Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Bonus Compensation Payout for William Nelson
On October 12, 2021, the Compensation Committee of Republic Bancorp, Inc. (the
"Company" or "Republic"), the parent company of Republic Bank & Trust Company,
approved a bonus payout for William (Bill) Nelson, President of the Republic
Processing Group ("RPG"), of $375,000 that was comprised of both non-equity
incentive plan compensation and a discretionary bonus as described below.
Non-Equity Incentive Plan Compensation. The Compensation Committee previously
established the RPG financial performance goals for Mr. Nelson's Bonus Incentive
Compensation Program specific to the measurement period of October 1, 2020
through September 30, 2021 (the "Measurement Period"). On October 12, 2021, the
Compensation Committee awarded Mr. Nelson a $315,000 bonus based on RPG's actual
financial performance during the Measurement Period.
Discretionary Bonus. In addition, as a result of Mr. Nelson's extraordinary
effort related to the previously disclosed agreement to sell Tax Refund
Solutions to Green Dot Corporation, the Company's Executive Chair & Chief
Executive Officer recommended to the Compensation Committee, and the
Compensation Committee concurred, to exercise its discretion and award Mr.
Nelson an additional bonus of $60,000.
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