REPUBLIC BANCORP INC /KY/
EX-10.23
<DOCUMENT>
<TYPE>EX-10.23
<SEQUENCE>3
<FILENAME>j1180_ex10d23.htm
<DESCRIPTION>EX-10.23
<TEXT>
<html>

<head>
<title>Prepared by MerrillDirect</title>
</head>

<body>

<div>

<p><b><font size=2>Exhibit 10.23.<br>
Officer Compensation Continuation Agreement</font></b></p>

<p align=center><font size=2>REPUBLIC BANCORP, INC<br>
REPUBLIC BANK &amp; TRUST COMPANY</font></p>

<p align=center><u><font size=2>OFFICER COMPENSATION
CONTINUATION AGREEMENT</font></u></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This
Agreement&nbsp; dated as of the <u>15</u><sup>th</sup>
day of <u>June</u>, 2001 (the &quot;Agreement&quot;) is made by and between
Republic Bancorp, Inc., a Kentucky corporation (the &quot;Company&quot;), and
Kevin Sipes (the &quot;Executive&quot;), who is presently Chief Financial
Officer of Republic Bank &amp; Trust Company (the &quot;Bank&quot;) in
consideration of the mutual covenants herein contained and in further consideration
of services performed and to be performed by the Executive for the Company
and/or its subsidiaries.&nbsp; As of the date
of this Agreement, Bank is a wholly-owned subsidiary of the Company.&nbsp; The Bank joins in this Agreement to further
accomplish the terms and objectives of this Agreement.<br>
<u>Recitals</u></font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company considers the establishment
and maintenance of sound and vital management of the Company and its
subsidiaries to be essential to protecting and enhancing the best interests of
the Company and its shareholders.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company recognizes that, as is the
case with many bank holding companies, the possibility of a change of control
may exist.&nbsp; Such possibility, and the
uncertainty and questions which it may raise among management of the Company
and its subsidiaries may result in the departure or distraction of key members
of management to the detriment of the Company's shareholders.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company's Board of Directors has
determined that appropriate steps should be taken to encourage key members of
management of the Company and its subsidiaries, such as the Executive, to
remain in the employ of the Company and/or its subsidiaries and perform their
assigned duties without distraction in the face of potentially disturbing
circumstances arising from the possibility of a change of control of the
Company.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOW,
THEREFORE, in consideration of the foregoing and of the covenants herein
contained, the parties hereto agree as follows:</font></p>

<p align=center><font size=2><br>
Section 1 &#151; <u>Definitions</u></font></p>

<p><font size=2>For purposes of this Agreement, the following words and terms shall
have the following meanings:</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Termination by the Bank of the
Executive's employment for <b>&quot;Cause&quot;</b>
shall mean termination upon (A) the willful and continued failure by the
Executive substantially to perform the Executive's duties with the Bank (other
than any such failure resulting from Disability or temporary incapacity due to
physical or mental illness), after a written demand for substantial performance
is delivered to the Executive by the Board of Directors of the Bank (the &quot;Bank
Board&quot;), which demand specifically identifies the manner in which the Bank
Board believes that the Executive has not substantially performed his duties;
or (B) the willful engaging by the Executive in gross misconduct materially and
demonstrably injurious to the Bank or the Company.&nbsp; For purposes of this definition, no act, or failure to act, on
the Executive's part shall be considered &quot;willful&quot; unless done, or
omitted to be done, by the Executive not in good faith and without reasonable
belief that the Executive's action or omission was in the best interests of the
Bank or the Company.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A <b>&quot;Change
in Control</b>&quot; of the Company shall mean (i) an event or series of
events which have the effect of&nbsp;any &quot;person&quot; as such term is
used in Section&nbsp;13(d) and 14(d) of the Exchange Act, becoming the
&quot;beneficial owner&quot; as defined in Rule&nbsp;13d-3 under the Exchange
Act, directly or indi&#173;rectly, of securities of the Company or the Bank repre&#173;senting
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)&nbsp;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%;&nbsp; (ii)&nbsp;any person (including the Company or the Bank) publicly
announces an intention to take or to con&#173;sider taking actions which have
consummated would constitute a Change in Con&#173;trol, or (iii)&nbsp;the Company
Board adopts a resolu&#173;tion to the effect that a Potential Change in Control for
purposes of this Plan has occurred.&nbsp; For
purposes of this paragraph, &quot;Trager Family Member&quot; shall mean Bernard
M. Trager, Jean&nbsp;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&nbsp;S. Trager, or one or more of their lineal
descendants.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>&quot;Compensation&quot;</b>
shall mean the Executive's annual base salary at the greater of (A) the highest
rate in effect at any time during the twelve months immediately preceding the
applicable Date of Termination, or (B) the rate in effect immediately prior to
the applicable Change in Control.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>&quot;Contract
Period&quot;</b> shall mean the period defined in Section 2 hereof.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>&quot;Date
of Termination&quot;</b> shall mean (A) if the Executive's employment is
terminated for Good Reason, as defined below, the date specified in the Notice
of Termination, as defined in this Section 1.8 below; and (B) if the
Executive's employment is terminated for any other reason, the date on which a
Notice of Termination is given; <u>provided that</u>, if within 30 days after
any Notice of Termination is given, the party receiving such Notice of
Termination notifies the other party that a dispute exists concerning the
termination, the Date of Termination shall be the date on which the dispute is
finally determined, either by mutual written agreement of the parties, by a
binding and final arbitration award or by a final judgment, order or decree of
a court of competent jurisdiction (the time for appeal therefrom having expired
and no appeal having been perfected).</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>&quot;Disability&quot;</b>
shall mean a physical or mental incapacity of the Executive which entitles the
Executive to benefits under any long-term disability plan or wage continuation
plan applicable to him and maintained by the Company as in effect immediately
prior to the applicable Change in Control.</font></p>

