Document:

Exhibit 10.3

 

STOCK BONUS AGREEMENT

 

Stock
Bonus Agreement (“Agreement”), dated as of ______ between Monster Worldwide,
Inc. (“Monster Worldwide”) with an address of 622 Third Avenue, New York, NY
10017, and ______ (“Employee”), an employee of Monster Worldwide with an
address of __________.

 

Monster
Worldwide wishes to retain Employee’s services and to grant Employee the
opportunity to receive certain shares of Monster Worldwide’s common stock,
$.001 par value per share (the “Common Stock”) pursuant to the Monster
Worldwide, Inc. 1999 Long Term Incentive Plan. 
Employee and Monster Worldwide hereby agree as follows:

 

                1.             Subject to the terms and conditions
of this Agreement, Monster Worldwide shall issue to Employee up to an aggregate
of _______ shares of its Common Stock (such ____ shares of Common Stock are
sometimes referred to as the “Shares”).

 

                2.             The Shares shall vest and be
delivered to Employee if and only if Employee remains in the continuous employ
of Monster Worldwide between the date hereof and the applicable vesting date as
follows:

 

                      (a)     if Employee remains in the continuous
employ of Monster Worldwide through _________, ___% of the Shares shall vest;

 

                      (b)     if Employee remains in the continuous
employ of Monster Worldwide through _________, ___% of the Shares shall vest;

 

                      (c)     if Employee remains in the continuous
employ of Monster Worldwide through _________, ___% of the Shares shall vest;
and

 

                      (d)     if Employee remains in the continuous
employ of Monster Worldwide through _________, ___% of the Shares shall vest;

provided however that solely in the event
(i) Employee’s employment with Monster Worldwide has been terminated (x) by
Monster Worldwide without “Cause” or (y) by Employee for “Good Reason” (as “Cause”
and “Good Reason” are defined in the employment agreement between Monster
Worldwide and Employee dated ________ (the “Employment Agreement”)) or (ii)
Employee dies while still employed by Monster Worldwide, then the condition of
continuous employment set forth in the preceding clause of this paragraph 2
shall be inapplicable.

 

                Notwithstanding anything herein
to the contrary, Shares which vest hereunder or as a result of the provisions
of the Employment Agreement shall not be delivered to Employee unless and until
Employee has paid Monster Worldwide the amount, if any, deemed necessary by
Monster Worldwide in its reasonable discretion to enable it to satisfy any
federal, foreign or other tax withholding or similar obligations of Monster
Worldwide with respect to the Shares that have vested (the “Tax Amount”),
unless other arrangements acceptable to Monster Worldwide in its discretion
have been agreed to in writing by Monster Worldwide. Notwithstanding anything
herein to the contrary, in the event that Employee has not satisfied the
conditions outlined in the immediately preceding sentence, Monster Worldwide
may (but shall not be required to) in its sole discretion at any time by notice
to Employee choose to satisfy the conditions outlined in the immediately
preceding sentence by unilaterally revoking Employee’s right to receive that
number of vested Shares with an aggregate value equal to 150% of Tax
Amount.  For purposes of the preceding
sentence, each Share shall be deemed to have a value equal to the average
closing price of a share of Monster Worldwide Common Stock on Nasdaq (or such
other U.S. exchange or market on which Monster Worldwide Common Stock is then
primarily traded) on the 5 trading days up to and including the date of
vesting.

 

                3.             All notices or other communications to be given or
delivered in connection with this Agreement shall be in writing and shall be
deemed to have been properly served 

 

 

 

 

if
delivered personally, by courier, or by certified or registered mail, return
receipt requested and first class postage prepaid, in each case to the parties
at their addresses set forth above, in the case of notices to Monster
Worldwide, to the attention of Myron Olesnyckyj, Esq. or such other addresses
as the recipient party has specified by prior written notice to the sending
party.  All such notices and
communications shall be deemed received upon the actual delivery thereof in
accordance with the foregoing.

 

                4.             This Agreement constitutes the entire agreement between
the parties with respect to the subject matter hereof and supersedes any
previous arrangements in relating thereto. Nothing in this Agreement shall give
Employee any right to continue in the employment of Monster Worldwide, or
interfere in any way with the right of Monster Worldwide to terminate the
employment of Employee.  This Agreement
(i) may be signed in counterparts, (ii) shall be governed by the laws of the
state of New York (other than the conflicts of laws provisions thereof), (iii)
shall not modify or affect the terms and conditions of Employee’s employment,
(iv) may not be amended, terminated or waived orally, and (v) may not be
assigned by Employee.

 

 

	
   

  	
   

  	
   

  
	
  Monster Worldwide, Inc.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  Date:

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:EXHIBIT
10.1

 

REPUBLIC
BANCORP, INC.

2005 STOCK
INCENTIVE PLAN

 

Republic
Bancorp, Inc. (the “Company”) hereby establishes the Republic Bancorp, Inc.
2005 Stock Incentive Plan (the “Plan”) for the benefit of its and its
subsidiaries’ employees and directors, as set forth below.

 

Section 1 — PURPOSE

 

The purpose of
the Plan is to promote the interests of the Company and its shareholders by
providing a means to attract, retain and motivate employees and directors of
the Company and its subsidiaries, and to encourage stock ownership in the
Company by such individuals and provide them with a means to acquire a
proprietary interest in the Company.

 

Section 2 — DEFINITIONS

 

For purposes
of the Plan, the following terms shall have the meanings below unless the context
clearly indicates otherwise:

 

2.1                                 “Award”
shall mean any Option or Stock Award granted to a Participant under the Plan.

 

2.2                                 “Award
Agreement” shall mean a certificate of grant or, if there are promises required
of the recipient of an Award, a written agreement, in such form as the
Committee prescribes from time to time, setting forth the terms and conditions
of an Award.

 

2.3                                 “Bank”
shall mean Republic Bank & Trust Company and Republic Bank and Trust
Company of Indiana.

 

2.4                                 “Board
of Directors” shall mean the Board of Directors of the Company.

 

2.5                                 “Change
of Control” of the Company shall mean (i) an event or series of events which
have the effect of any “person” as such term is used in Section 13(d) and
14(d) of the Exchange Act, becoming the “beneficial owner” as defined in Rule
13d-3 under the Exchange Act, directly or indirectly, of securities of the
Company or the Bank representing a greater percentage of the combined voting
power of the Company’s or Bank’s then outstanding stock, than the Trager Family
Members as a group; (ii) an event or series of events which have the effect of
decreasing the Trager Family Members’ percentage ownership of the combined
voting power of the Company’s or Bank’s then outstanding stock to less than
25%; or (iii) the business of the Company or Bank is disposed of pursuant to a
partial or complete liquidation, sale of assets, or otherwise.  A Change in Control shall also be deemed to
occur if (i) the Company or Bank enters into an agreement, the consummation of
which would result in the occurrence of a Change in Control, (ii) any person
(including the Company) publicly announces an intention to take or to consider
taking actions which have consummated would constitute a Change in

 

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Control, (iii)
the Board adopts a resolution to the effect that a potential Change in Control
for purposes of this Plan has occurred. 
For purposes of this paragraph, “Trager Family Member” shall mean
Bernard M. Trager, Jean S. Trager and any of their lineal descendants, and any
corporation, partnership, limited liability company or trust the majority
owners or beneficiaries of which are directly or indirectly through another
entity, Bernard M. Trager, Jean S. Trager, or one or more of their lineal descendants,
including specifically but without limitation, The Jaytee Properties Limited
Partnership and TeeBank Family Limited Partnership.

