Document:

Exhibit 10.14

    Exhibit
      10.14 

    

    Memorandum

     

    
      	
              To:  

            	 	
              Dave
                Robertson

            

      	
              From:

            	 	
              Charlie
                Maddy

            

    

    
      	
              Date:

            	 	
              February
                10, 2006

            

    

    
      	
              Re:

            	 	
              2006
                Incentive Plan - SCB

            

    

    

    

    

    Here
      is the
      2006 Incentive Bonus Plan for Summit Community Bank.

    

    As
      you know,
      we have established a budget of approximately $*
      in net
      income and approximately $*
      in
      total
      assets for Summit Community Bank for year ended December 31, 2006. However,
      if
      we make at least $*
      and
      the
      average assets for December of 2006 are at least $*,
      management
      would be rewarded as follows:

    

      
        	
                Dave
                  Robertson

              	 	 	
                $*

              
	
                Discretionary

              	 	 	
                $*

              

      

     

    In
      addition,
      if the budgeted $*net
      income
      is exceeded, we will reserve *%
      of the
      amount over the $*
      to
      a pool,
      which would be divided among key managers. In order to qualify for this
      additional amount, net income for Summit Community Bank would have to be greater
      than $*
      after
      any
      and all bonuses (including the above “budget bonus”) were paid. The calculation
      would work as follows:

    

      
        	
                *

              	
                $*

              	 
	
                *

              	
                 *

              	 
	
                *

              	
                 *

              	 
	
                *

              	
                 *%

              	 
	
                *

              	
                $*

              	 
	
                *

              	
                 *

              	 
	
                *

              	
                $*

              	 
	
                *

              	
                $*

              	 

      

      
 

    

    The
      performance pool payment would be divided as follows:

     

    

      
        	
                Dave
                  Robertson 

              	
                 

              	 	 	
                *%

              	
                $*

              
	
                Discretionary

              	 	 	 	
                *%

              	
                $*

              
	
                Reserved

              	 	 	 	
                *%

              	
                $*

              

      

    

    The
      President of Summit Community Bank could award the discretionary amount to
      whatever SCB employee(s) he thought was deserving.

    

    To
      recap, in
      my example, if the bank were to make $*
      net
      in the
      year 2005 and December’s Total Average Assets are at least $*,
      Dave
      Robertson’s
      bonuses
      would be as follows:

    

      
        	
                Budget
                  bonus

              	 	
                $*

              
	
                Performance
                  bonus

              	 	
                 *

              
	
                Total
                  bonus

              	 	
                $*

              

      

    

     

    

    The
      total
      performance pool total bonus cannot exceed $*.
      Securities
      gains and losses initiated by Summit management will be excluded for bonus
      calculation purposes. The operating plan and budget may be revised if
      significant structural changes occur such as the purchase of a new branch,
      merger, etc. Summit management and board of directors will have sole discretion
      as to whether these changes have occurred in amounts sufficient to make such
      changes and will advise SCB management if these changes are made.

    

    Dave,
      as you
      are aware, you should receive quarterly “ROE bonus payments” this year. If these
      payments exceed the amount due to you under this plan, no payment will be
      awarded under this plan. So, in summary, you will receive the greater of the
      two
      amounts, but not both. Thanks for all your hard work and good luck.

     

    *
      Confidential, Business Proprietary
      InformationExhibit 4d

    
      

    

    Exhibit
      4(d)

    FIFTH
      AMENDMENT TO 

    REVOLVING
      CREDIT AGREEMENT

    

    

    This
      Fifth Amendment to Revolving Credit Agreement (the "Fifth Amendment") made
      as of
      this 26th
      day of
      December, 2005, by and between REPUBLIC
      BANCORP, INC. ("Borrower")
      and U.S.
      BANK NATIONAL ASSOCIATION,
      formerly known as Firstar Bank, National Association ("Bank").

    

    

    W
      I T N E S S E T H:

    

    WHEREAS,
      the Borrower and the Bank entered into a Revolving Credit Agreement dated as
      of
      December 29, 2000 (the “Credit Agreement”), as amended by a First Amendment to
      Revolving Credit Agreement dated December 29, 2001 (the "First Amendment),
      a
      Second Amendment to Revolving Credit Agreement dated as of December 28, 2003,
      a
      Third Amendment to Revolving Credit Agreement dated as of December 27, 2003
      (the
“Third Amendment”), and a Fourth Amendment to Revolving Credit Agreement dated
      as of December 27, 2004 (the "Fourth Amendment") pursuant to which the Bank
      extended credit to the Borrower as provided therein. 