<page>


<p><br>
<font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>&quot;Good Reason&quot;</b> shall mean:</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Without the Executive's express written
consent, the assignment to Executive of any duties inconsistent with, or the
reduction of powers or functions associated with, his positions, duties,
responsibilities and status with the Company immediately prior to a Change in
Control, or any removal of Executive from, or any failure to reelect Executive
to, any positions or offices Executive held immediately prior to a Potential
Change in Control, except in connection with the termination of Executive's
employment at death, for Cause or on account of Retirement or Disability
pursuant to the requirements of this Agreement;</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp;the
failure by the Company to continue in effect any employee welfare or pension
benefit plans within the meaning of Sections 3(1) and 3(2) of the Employee
Retirement Income Security Act of 1974 (the &quot;Plans&quot;), in which
Executive was participating immediately prior to a Potential Change in Control
(or substitute plans, programs or arrangements providing Executive with
substantially similar benefits),</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)
the taking of any action, or the failure to take any action, by the Company
which could (A) adversely affect Executive's participation in, or materially
reduce Executive's benefits under, any of the Plans, (B) materially adversely
affect the basis for computing benefits under any of the Plans, or (C) deprive
Executive of any material fringe benefit enjoyed by Executive immediately prior
to a Potential Change in Control, or (iii) the failure by the Company to
provide Executive with the number of paid vacation days to which Executive was
entitled immediately prior to a Potential Change in Control in accordance with
the Company's vacation policy applicable to Executive then in effect;</font></p>

<p><font size=2>except, in each case, in connection with the termination of Executive's
employment at death, for Cause or on account of Retirement or Disability
pursuant to the requirements of this Agreement;</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the failure by the Company to obtain an
assumption of the obligations of the Company under this Agreement by any successor
to the Company;</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a reduction by the Bank in the
Executive's base salary as in effect on the date hereof or as the same may be
increased from time to time, except as part of an across-the-board reduction of
base salaries applicable to all salaried employees of the Bank, provided the
reduction (or series of reductions) does not exceed 5% of the Executive's base
salary prior to such change;</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the relocation of the Bank's principal
executive offices to a location outside the metropolitan Louisville area; or
the Company's requiring the Executive to be based anywhere other than in the
metropolitan Louisville area, except for required travel on the Bank's business
to an extent substantially consistent with similarly situated executives'
business travel obligations;</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any purported termination of the
Executive's employment during the contract period which is not effected
pursuant to a Notice of Termination satisfying the requirements of Section 3
below; and for purposes of this Agreement, no such purported termination shall
be effective.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A <b>&quot;Notice
of Termination&quot;</b> shall mean a notice, from the Bank or from the
Executive, which shall indicate the specific termination provision in this
Agreement relied upon and shall set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive's
employment under the provision so indicated.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>&quot;Plans&quot;</b>
shall have the meaning given in Section 1.7(b).</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any reference to <b>&quot;Subsidiaries&quot;</b> of the Company
shall include those subsidiaries owned by the Company directly or owned by the
Company indirectly through another company which is wholly-owned by the
Company.</font></p>