 

2.6                                 “Code”
shall mean the Internal Revenue Code of 1986, as it may be amended from time to
time.

 

2.7                                 “Committee”
shall mean (i) the entire Board of Directors with respect to Awards to
Directors, (ii) a committee consisting of two or more members of the Board,
each of whom is both a “non-employee director” and an “outside director”, with
respect to Employee Awards to Named Executives or persons then subject to Section 16 of the Exchange
Act (“Reporting Persons”), and (iii) with respect to all other Awards,
the Chairman of the Board or Chief Executive Officer of the Company.  Until and unless another delegation is provided
for in a Board action or the following committee does not meet the
non-employee, outside director requirement of clause (ii) in the preceding
sentence, the Committee with respect to Named Executive and Reporting Persons
Awards shall be the Compensation/Human Resources Committee appointed by the
Board of Directors.  For purposes of this Section, (A) “Outside
Director” means a Director of the Company who either (i) is not a current
employee of the Company or an “affiliated corporation” (within the meaning of
Treasury Regulations promulgated under Code Section 162(m), is not a
former employee of the Company or an “affiliated corporation” who receives
compensation for prior services (other than benefits under a tax-qualified
retirement plan) during the taxable year, was not an officer of the Company or
an “affiliated corporation” at any time, and does not currently receive
remuneration from the Company or an “affiliated corporation,” either directly
or indirectly, in any capacity other than as a Director, or (ii) is otherwise
considered an “outside director” for purposes of Code Section 162(m); and
(B) “Non-Employee Director” means a Director of the Company who either (i) is
not a current Employee or officer of the Company or its parent or a subsidiary,
does not receive compensation (directly or indirectly) from the Company or its
parent or a subsidiary for services rendered as a consultant or in any capacity
other than as a Director (except for an amount as to which disclosure would not
be required under Item 404(a) of Regulation S-K promulgated pursuant to the
Securities Act (“Regulation S-K”)), does not possess an interest in any other
transaction as to which disclosure would be required under Item 404(a) of
Regulation S-K and is not engaged in a business relationship as to which
disclosure would be required under Item 404(b) of Regulation.

 

2.8                                 “Company”
shall mean Republic Bancorp, Inc.

 

2.9                                 “Director”
shall mean a member of the Board of Directors of the Company or the Bank.

 

2.10                           “Disability”
shall mean permanent disability within the meaning of Section 22(e)(3) of
the Code.  The determination of the
Committee or any question involving disability shall be conclusive and binding.

 

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2.11                           “Employee”
shall mean an employee of the Company or any of its Subsidiaries.

 

2.12                           “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

2.13                           “Fair
Market Value” shall mean as of any date, the value of a share of Stock
determined as follows:

 

(a)                                  If
the Stock is listed on any established stock exchange or a national market
system, including, without limitation, the National Market of the National
Association of Securities Dealers, Inc. Automated Quotation (“Nasdaq”) System,
its Fair Market Value shall be the closing market price of the Stock as
reported on the date of determination, or, if no trades were reported on that
date, the closing price on the most recent trading day immediately preceding
the date of the determination, as quoted on such system or exchange, or the
exchange with the greatest volume of trading in Stock for the last market
trading day prior to the time of determination, as reported in The Wall Street
Journal or such other source as the Committee deems reliable;

 

(b)                                 If
the Stock is quoted on the Nasdaq System (but not on the National Market
thereof) or regularly quoted by a recognized securities dealer but selling
prices are not reported, its Fair Market Value shall be the mean between the
high bid and low asked prices for the Stock for the last market trading day
prior to the time of determination, as reported in The Wall Street Journal or
such other source as the Committee deems reliable; or

 

 (c)                               In the absence of such
markets for the Stock, the Fair Market Value shall be determined in good faith
by the Committee, considering any and all information they determine relevant,
including, without limitation, the valuation methods permitted in Treas. Reg. Section 20.2031-2
(estate tax regulations) or a third-party appraisal.

 

2.14                           “Grant
Date” shall mean the date on which the Committee approves the grant of an Award
pursuant to Section 4.3, or such later date as is determined and
explicitly specified in an Award Agreement.

 

2.15                           “Incentive
Stock Option” shall mean an option to purchase Stock granted under Section 6.2
of the Plan which is designated as an Incentive Stock Option and is intended to
meet the requirements of Code Section 422.

 

2.16                           “Named
Executive” means any individual who, on the last day of the Company’s fiscal
year, is the chief executive officer of the Company (or is acting in such
capacity) or among the four most highly compensated officers of the Company
(other than the chief executive officer), and any other person for whom
executive compensation disclosure is required under the Exchange Act.  Such officer status shall be determined
pursuant to the executive compensation disclosure rules under the Exchange Act.

 

2.17                           “Nonqualified
Stock Option” shall mean an option to purchase Stock granted under Section 6.2
of the Plan which is not intended to be an Incentive Stock Option.

 

2.18                           “Option”
shall mean an Incentive Stock Option or a Nonqualified Stock Option.

 

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2.19                           “Option
Period” shall mean the period from the Grant Date to the date when an Option
expires as stated in the terms of the Award Agreement.

 

2.20                           “Optionee”
shall mean a Participant who has been granted an Option to purchase shares of
Stock under the provisions of the Plan.

 

2.21                           “Participant”
shall mean an Employee or Director who receives an Award under this Plan.

 

2.22                           “Plan”
shall mean this Republic Bancorp, Inc. 2005 Stock Incentive Plan.

 

2.23                           “Stock”
shall mean the Company’s Class A voting common stock of no par value.

 

2.24                           “Subsidiary”
or “Subsidiaries” shall mean any corporation which at the time qualifies as a
subsidiary of the Company under the definition of “subsidiary corporation” in
Code Section 424(f).

 

2.25                           “Termination
of Employment” or “Service” shall be deemed to have occurred at the time and
date that the Employee notifies, or is notified by the Company or Bank, that
Employee’s employment will be terminating, even if not immediately
effective.  With respect to a Director,
it shall be deemed to occur on a Director’s cessation of service on the board
of directors of both the Bank and the Company. 
The Committee shall determine whether an authorized leave of absence, or
other absence on military or government service, constitutes severance of the
employment relationship between the Company or a Subsidiary and the Employee.  No termination shall be deemed to occur if (i)
the Participant is a Director who becomes an Employee, or (ii) the Participant
is an Employee who becomes a Director, except in the latter case Incentive
Stock Options shall become Nonqualified Stock Options if not exercised within
the time period following employment termination provided for in Section 7.