    

    WHEREAS,
      the Borrower and the Bank desire to further amend the Credit Agreement as
      provided herein. 

     

    NOW,
      THEREFORE, it is hereby agreed as follows:

    

    1.  Section
      1.1(a) of the Revolving Credit Agreement is hereby amended in its entirety
      as
      follows:

    

    
      	(a)  	
              “Revolving
                Note Maturity Date”
                means
                December 25, 2006 or such earlier date on which the Note becomes
                immediately due and payable pursuant to Article VI
                hereof.

            

    

    

    
      	2.  	
              Section
                2.1 of the Revolving Credit Agreement is hereby amended in its entirety
                as
                follows:

            

    

    

    2.1 Revolving
      Credit Facility.
      From
      time to time prior to the Revolving Note Maturity Date, the Borrower may borrow
      from the Bank up to the aggregate principal amount outstanding at any one time
      of up to $15,000,000. All revolving loans hereunder will be evidenced by a
      single promissory note of the Borrower payable to the order of the Bank (the
      “Note”).
      Although the Note will be expressed to be payable in the full amount set forth
      above, the Borrower will be obligated to pay only the amount of loans actually
      disbursed hereunder, together with accrued interest on the outstanding balance
      at the rates and on the dates specified therein and such other charges provided
      for herein.

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.  Section
      4.16 of the Revolving Credit Agreement is hereby amended in its entirety as
      follows: 

    

    Section
      4.16 Republic
      Bank Financial Condition Covenants.
      All
      covenant terms
      in this
      Section 4.16 shall
      be defined
      and determined from time to time by applicable bank regulatory authorities,
      unless specifically
      noted otherwise below:  

    

    (a)
      Tier
      1 Leverage Ratio.
      Republic
      Bank, a Subsidiary of the Borrower,
      shall
      maintain a minimum Tier
      1
      Leverage Ratio at the end of each quarter of not
      less
      than 5.0%.

    

    (b)
      Tier
      1 Risk Based Capital Ratio.
      Republic
      Bank
      shall
      maintain a
      minimum
      Tier 1 Risk Based Capital Ratio at the end of each quarter of not less than
      6.0%.

    

    (c)
      Total
      Risk Based Capital Ratio. Republic
      Bank
      shall
      maintain a
      minimum
      Total Risk Based Capital Ratio at the end of
      each
      quarter of not less than 10.0%.

    

    4. The
      “Revolving Credit Agreement" referred to in the Note shall hereinafter refer
      to
      the Revolving Credit Agreement as amended by this Fifth Amendment.

    

    5. Except
      as
      expressly amended herein, all terms and conditions of the Revolving Credit
      Agreement shall remain in full force and effect. This Fifth Amendment supercedes
      the First Amendment, the Second Amendment, the Third Amendment and the Fourth
      Amendment on the date hereof, and the Revolving Credit Agreement shall
      hereinafter consist of the Revolving Credit Agreement dated December 29,
      2000, as amended by this Fifth Amendment. Any waiver of any term and condition
      of the Revolving Credit Agreement contained herein, of any previous waiver
      by
      the Bank of any term and condition contained in the Revolving Credit Agreement,
      shall be strictly limited to such waiver, and shall not operate as a waiver
      of
      any other condition, term, or remedy of the Bank provided for in the Revolving
      Credit Agreement or in this Fifth Amendment. 

    

    Executed
      as of the date first above written.

                                            

                              
REPUBLIC
      BANCORP,
      INC.

     

    
      
        	
                By:
                  /s/ Thomas F. Menacher

              
	
                Name: 
                  Thomas F. Menacher

              
	
                Title:    
                  CFO

              

      
                    

    

                              U.S.
      BANK NATIONAL
      ASSOCIATION,

                    
      d/b/a Firstar Bank

    

    

    

      
        	
                By:
                  /s/ Jon B. Beggs

              
	
                Name:
                  Jon
                  B. Beggs

              
	
                Title: 
                  Vice
                  President

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