or an affiliate thereof enter into the Agreement, the Company will reimburse the Investors for all reasonable and documented out-of-pocket fees, costs and expenses of the Investors incurred since October 31, 2021 through the consummation of the Transaction in connection with (i) its investment in the Company and engagement with the Board and management as shareholders, including communications with the Board, shareholders of the Company and governmental entities, proxy solicitation activities, filings with the SEC and litigation commenced by the Investors, (ii) its due diligence, (iii) the preparation and negotiation of this Term Sheet and any prior term sheets, the Agreement and any and all documentation for the transaction contemplated thereby, (iv) compensation expenses of Gregory B. Braca and (v) the enforcement of any of the Investors' rights and remedies under this Term Sheet (the "Expense Reimbursement") including, but not limited to, the fees and disbursements of counsel incurred by or on behalf of the Investors and its affiliates, and its and their affiliates' agents, advisors, attorneys and representatives (whether before, on, or after the date hereof), in each case, upon consummation of the Transaction. Such Expense Reimbursement shall not exceed $9 million. |
| Governing Law: | The Binding Provisions will be governed by and construed in accordance with the laws of the State of Pennsylvania, without giving effect to any choice-of-law principles. The Binding Provisions may only be amended by a written agreement executed by each of the parties hereto. Any legal proceeding or action arising out of or relating to this Term Sheet or the transaction contemplated hereby will be exclusively brought in the Court of Common Pleas of |

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Delaware County, Pennsylvania, the Court of Common Pleas of Montgomery County, Pennsylvania, or the United States District Court for the Eastern District of Pennsylvania, and the parties will submit to the exclusive jurisdiction of each such court in any such proceeding or action. EACH OF THE UNDERSIGNED HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY ARISING OUT OF OR RELATING TO THE BINDING PARAGRAPHS OR ANY ACTION ARISING OUT OF OR RELATING TO THIS TERM SHEET.

The Investors are prepared to work quickly in order to negotiate and execute the Agreement. By executing this Term Sheet, the Company acknowledges and agrees to be bound by the Binding Provisions.

[*Remainder of Page Left Intentionally Blank*]

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IN WITNESS WHEREOF, the parties hereto have executed this Term Sheet as of the date below.

Date: January 7, 2023

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|:---|
| /s/ George E. Norcross, III |
| George E. Norcross, III |

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|:---|
| /s/ Gregory B. Braca |
| Gregory B. Braca |

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|:---|
| /s/ Philip A. Norcross |
| Philip A. Norcross |

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**REPUBLIC FIRST BANCORP, INC.**

Date: January<u> </u>, 2023

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| By: |
| Title: |

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