 

Section 3 — STOCK SUBJECT TO PLAN

 

3.1                                 AUTHORIZED
STOCK.  Shares of Stock that may be
issued under the Plan pursuant to the exercise or grant of Awards shall be
3,000,000 authorized but unissued or reacquired shares of Stock, subject to
adjustment as provided in Section 3.3, and reduced by any shares reserved
from time to time for issuance at distribution of amounts due to be paid in
Stock under the Company’s Non-Employee Director and Key Employee Deferred
Compensation Plan.  Any or all of such
maximum number of shares may be used for Incentive Stock Options.  Upon approval by the Board of Directors, the
Company may from time to time acquire shares of Stock on the open market upon
such terms as it deems appropriate for reserve in connection with exercises
hereunder.  Subject to adjustment as
provided in Section 3, the maximum number of shares which may be subject
to Options and Stock Awards granted to any one Employee under this Plan for any
fiscal year of the Company shall be 300,000 shares.

 

3.2                                 EFFECT
OF EXPIRATIONS.  If any Award expires,
terminates, is cancelled or lapses without exercise, the Stock no longer
subject to such Award shall again be available to be awarded under the Plan.  If previously acquired shares of Stock are
used to pay the exercise price of an Award, the number of shares available for
grant of Awards under the Plan shall be increased by the number of shares
delivered as payment of such exercise price. 
If previously

 

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acquired
shares of Stock are used to pay withholding taxes payable upon exercise,
vesting or payment of an Award, or shares of Stock that would be acquired upon
exercise, vesting or payment of an Award are withheld to pay withholding taxes
payable upon exercise, vesting or payment of such Award, the number of shares
available for grant of Awards under the Plan shall be increased by the number
of shares delivered or withheld as payment of such withholding taxes.

 

3.3                                 ADJUSTMENTS
IN AUTHORIZED SHARES.  In the event of
any merger, reorganization, consolidation, recapitalization, separation,
liquidation, stock dividend, split-up, share combination, or other change in the
corporate structure of the Company affecting the number of shares of Stock or
the kind of shares or securities an appropriate and proportionate adjustment
shall be made in the number and kind of shares which may be delivered under the
Plan, and in the number and kind of or price of share subject to outstanding
Awards; provided that the number of shares subject to any Award shall always be
a whole number.  Any adjustment of an
Incentive Stock Option under this Section shall be made in such a manner
so as not to constitute a “modification” within the meaning of Code Section 424(h),
and adjustments on other Awards shall be made in a manner consistent with that
Section, as if it applied to non-Incentive Stock Options as well.  If the Company shall at any time merge or
consolidate with or into another corporation or association, each Participant
will thereafter receive, upon the exercise of an Option or grant of an Award,
the securities or property to which a holder of the number of shares of Stock
then deliverable upon the exercise of such Option or grant of such Award would
have been entitled upon such merger or consolidation, and the Company shall
take such steps in connection with such merger or consolidation as may be
necessary to assure that the provisions of this Plan shall thereafter be
applicable, as nearly as is reasonably possible, in relation to any securities
or property thereafter deliverable upon the exercise of such Option or the
grant of such Award.  A sale of all or
substantially all the assets of the Company for a consideration (apart from the
assumption of obligations) consisting primarily of securities shall be deemed a
merger or consolidation for the foregoing purposes.

 

Section 4 — ADMINISTRATION

 

4.1                                 THE
COMMITTEE.  The Plan shall be administered
by the Committee.

 

4.2                                 AUTHORITY
OF THE COMMITTEE.  Subject to the
provisions of the Plan, the Committee shall have sole power to (i) construe and
interpret the Plan; (ii) to establish, amend or waive rules and for its
administration; (iii) to determine and accelerate the ability to exercise any
Option; (iv) to correct inconsistencies in the Plan or in any Award Agreement,
or any other instrument relating to an Award; and (v) subject to the provisions
of Sections 8 and 10, to amend the terms and conditions of any outstanding
Award, to the extent such terms and conditions are within the discretion of the
Committee as provided in the Plan.  All
constructions of this Plan shall be made in a manner the Committee believes
consistent with Awards under the Plan not constituting “deferred compensation”
within the meaning of Code Section 409A, and, with respect to Incentive
Stock Options, consistent with the Code and Regulations governing the
preservation of their tax treatment.  Constructions,
interpretations and rules for administration of the Plan by the entire Board
shall take precedence over and control any construction or interpretation by
the Committee, and the Board shall attempt to reconcile any such constructions,

 

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interpretations
or administrative procedures that will have application to more than one class
of Participant.

 

4.3                                 SELECTION
OF PARTICIPANTS.  The Chairman of the
Board of Directors or the CEO of the Company shall recommend the Employees or Directors
to whom Awards should be granted and the number of shares of Stock subject to
such Award, but the Committee shall have the sole authority to approve such
grants, and such grants shall not be deemed made or the Fair Market Value of
the underlying Options for their exercise price determined, until (i) written
action is unanimously signed or (ii) a Committee resolution duly adopted at a
meeting called in conformance with the rules governing the Committee’s
operation, or (iii) where the authority to serve as the Committee rests with
the Chairman or CEO, when any paper or electronic writing by one or both of
them listing the material terms of the grants (i.e, at least the names of
Participants and amount and type of shares to be granted to each), is delivered
to another officer for purposes of directing the prompt preparation of Award
Agreements using the Fair Market Value at the close of the market on the date
of that Committee action.

 

4.4                                 DECISIONS
BINDING.  All determinations and
decisions made by the Committee pursuant to the provisions of the Plan shall be
final, conclusive and binding on all persons, including the Company and
Subsidiaries, their shareholders, Participants and their estates and
beneficiaries.  The Committee’s determinations under the Plan
(including, without limitation, determinations of the persons to receive
Awards, the form, amount and timing of such Awards, the terms and provisions of
such Awards and the agreements evidencing same) need not be uniform and may be
made by it selectively among persons who receive, or are eligible to receive,
Awards under the Plan, whether or not such persons are similarly situated.

 

4.5                                 PROCEDURES
OF THE COMMITTEE.  All determinations of
the Committee shall be made by not less than a majority of its members present
at a meeting (in person or otherwise) at which a quorum is present, or by
unanimous written consent.  A majority of
the entire Committee shall constitute a quorum for the transaction of business.  To the fullest extent permitted by law, no member
of the Committee shall be liable, and the Company shall indemnify each
Committee member, for any act or omission with respect to services on the
Committee.  Service on the Committee
shall constitute service as a director of the Company so that members of the
Committee shall be entitled to indemnification and reimbursement for services
on the Committee to the same extent as for services as directors of the
Company.