<p align=center><font size=2>Section 2 &#151; <u>Application
of Agreement</u></font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement shall
apply only to termination of employment of the Executive during a period (the
&quot;Contract Period&quot;) commencing on the date immediately preceding the
date of a Change in Control and terminating on the second anniversary of the
date of that Change in Control; provided, however, that each such Change in
Control occurs during the period commencing as of January 1, 2001 and
terminating at midnight on December 31, 2004 or as further extended pursuant to
the following sentence.&nbsp; At midnight on
December 31, 2004, and on each annual anniversary of that time and date
thereafter, such latter period shall be automatically extended for two
additional years, unless on or before such anniversary the Company notifies the
Executive in writing that it elects not to extend such period.&nbsp; There is one Contract Period for each Change
in Control and there may be multiple Change(s) in Control.&nbsp; With respect to a termination pursuant to
Section 3.2 only, the Contract Period shall also include the period from and
after a Potential Change in Control.&nbsp; If
a Potential Change in Control occurs but a Change in Control does not follow
within one year of the Potential Change in Control, the Contract Period shall
expire on the one year anniversary of the Potential Change in Control.</font></p>

<page>


<p align=center><font size=2>Section 3 &#151; <u>Termination</u></font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Procedure for Termination</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any termination by the Bank or by the
Executive, pursuant to this Agreement, shall be communicated by Notice of
Termination to the other parties hereto.&nbsp;
The Executive shall not be deemed to have been terminated for Cause
unless and until there shall have been delivered to the Executive a copy of a
resolution duly adopted by the affirmative vote of not less than 51% of the
entire membership of the Board of Directors of the Company (the &quot;Company
Board&quot;) at a meeting of the Company Board called and held for that purpose
(after reasonable notice to the Executive and an opportunity for the Executive,
together with his counsel, to be heard before the Company Board), finding that
in the good faith opinion of the Company Board, the Executive was guilty of
conduct set forth in Section 1.1 and specifying the particulars thereof in
detail.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination for Cause or Before
Contract Period</u>.&nbsp; Upon a termination
of the Executive's employment for Cause during the Contract Period, the
Executive shall have no right to receive any compensation or benefits
hereunder.&nbsp; Upon a termination of the
Executive's employment without Cause during the Contract Period, the Executive
shall be entitled to receive the benefits provided in Section 3.4 hereof.&nbsp; This Agreement shall not apply to, and the
Executive shall have no right to receive any compensation or benefits hereunder
in connection with, any termination of the Executive's employment by the
Company other than during a Contract Period, and Executive shall remain an
&quot;at will&quot; employee until a Contract Period begins.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination for Good Reason</u>.&nbsp; During the Contract Period, the Executive
shall be entitled to terminate his employment with the Company and, if such
termination is for Good Reason, to receive the benefits provided in Section 3.4
hereof.&nbsp; The Executive shall give the
Company Notice of Termination of his employment pursuant to this Section 3.3,
and termination of the Executive's employment shall be effective five business
days after the Executive gives notice thereof to the Company.&nbsp; This Agreement shall not apply to, and the
Executive shall have no right to receive any compensation or benefits hereunder
in connection with, any termination of the Executive's employment by the Executive
other than during a Contract Period.&nbsp;
This Agreement shall not apply to, and the Executive shall have no right
to receive any compensation or benefits hereunder in connection with, a
termination of the Executive's employment on account of the Executive's death,
whether or not during the Contract Period.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Compensation Upon Termination</u>.&nbsp; If during a Contract Period the Executive's
employment shall be terminated by the Bank other than pursuant to death or for
Cause, or if the Executive shall terminate his employment for Good Reason, then
the Company shall pay, or the Company shall cause the Bank to pay, to the
Executive as severance compensation in a lump sum (discounted to present value
using the interest rate applicable to a three year certificate of deposit at
Republic Bank &amp; Trust Company) on the fifth day following the Date of
Termination:</font></p>

<dir><dir>
<p><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the unpaid balance of the Executive's full base salary
through the Date of Termination at the rate in effect at the time Notice of
Termination is given; and</font></p>
</dir></dir>

<dir><dir>
<p><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; an amount equal to the Executive's Compensation, <u>divided</u>
<u>by</u> 12 and <u>multiplied</u> <u>by</u> the lesser of (i) the number of
months remaining in the Contract Period at the Date of Termination, and (ii) 24
(such multiple hereafter referred to as the &quot;Payment Period&quot;).</font></p>
</dir></dir>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition to the
severance benefits set forth in (1) and (2) of this Section 3.4, the Company
shall, or the Company shall cause the Bank to:</font></p>

<dir><dir>
<p><font size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; pay all legal fees and expenses incurred by the Executive
resulting from termination (including all such fees and expenses, if any,
incurred in contesting any such termination or in seeking to obtain or enforce
any right or benefit provided by this Agreement);</font></p>
</dir></dir>

