# EDGAR Filing Document

**Accession Number:** 0000921557
**File Stem:** 0001558370-23-000401
**Filing Date:** 2023-1
**Character Count:** 8147
**Document Hash:** e488b8b4d6b16a884c1f4fe97b7b767a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-23-000401.hdr.sgml**: 20230120

**ACCESSION NUMBER**: 0001558370-23-000401

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20230117

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**FILED AS OF DATE**: 20230120

**DATE AS OF CHANGE**: 20230120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REPUBLIC BANCORP INC /KY/
- **CENTRAL INDEX KEY:** 0000921557
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 610862051
- **STATE OF INCORPORATION:** KY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-24649
- **FILM NUMBER:** 23541670

**BUSINESS ADDRESS:**
- **STREET 1:** REPUBLIC CORPORATE CENTER
- **STREET 2:** 601 WEST MARKET ST
- **CITY:** LOUISVILLE
- **STATE:** KY
- **ZIP:** 40202
- **BUSINESS PHONE:** 5025843600

**MAIL ADDRESS:**
- **STREET 1:** 601 W MARKET ST
- **CITY:** LOUISVILLE
- **STATE:** KY
- **ZIP:** 40202

?xml version='1.0' encoding='UTF-8'? RBCAA Reports an __% Increase In Core earning and announces a stock repurchase program

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): January 17, 2023

**REPUBLIC BANCORP, INC.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| Kentucky | 0-24649 | 61-0862051 |
| (State or other jurisdiction | (Commission File Number) | (I.R.S. Employer Identification No.) |
| of incorporation) |  |  |

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601 West Market Street, Louisville, Kentucky 40202 <br> (Address of principal executive offices) (zip code)

Registrant's telephone number, including area code: (502) 584-3600

NOT APPLICABLE

(Former Name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Class A Common  | RBCAA | The Nasdaq Stock Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

***Grants of Long-Term Incentive Equity Awards***

On January 17, 2023, the Compensation Committee (the "Committee") of Republic Bancorp, Inc. (the "Company" or "Republic") awarded shares of restricted stock (the "Restricted Shares"), performance share units ("PSUs"), and nonqualified stock options ("NQSOs") (collectively the "Equity Awards") to certain executive officers, including Logan Pichel, Chief Executive Officer and President of Republic Bank & Trust Company (the "Bank"); Kevin Sipes, Executive Vice President and Chief Financial Officer; and William (Bill) Nelson, President of the Republic Processing Group.

Mr. Pichel was granted the following:

● 4,757 Restricted Shares, vesting December 31, 2025;

● 4,757 PSUs; and

● 21,505 NQSOs, that are exercisable between December 31, 2025 and December 31, 2026.

Mr. Sipes and Mr. Nelson were each granted the following:

● 1,189 PSUs; and

● 5,376 NQSOs, that are exercisable between December 31, 2025 and December 31, 2026.

The awarded PSUs will be settled in early 2024 by issuance of Restricted Shares (shares generally subject to forfeiture if employment ends before December 31, 2025) based on the Company's achievement of certain return on average assets ("ROAA") percentages and efficiency ratios. In addition, in order to receive a payout for either the ROAA percentages or efficiency ratios, the Company must maintain its ranking as calculated as of September 30, 2022 for that particular category among a group of selected peers. All shares of stock issued under the PSUs or as Restricted Stock must be held by the officer for a period of two years after the vesting date.

This summary of the Equity Awards is qualified in its entirety by reference to the text of the Equity Award agreements, the forms of which were filed as Exhibits to the Company's Current Report on Form 8-K dated January 27, 2021 and are incorporated herein by reference.

***Approval of Discretionary 2022 Bonuses***

On January 17, 2023, the Committee approved discretionary bonus payouts related to the 2022 calendar year for certain Named Executive Officers including Juan Montano, Executive Vice President & Chief Mortgage Banking Officer, as well as Messrs. Trager, Pichel, and Sipes.

As previously described in the Company's discussion and analysis of compensation in its annual proxy solicitation materials, Messrs. Trager, Pichel, and Sipes participate in the Company's Bonus Incentive Compensation Program. The Bonus Incentive Compensation Program's incentive compensation goals are tied to the overall performance of the total company ("Total Company") as measured through the Total Company's gross operating profit ("Total Company GOP"). The discretionary bonuses set forth in the table below are in addition to bonus incentive compensation awards payable under the Bonus Incentive Compensation Program as described in the proxy solicitation materials. Additionally, these discretionary bonuses are in-line with the discretionary bonuses approved for, in general, all other Company associates whose goals were tied to the Total Company GOP for 2022.

Also as previously described in the Company's discussion and analysis of compensation in its annual proxy solicitation materials, Mr. Montano's bonus incentive compensation goals are tied to the overall performance of the Warehouse Lending division and Company-wide mortgage origination volume. The discretionary bonus set forth in the table below for Mr. Montano is in addition to the bonus incentive compensation award payable related to the Warehouse Lending division and mortgage origination results as described in the proxy solicitation materials.

The discretionary bonus amounts for 2022 for these officers were as follows:

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| | | |
|:---|:---|:---|
|  |  | <br>Payout<br>|
| <br>Executive Officer | <br>Position | <br>Discretionary<br> Payout |
| Steve Trager | Executive Chair & CEO | $40000 |
| Logan Pichel | CEO of the Bank | $50000 |
| Kevin Sipes | Executive Vice President & CFO | $17500 |
| Juan Montano | Executive Vice President & CMBO | $50000 |

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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.

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| | | |
|:---|:---|:---|
|  |  | Republic Bancorp, Inc. |
|  |  | (Registrant) |
| Date: January 20, 2023 | By: | /s/ Kevin Sipes |
|  |  | Executive Vice President, Chief Financial Officer & Chief Accounting Officer |

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