 

4.6                                 AWARD
AGREEMENTS.  Each Award under the Plan
shall be evidenced by an Award Agreement which shall be signed by the Company
and, to the extent promises of the Participant are a condition to effectiveness
of a grant, by the Participant, and shall contain such terms and conditions as
may be approved by the Committee, which need not be the same in all cases.  Any Award Agreement may be supplemented or
amended in writing from time to time as approved by the Committee, provided
that the terms of such Agreements as amended or supplemented, as well as the terms
of the original Award Agreement, are not inconsistent with the provisions of
the Plan, including with Section 10 hereof.  An Employee who receives an Award under the
Plan shall not, with respect to the Award, be deemed to have become a
Participant, or to have any rights with respect to the Award, unless and until
an Award Agreement has been executed and, in the case of Award Agreements
requiring the Participant’s signature, delivered to the Company, and the
Participant has otherwise complied with the

 

6

 

applicable
terms and conditions of the Award.  In no
event shall an Option be issued or changed hereunder to allow its net value to
be settled in cash rather than in Stock, or for an exercise price that is or
may become less than the Fair Market Value of the Stock on the Grant Date.

 

4.7                                 ADMINISTRATION
WITH RESPECT TO NAMED EXECUTIVES.  The
per- share exercise price of an Option granted to a Named Executive of the
Company shall, like all other Options hereunder, be no less than 100% of the
Fair Market Value per share on the Grant Date and such Option shall thereby
qualify as performance-based compensation under Code Section 162(m).  With respect to Stock Awards granted to Named
Executives, the Plan may (but need not) be administered so as to permit such
Options to qualify as performance-based compensation under Code Section 162(m)
pursuant to Section 11.3 hereof.

 

Section 5 — ELIGIBILITY

 

Employees and Directors of the Company and its
Subsidiaries who are expected by the Committee to contribute substantially to
the growth and profitability of the Company and its Subsidiaries are eligible
to receive Awards, except that the Committee may grant Incentive Stock Options
only to Employees.

 

Section 6 — STOCK OPTIONS

 

6.1                                 OPTION
GRANT.  Any Option granted to a
Participant may be made either alone or in conjunction with any other type of
Award which may be granted under the Plan.

 

6.2                                 OPTION
PRICE.  The purchase price per share of
Stock covered by an Option shall be determined by the Committee but shall not be
less than 100% of the Fair Market Value of such Stock on the Grant Date.  An Incentive Stock Option granted to any
Employee who, at the time the Option is granted, owns (within the meaning of Section 424(d)
of the Code) stock possessing more than 10% of the total combined voting power
of all classes of stock of the Company or of its parent or any Subsidiary,
shall have an exercise price which is at least 110% of the Fair Market Value of
the Stock subject to the Option on the Grant Date.

 

6.3                                 OPTION
PERIOD.  The Option Period shall be
determined by the Committee, but no Option shall be exercisable later than ten
years from the Grant Date. 
Notwithstanding the foregoing, in the case of an Optionee owning (within
the meaning of Section 424(d) of the Code), at the time an Incentive Stock
Option is granted, more than 10% of the total combined voting power of all
classes of Stock of the Company or any Subsidiary, such Incentive Stock Option
shall not be exercisable later than five years from the Grant Date.  No Option may be exercised at any time unless
such Option is valid and outstanding as provided in the Plan.

 

6.4                                 LIMITATION
ON AMOUNT OF INCENTIVE STOCK OPTIONS. 
The aggregate Fair Market Value (determined as of the time the Option is
granted) of the Stock with respect to which an Optionee’s Incentive Stock
Options are exercisable for the first time during any calendar year (under this
and all other stock option plans of the Company, any Subsidiary or any parent
corporation) shall not exceed $100,000. 
If Options or portions of Options become exercisable for the first time
as a result of acceleration under Section 10.8 and cause this $100,000
limit to be exceeded, Options in excess of the limit shall be treated as a
Nonqualified Stock Option for tax purposes, in accordance with the first-grant
ordering rules of Treas. Reg. § 1.422-4.

 

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Exercise of an
Option in any manner shall result in a decrease in the number of Shares that
thereafter may be available, both for purposes of the Plan and for sale under
the Option, by the number of shares as to which the Option is exercised.

 

6.5                                 NONTRANSFERABILITY
OF OPTIONS.  No Option shall be
transferable by the Optionee otherwise than by will or by the laws of descent
and distribution, and such option shall be exercisable, during the Optionee’s
lifetime, only by the Optionee.

 

Section 7 — EXERCISE OF STOCK OPTIONS

 

7.1                                 EXERCISABILTY.  An Option may be exercised, so long as it is
valid and outstanding, from time to time in part or as a whole, subject to any
limitations with respect to the number of shares for which the Option may be
exercised at a particular time and to such other conditions (e.g., exercise
could be conditioned on performance and will be conditioned on the Participant
then being an Employee in good standing) as the Committee in its discretion may
specify upon granting the Option or as otherwise provided in this Section 7.

 

7.2                                 METHOD
OF EXERCISE.  To exercise an Option, the
Optionee or the other person(s) entitled to exercise the Option shall give
written notice of exercise to the Committee, specifying the number of full
shares to be purchased.  Such notice
shall be accompanied either by payment in full in cash for the Stock being
purchased plus, in the case of Nonqualified Stock Options, any required
withholding tax as provided in Section 11. 
If permitted by the Committee in the Award Agreement, payment in full or
in part may by made in the form of Stock owned by the Optionee for at least 6
months (12 months in the case of Stock acquired by exercise of an Incentive
Stock Options), determined based on the Fair Market Value of the Stock on the
date the Option is exercised, evidenced by negotiable stock certificates
registered either in the sole name of the Optionee or the names of the Optionee
and spouse, or by any combination of cash or shares.  Notwithstanding the preceding sentence, any
such right to exercise by delivery of already-owned stock shall be ineffective
and void from its inception if such a right is deemed to be a feature allowing
deferral of compensation within the meaning of Code Section 409A that
would eliminate the Option’s status as exempt from the deferred compensation
rules of that Code Section. No shares of Stock shall be issued unless the
Optionee has fully complied with the provisions of this Section 7.2. An
Option may not be exercised for a fraction of a share of Stock.  Any surrender by a person subject to the
reporting requirement of Section 16b of the Exchange Act of previously
owned shares of Stock to satisfy tax withholding obligations arising upon
exercise of this Option must comply with the applicable provisions of Rule
16b-3 under the Exchange Act.

 

7.3                                 TERMINATION
OF EMPLOYMENT OR SERVICE.  After an
Employee’s Termination of Employment, or a Director’s Termination of Service,
an Option may not be exercised, except as may be specifically allowed in the
applicable Award Agreement upon death or Disability or after a Change in
Control, but in no event after the expiration date of the Option as specified
in the applicable Award Agreement. 
Except to the extent shorter periods are provided in the Award Agreement
by the Committee, an Employee’s right to exercise an Option shall terminate at
the earliest of:  (i) at the expiration
of six months in the event of Termination of Employment or Service due to death
or Disability; (ii) three months following Termination of Employment or Service
if such termination occurs after the happening of a Change in Control, or

 

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(iv)
immediately upon Termination of Employment or Service in all other cases; or
(iv) at the end of the Option Period.  Any
Option exercised after death may be exercised in full by the legal
representative of the estate of the Participant or by the person or persons who
acquire the right to exercise such Option by bequest or inheritance.

 

Section 8  — STOCK AWARDS

 

8.1                                 STOCK
AWARD GRANT.  The Committee may grant
shares of Stock to Employees or Directors with or without receipt of any
payments therefor by the Participant, as additional compensation for services
to the Company or its Subsidiaries (“Stock Award”).  Each Stock Award shall be evidenced by an
Award Agreement setting forth the terms and conditions applicable to the Stock
Award.

 

8.2                                 STOCK
AWARD RESTRICTIONS.  The Committee will
specify in an Award Agreement the manner in which a Stock Award will be
transferable, and any other restrictions (including, without limitation,
limitations on the right to vote or the right to receive dividends).  These restrictions may lapse separately or in
combination at such time, and under such circumstances in such installments
upon the satisfaction of performance goals or otherwise, as the Committee
determines at the time of grant.  The
Committee may not retain the discretion to lengthen the restriction period, if
such change in the restriction period would have the effect of delaying the
date on which the Award ceases being subject to a “substantial risk of
forfeiture” within the meaning of Sections 83(b) and 409A of the Code and
therefore subject to Federal income tax. 
Except as provided in an Award Agreement, the Participant will have
immediate right of ownership with respect to the shares granted under the Stock
Award, including the right to vote the shares and the right to receive
dividends with respect to the shares.

 

8.3                                 FORFEITURE.  Except as otherwise determined by the
Committee at the Grant Date, upon Termination of Employment or Service during
the applicable restriction period or upon failure to satisfy a performance goal
during the applicable restriction period, Stock Awards that are at that time
subject to restrictions shall be forfeited; provided, however, that the
Committee may provide in the Award Agreement that restrictions on forfeiture will
be waived in whole or in part in the event of Termination of Employment or
Service on account of death or Disability, and, unless provided to the contrary
in the Award Agreement, shall be waived upon a Change in Control.

 

8.4                                 STOCK
CERTIFICATES.  Shares for Stock Awards
shall be delivered to the Participant at the time of grant either by book-entry
registration or by delivering to the Participant or a custodian or escrow agent
(including, without limitation, the Company or one of its employees) designated
by the Committee, a stock certificate or certificates registered in the name of
the Participant.  If the physical
certificates representing Stock Awards are registered in the name of the
Participant, such certificates must bear an appropriate legend referring to the
terms, conditions and restrictions (if any) applicable to the Stock.

 

Section 9 — AMENDMENTS AND TERMINATION

 

9.1                                 AMENDMENTS
AND TERMINATION.  The Board of Directors
may terminate, suspend, amend or alter the Plan, but no action of the Board or
the Committee may:

 

9

 

(a)                                  Impair or adversely
affect the rights of a Participant under an Award theretofore granted, without
the Participant’s consent;

 

(b)                                 Decrease the price of
any Option to less than the option price on the date the Option was granted; or

 

(c)                                  Extend the exercise
period of an Option beyond that originally stated at grant, unless and until
the Committee determines that such extension does not constitute a deferral of
compensation feature within the meaning of Code Section 409A.

 

(d)                                 Without the approval
of the shareholders:

 

(i)                                     Increase the total
amount of Stock which may be delivered under the Plan except as is provided in Section 3
of the Plan;

 

(ii)                                  Make any grants of
Awards after any change in the granting corporation (for example, by assumption
of the Plan by another corporation) or in the definition of Stock;

 

(iii)                               Extend the maximum
Option Period;

 

(iv)                              Extend the period during
which Awards may be granted, as specified in Section 13; or

 

(v)                                 Change the employees
or classes of employees eligible to receive grants of Awards under the Plan.

 

9.2                                 CONDITIONS
ON AWARDS.  In granting an Award, the
Committee may establish any conditions that it determines are consistent with
the purposes and provisions of the Plan, including, without limitation, a
condition that the granting of an Award is subject to the surrender or
cancellation of any or all outstanding Awards held by the Participant.  Any new Award made under this Section may
contain such terms and conditions as the Committee may determine.

 

9.3                                 SELECTIVE
AMENDMENTS.  Any amendment or alteration
of the Plan may be limited to, or may exclude from its effect, particular
Participants or classes of Participants.

 

Section 10 — GENERAL PROVISIONS

 

10.1                           UNFUNDED
STATUS OF PLAN.  The Plan is intended to
constitute an “unfunded” plan for incentive compensation, and the Plan is not
intended to constitute a plan subject to the provisions of the Employee
Retirement Income Security Act of 1974, as amended, and shall not extend, with
respect to any payments or property transfer not yet made to a Participant, any
rights that are greater than those of a general creditor of the Company.

 

10

 

10.2                           TRANSFERS,
LEAVES OF ABSENCE AND OTHER CHANGES IN SERVICE OR EMPLOYMENT STATUS.  For purposes of the Plan:  (i) a transfer of an Employee or Director
from the Company to a Subsidiary, or vice versa, or from one Subsidiary to
another; or (ii) a leave of absence, duly authorized in writing by the Company
or a Subsidiary, for military service or sickness, or for any other purpose
approved by the Company or a Subsidiary if the period of such leave does not
exceed 90 days; or (iii) any leave of absence in excess of 90 days approved by
the Company or Subsidiary then employing the Employee, shall not be deemed a
Termination of Employment or Service. 
The Committee, in its sole discretion subject to the terms of the Award
Agreement, shall determine the disposition of all Awards made under the Plan in
all cases involving any substantial change in employment or Director status
other than as specified herein.

 

10.3                           DISTRIBUTION
OF STOCK – SECURITIES RESTRICTIONS.  The
Committee may require Participants receiving Stock pursuant to any Award under
the Plan to represent to and agree with the Company in writing that the
Participant is acquiring the shares for investment without a view to
distribution thereof.  No shares of Stock
shall be issued or transferred pursuant to an Award unless such issuance or
transfer complies with all relevant provisions of law, including, but not
limited to, the (i) limitations, if any, imposed in the state of issuance or
transfer, (ii) restrictions, if any, imposed by the Securities Act of 1933, as
amended, the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder, and (iii) requirements of any stock
exchange upon which the Company’s shares may then be listed.  The certificates for such shares may include
any legend which the Committee deems appropriate to reflect any restrictions on
transfer.

 

10.4                           ASSIGNMENT
PROHIBITED.  Subject to the provisions of
the Plan and the Award Agreement, no Award shall be assigned, transferred,
pledged or otherwise encumbered by the Participant otherwise than by will or by
the laws of descent and distribution, and such Awards shall be exercisable,
during the Participant’s lifetime, only by the Participant.  Awards shall not be pledged or hypothecated
in any way, and shall not be subject to any execution, attachment, or similar
process.  Any attempted transfer,
assignment, pledge, hypothecation or other disposition of an Award contrary to
the provisions of the Plan, or the levy of any process upon an Award, shall be
null, void and without effect.

 

10.5                           OTHER
COMPENSATION PLANS.  Nothing contained in
the Plan shall prevent the Company or the Bank from adopting other compensation
arrangements, subject to stockholder approval if such approval is required.

 

10.6                           AUTHORITY
LIMITED TO COMMITTEE.  No person shall at
any time have any right to receive an Award hereunder and no person shall have
authority to enter into an agreement on behalf of the Company for the granting
of an Award or to make any representation or warranty with respect thereto, except
as granted by the Committee. 
Participants shall have no rights in respect to any Award except as set
forth in the Plan and the applicable Award Agreement.

 

10.7                           NO
RIGHT TO EMPLOYMENT.  Neither the action
of the Company in establishing the Plan, nor any action taken by it or by the
Board of Directors or the Committee

 

11

 

under the Plan
or any Award Agreement, or any provision of the Plan, shall be construed as
giving to any person the right to be retained in the employ of the Company or
any Subsidiary.

 

10.8                           AFFECT
OF CHANGE OF CONTROL ON ABILITY TO EXERCISE OR LAPSE OF RESTRICTIONS.  Unless otherwise provided to the contrary in
an Award Agreement, in the event of a Change of Control, an Award granted under
the Plan that has not expired or otherwise been forfeited shall become fully
exercisable and all restrictions thereon (including those on Stock acquired
upon exercise in Section 10.10) shall lapse whether or not otherwise
vested at such time, and any Option so accelerated shall remain exercisable in
full thereafter until it expires pursuant to its terms.

 

10.9                           NOT
A SHAREHOLDER.  Until the issuance (as
evidenced by the appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company) of the share certificate evidencing
Stock from a Stock Award or exercised Option, no right to vote or receive
dividends or any other rights as a stockholder shall exist with respect to the
Stock.  The Company shall issue (or cause
to be issued) such stock certificate promptly upon exercise of the Option or
grant of a Stock Award. No adjustment will be made for a dividend or other
right for which the record date is prior to the date the stock certificate is
issued.

 

10.10                     RESTRICTION
ON TRANSFER OF SHARES ACQUIRED FROM AN AWARD. 
No Participant shall sell, assign, transfer or otherwise dispose of any
Stock acquired by exercise of an Option or via a Stock Award (“Award Stock”)
(a) for at least 12 months following the exercise of the Option (except in the
case of Participant’s death or Disability if such event occurs sooner), (b)
before 12 months following the lapse of all restrictions on a Stock Award, and
(c) thereafter, in accordance with this Section 10.10.  Participant shall provide the Company in
writing a notice (the “Transfer Notice”) setting Participant’s intent to
transfer some portion, or all, of Participant’s Award Stock (the “Offered
Shares”).  The Transfer Notice shall
constitute an irrevocable offer to sell any or all of the Offered Shares to the
Company.  If the Company does not accept
such offer (or to the extent not accepted) and agree to buy some or all of the
Offered Shares within 10 days after receipt of the Transfer Notice (the “Offer
Date”), the Participant may at any time thereafter transfer the Offered Shares
to any person or on the market on which the shares are then trading.  The Company shall make payment in cash for
any Offered Shares that it purchases pursuant to this Section 10.10 within
10 days after the date when the Company delivers notice of its acceptance of
the offer (the “Purchase Date”) at a price per share equal to the greater of
the Fair Market Value of the Offered Shares (i) on the Purchase Date or (ii) on
the Offer Date (the “Purchase Price”).  The Participant or personal
representative of the Participant shall surrender certificates representing the
offered Award Stock at the time the Company makes such payment.  The right of first refusal imposed by this Section 10.10
shall not apply to the transfer by operation of law to a deceased Participant’s
personal representative or to persons who acquire the Award Stock by bequest or
inheritance (the “Heir”), but shall apply to the Award Stock further
transferred by that personal representative or Heir.  All Award Stock issued upon exercise or grant
of an Award hereunder shall bear a legend notifying the holder thereof of the
restrictions of this Section 10.10, which restrictions shall be removed
upon the Participant’s compliance with the terms of this right of first refusal.

 

12

 

Section 11 — TAX MATTERS

 

11.1                           TAX
WITHHOLDING.  All Employees shall make
arrangements satisfactory to the Committee to pay to the Company, at the time
of exercise in the case of a Nonqualified Stock Option or at the time
restrictions lapse or at the Grant Date of a Stock Award to an Employee, as the
Committee determines appropriate, any federal, state or local taxes required to
be withheld with respect to such exercise, grant or lapse of an Award
restriction.  If a Participant fails to
make such tax payments as are required, the Company and its Subsidiaries may
refuse to recognize the attempted exercise, grant or lapse of restriction, or
may, to the extent permitted by law, deduct any such taxes from any payment of
any kind otherwise due to the Employee.

 

11.2                           SHARE
WITHHOLDING.  If permitted by the
Committee in an Award Agreement and subject to the Committee first determining
that such a feature would not bring the Award within the definition of deferred
compensation for purposes of Code Section 409A, the withholding obligation
may be satisfied by the Company retaining shares of Stock with a Fair Market
Value equal to the amount required to be withheld.

 

11.3                           CODE
SECTION 162(m) PROVISIONS.                                    Notwithstanding
any other provision of the Plan, if the Committee determines, at the time a
Stock Award is granted to a Participant who is, or is likely to be as of the
end of the tax year in which the Company would claim a tax deduction in
connection with such Award, a Named Executive, then the Committee may provide
that this Section 11.3 is applicable to such Award.

 

(a)                                  Performance
Criteria.  If a Stock Award is
subject to this Section 11.3, then the lapsing of restrictions thereon and
the distribution of Stock pursuant thereto, shall be subject to the achievement
of one or more objective performance goals established by the Committee, which
shall be based on the attainment of specified levels of one of or any
combination of the following “performance criteria” for the Company as a whole
or any business unit of the Company, as reported or calculated by the
Company:  (i) earnings or earnings per
share (whether on a pre-tax, after-tax, operational or other basis); (ii) return
on equity; (iii) return on assets; (iv) revenues; (v) expenses or expense
levels; (vi) one or more operating ratios; (vii) stock price; (viii)
stockholder return; (ix) market share; (x) cash flow; (xi) capital
expenditures; (xii) net borrowing, debt leverage levels, credit quality or debt
ratings; (xiii) the accomplishment of mergers, acquisitions, dispositions,
public offerings or similar extraordinary business transactions; (xiv) net
asset value per share; or (xv) economic value added (together, the “Performance
Criteria”).  Such performance goals also
may be based on the achievement of specified levels of Company performance (or
performance of an applicable affiliate, division or business unit of the
Company) under one or more of the Performance Criteria described above relative
to the performance of other corporations.  Such performance goals shall be set by the
Committee over a specified performance period that shall not be shorter than
one year and otherwise within the time period prescribed by, and shall
otherwise comply with the requirements of, Code Section 162(m), or any
successor provision thereto, and the regulations thereunder.  Requirements shall be established in writing
by the Committee based on one or more performance goals as set forth in this Section 11.3
not later than 90 days after commencement of the performance period with
respect to such

 

13

 

Award, provided that the
outcome of the performance in respect of the goals remains substantially
uncertain as of such time.

 

(b)                                 Adjustment
Of Awards.  Notwithstanding any
provision of the Plan to the contrary, with respect to any Award that is
subject to this Section 11.3, the Committee may adjust downwards, but not
upwards, the amount payable pursuant to such Award, and the Committee may not
waive the achievement of the applicable performance goals except in the case of
the death or Disability of the Named Executive or upon a Change in Control.

 

11.4                           TAX
REPORTS.  The Company of the Bank shall
reflect the exercise of any Incentive Stock Option on an informational report
as required by Code Section 6039 no later than January 31 of the year
following exercise.  The compensation
resulting from exercise of a Nonqualified Stock Option or a Stock Award by an
Employee or former Employee, and related income and employment tax withholding
related thereto, shall be reported on that Employee’s W-2 Form for the year of
exercise or vesting (as the case may be) as required by the Code.

 

Section 12 — EFFECTIVE DATE OF PLAN

 

The Plan shall
be effective on the date (the “Effective Date”) when the Board of Directors
adopts the Plan (as certified by initials of the Company’s Secretary at the end
of this Plan), subject to approval of the Plan by a majority of the total votes
eligible to be cast at a meeting of shareholders following adoption of the Plan
by the Board of Directors (as certified by the Company’s Secretary at the end
of this Plan), which vote shall be taken within 12 months after the Effective
Date; provided, however, that Awards may be granted before obtaining
shareholder approval of the Plan, but any such Awards shall be contingent upon
such shareholder approval being obtained and may not be exercised before such
approval.

 

Section 13 — TERM OF PLAN

 

Unless
terminated earlier by the Board of Directors, no Award shall be granted under
the Plan more than ten years after the Effective Date as defined in Section 12.

 

 

	
  Board Approval:

  	
  March 16, 2005

  	
  /s/ MAR

  	
   

  
	
   

  
	
  Shareholder Approval:

  	
                                    ,
  2005          [secretary to
  initial]

  
					

 

14

 

REPUBLIC
BANCORP, INC. 2005 STOCK INCENTIVE PLAN

 

OPTION
AWARD AGREEMENT

 

This is an Option Award Agreement (this
“Agreement”) dated as of <<Date Committee
acts to Grant>> by and between Republic Bancorp, Inc., a
Kentucky corporation (the “Company”), and <<Name>>
(“Optionee”).

 

Recitals

 

A.                                   Subject
to shareholder approval, the Board of Directors of the Company adopted the
Republic Bancorp, Inc. 2005 Stock Incentive Plan (the “Plan”).

 

B.                                     The
Committee (as defined in the Plan) has determined that it is in the best
interests of the Company and appropriate to the stated purposes of the Plan
that the Company grant to the Optionee an option to purchase shares of the
Company’s Class A common stock (“Stock”) 
pursuant and subject to the terms, definitions, and conditions of the
Plan.

 

Agreement

 

NOW, THEREFORE, the
Company and the Optionee do hereby agree as follows:

 

SECTION 1
– GRANT OF OPTION

 

Pursuant to the Plan and subject to the terms
and conditions of this Agreement, the Company hereby grants to Optionee an
option (the “Option”) to purchase all or any part from time to time of the
aggregate shares set forth below:

 

	
  TYPE OF OPTION

  	
   

  	
  NUMBER OF SHARES

  OF STOCK

  
	
   

  	
   

  	
   

  
	
  Incentive Stock Options

  	
   

  	
  <<Number of Shares>>

  
	
   

  	
   

  	
   

  
	
  Nonqualified Stock Options

  	
   

  	
  <<Number of Shares>>

  

 

SECTION 2
– OPTION PRICE

 

The option price hereunder is $<<Share Price>> per share of Stock (the “Option
Price”), which equals 100% of the Fair Market Value (or if the Optionee owns
stock possessing more than 10% of the voting power of the Company, 110% of the
Fair Market Value) of a share of Stock.

 

 

SECTION 3
– DURATION OF OPTION

 

Unless accelerated pursuant to Section 10.8
of the Plan (upon a Change in Control) and subject to such shorter period
provided in Section 7.3 of the Plan (regarding lapse within certain
periods following or at Termination of Employment or Service) and Section 7.1
of the Plan (must be in good standing at Exercise Date), the Option shall be
exerciseable in full upon the Optionee’s death or Disability while employed or
in the Service of the Company, and, absent such an event, with respect to <<    % >> of the Stock subject
to this Option on <<
first begin >>, and until no later than <<
first end >>; with respect to <<    %
>> of the Stock subject to this Option on << second begin >>, and until no later than << second end >>, after which dates the
respective portions of the Options shall expire (the “Option Period”).

 

SECTION 4
– EXERCISE OF OPTION

 

During the Option Period, the Optionee may
exercise the Option upon compliance with the following additional terms:

 

(a)                                  Method of Exercise.  The Optionee shall exercise portions of the
Option by written notice, which shall:

 

(i)                                     state
the election to exercise the Option, the number of shares in respect of which
it is being exercised (the “Option Shares”), and the Optionee’s address and
Social Security Number;

 

(ii)                                  contain
such representations and agreements, if any, as the Company’s counsel may
require concerning the holder’s investment intent regarding the Option Shares,

 

(iii)                               include
an acknowledgement and acceptance of the restrictions on transfer of the Option
Shares contained in the Plan;

 

(iv)                              be
signed by the Optionee; and

 

(v)                                 be
in writing and delivered in person or by certified mail to the Committee (the
date of such delivery shall be the “Exercise Date”).

 

(b)                                 Payment Upon
Exercise of Option.  Optionee shall
deliver with the written notice of exercise described above payment of the full
Option Price for the Option Shares plus any tax withholding (if applicable)
(collectively, the “Exercise Price”), which shall be made (a) in cash, (b) by
delivery of shares of Stock having a Fair Market Value as of the Exercise Date
equal to the Exercise Price, provided such shares have been owned by the
Optionee for at least 6 months (12 months if such shares were acquired pursuant
to an Incentive Stock Option) and are evidenced by negotiable Stock
certificates registered either in the sole name of the Optionee or the names of
the Optionee and the Optionee’s spouse, or (c) by any combination of the
foregoing. Notwithstanding the preceding sentence, any such right to exercise
or pay tax withholding by

 

2

 

delivery of already-owned stock shall be ineffective and void from its
inception if such a right is deemed to be a feature allowing deferral of
compensation within the meaning of Code Section 409A that would eliminate
the Option’s status as exempt from the deferred compensation rules of that
Code Section.

 

(c)                                  Stock Certificates.  Assuming the Committee concludes that the
above deliveries fully comply with the conditions for exercise and that the
Optionee was in good standing (in the Committee’s sole discretion) as of the
Exercise Date, the Company shall cause to be issued and delivered to the
Optionee the certificate(s) representing the Option Shares (including a legend
reflecting the Plan’s restrictions on transfer in Section 10.10 thereof)
as soon as practicable following the receipt of notice and payment described
above.

 

SECTION 5
– NONTRANSFERABILITY OF OPTION

 

The Option shall not be transferable or
assignable by the Optionee.  The Option
shall be exercisable, during the Optionee’s lifetime, only by the
Optionee.  The Option shall not be pledged
or hypothecated in any way, and shall not be subject to execution, attachment
or similar process.  Any attempted
transfer, assignment, pledge, hypothecation or other disposition of the Option
contrary to the provisions hereof, and the levy of any process upon the Option,
shall be null, void and without effect.

 

SECTION 6
– RESTRICTIONS ON ISSUING SHARES

 

Shares shall not be issued pursuant to the
exercise of the Option, unless the issuance and transferability of the shares
shall comply with all relevant provisions of law, including, but not limited
to, the (i) limitations, if any, imposed by the Commonwealth of Kentucky;
and (ii) restrictions, if any, imposed by the Securities Act of 1933, as
amended, the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder by the United States Securities and Exchange
Commission.  The Committee may, in its
discretion, determine if such restrictions or such issuance of shares so
complies with all relevant provisions of law.

 

SECTION 7
– RESTRICTIVE COVENANTS

 

(a)                                  Confidentiality.  The Optionee acknowledges that Confidential
Information (as defined below) is the exclusive property of the Company and
except for authorized use in the performance of the Optionee’s duties on behalf
of and for the benefit of the Company, the Optionee shall not disclose or use,
at any time, in any way, or anywhere, either during or subsequent to employment
with the Company, any trade secret or other Confidential Information.  “Confidential Information” means information,
not generally known in the industry in which the Company or its subsidiaries is
or may be engaged, about the Company’s or its subsidiaries, costs, pricing,
marketing, ideas, problems, developments, research records, technical data, processes,
products, plans for products or service improvement and development, business
and strategic plans, financial information, forecasts, customer records and any
other information which derives independent economic value, actual or
potential, and all other information of a trade secret or confidential
nature.  Confidential Information shall
not include information which is or becomes

 

3

 

generally available to the public other than as a result of a disclosure
by the Optionee which results in a breach of this Agreement.

 

(b)                                 Nonsolicitation of
Customers or Employees.      The
Optionee further agrees that during the Optionee’s employment or service with
the Company and for a period of two years following the date of the Optionee’s
Termination of Employment or Service, the Optionee shall not (i) solicit
or divert or attempt to divert from the Company or its subsidiaries, any
customer’s business now or at any time during the Optionee’s employment or
service with the Company enjoyed by or specifically targeted by the Company or
its subsidiaries; and (ii) directly or indirectly, solicit to employ or
engage, offer employment or engagement to, hire, employ or engage any employee
or independent contractor of the Company or any of its subsidiaries.

 

(c)                                  Forfeiture of
Option or Profits.  The Company and
the Optionee each acknowledge and agree that any breach of the covenants in
this Section 7 would cause irreparable harm to the Company or its
subsidiaries.  In the event of a breach
or threatened breach by the Optionee of the covenants in this Section, the
Company shall be entitled to, in addition to any other legal or equitable
remedies available to it, declare the Option and the Option Shares forfeited.  Any stock certificates representing such
Option Shares shall be returned to the Company. 
The Company and the Optionee further agree that upon breach, the Company
is entitled to recover, and the Optionee will disgorge to the Company, any
profits realized from the prior disposition of the Option Shares.

 

(d)                                 Survival; Other
Remedies.  The provisions of this Section 7
shall survive the termination of this Agreement and will be construed as
independent of any other provision of this Agreement, and the existence of any
claim or cause of action by the Optionee against the Company, whether
predicated on this Agreement or otherwise, will not constitute a defense to the
enforcement by the Company of such covenants and agreements.  If any provision of this Agreement, including
this Section 7, is invalid in part or in whole, it will be deemed to have
been amended, whether as to time, area covered or otherwise, as and to the
extent required for its validity under applicable law and, as so amended, will
be enforceable.  The parties will execute
all documents necessary to evidence such amendment.

 

SECTION 8
– ACKNOWLEDGEMENTS

 

The Optionee acknowledges receipt
contemporaneously herewith of a copy of the Plan, and the Optionee represents
that he is familiar with the terms and provisions thereof and hereby accepts
the Option subject to all the terms and provisions thereof.  Any capitalized term used herein and not
otherwise defined shall have the meaning given in the Plan.  The Optionee acknowledges that nothing
contained in the Plan or this Agreement shall (a) confer upon the Optionee
any additional rights to continued employment by the Company or any corporation
related to the Company; or (b) interfere in any way with the right of the
Company to terminate the Optionee’s employment or change the Optionee’s
compensation at any time.

 

4

 

SECTION 9
– AMENDMENT

 

The Committee may amend the terms and
conditions of this Agreement as provided in the Plan; provided, however, no
amendment may impair the rights of the Optionee without the consent of the
Optionee, and no amendment may extend the Option Period or change the exercise
price of the Option issued hereunder except in accordance with adjustments in
authorized shares as provided in Section 3.3 of the Plan.

 

SECTION 10
– TERM OF AGREEMENT

 

This Agreement shall terminate (except with
respect to Section 7) upon the earlier of (i) complete exercise,
lapse or termination of the Option; (ii) mutual agreement of the parties;
or (iii) the end of the Option Period.

 

IN WITNESS WHEREOF,
the parties have executed and delivered this Agreement as of the date set forth
in the preamble hereto, but actually on the dates set forth below.

 

	
   

  	
  REPUBLIC BANCORP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Optionee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Presenter’s Initials:

  	
   

  	
   

  
						

 

 

In the event this Agreement is not signed and returned to the President
or the Director of Human Resources of the Company by Optionee within <<days for acceptance>> days of receipt, it
shall be deemed rejected by Optionee and the Company’s offer shall be
immediately withdrawn and become null and void.

 

5

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