<dir><dir>
<p><font size=2>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; maintain in full force and effect, for the continued benefit
of the Executive for the shorter of (1) until the Executive's death (provided
that benefits payable to his beneficiaries shall not terminate upon his death),
or (2) with respect to any particular Plan, the date he is afforded a
comparable benefit at a comparable cost to the Executive by a subsequent
employer, or (3) the Payment Period, all Plans in which Executive was entitled
to participate immediately prior to the Change of Control (unless Plans
generally available to employees of the Bank have been modified since the
Change in Control in which case the Plans to be continued shall be those in
effect at the Date of Termination, at the level most comparable to that
available to the Executive at the Change in Control).&nbsp; In the event that the Executive's participation in any Plan of
the Company is prohibited, the Company shall arrange to provide the Executive
with benefits substantially similar to those which the Executive is entitled to
receive under Plan, for such period.&nbsp; At
the end of the period of coverage, the Executive shall have the option to have
assigned to him at no cost and with no apportionment of prepaid premiums, any
assignable insurance policy owned by the Bank or the Company relating
specifically to the Executive; and</font></p>
</dir></dir>

<dir><dir>
<p><font size=2>(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; cause all stock options and stock appreciation rights and/or
the rights held by the Executive with respect to stock in the Company,
immediately prior to the termination, if not otherwise presently exercisable,
to become presently exercisable.<page></font></p>
</dir></dir>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Disability</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If during the Contract
Period, the Executive's employment shall be terminated, either by the Bank orby
the Executive, due to the Executive's Disability, the Company shall pay the
Executive as severance compensation the same benefits as set forth in Section
3.4(1)-(5).</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No
Mitigation</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Executive
shall not be required to mitigate the amount of any payment provided for in
this Section 3 by seeking other employment or otherwise, nor shall the amount
of any payment provided for in this Section 3 be reduced by any compensation
earned by the Executive as the result of employment by another employer after
the Date of Termination, or otherwise.</font></p>

<p align=center><font size=2>Section 4 &#151; <u>Miscellaneous</u></font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Successors Shall Assume</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company will require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business and/or assets of the Company or the
Bank, by agreement in form and substance satisfactory to the Executive,
expressly to assume and agree to perform this Agreement in the same manner and
to the same extent that the Company or the Bank would be required to perform if
no such succession had taken place.&nbsp;
Failure of the Company to obtain such agreement prior to the
effectiveness of any such succession shall be a breach of this Agreement and
shall entitled the Executive to compensation from the Company in the same
amount and on the same terms as the Executive would be entitled hereunder if
the Executive terminated the Executive's employment for Good Reason, except
that for purposes of implementing the foregoing, the date on which any such
succession becomes effective shall be deemed the Date of Termination.&nbsp; As used in this Agreement,
&quot;Company&quot; shall mean the Company as defined in the preamble hereto
and any successor to its business and/or assets as aforesaid or which otherwise
becomes bound by all the terms and provisions of this Agreement by operation of
law.&nbsp; As used in this Agreement,
&quot;Bank&quot; shall mean the Bank as defined in the preamble hereto and any
successor to its business and/or assets as aforesaid or which otherwise becomes
bound by all the terms and provisions of this Agreement by operation of law.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Binding Effect</u>. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement shall inure to the
benefit of and be enforceable by the Executive's personal or legal
representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees.&nbsp; If the Executive
should die while any amounts would still be payable to the Executive hereunder
if the Executive had continued to live, all such amounts, unless otherwise
provided herein, shall be paid in accordance with the terms of this Agreement
to the Executive's devisee, legatee, or other designee or, if there be no such
designee, to the Executive's estate.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Reduction of Amounts Payable</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In no event shall any amount payable
under any provision of this Agreement equal or exceed an amount which would
cause the Company to forfeit, pursuant to Section 280G(a) of the Internal
Revenue Code of 1986, as amended, its deduction for any or all such amounts
payable.&nbsp; Pursuant to this Section 4.3,
the Company's Compensation Committee has the power to reduce severance benefits
payable under this Agreement, if such benefits alone or in conjunction with
termination benefits provided under any other Company plan or program, would
cause the Company to forfeit otherwise deductible payments; <u>provided</u>, <u>however</u>
that no benefits payable under this Agreement shall be reduced pursuant to this
Section 4.3 to less than $1.00 below the amount of benefits which the Company
can properly deduct under Section 280G(a) of the Internal Revenue Code of 1986,
as amended.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notice</u>. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any notice or request required or permitted to be given
under this Agreement shall be in writing and shall be deemed sufficiently given
for all purposes if mailed by certified mail, postage prepaid and return
receipt requested, addressed to the intended recipient at</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the addresses set forth below:</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to the Company:</font><font size=2><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic
Bancorp, Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601
W. Market St.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville,
Kentucky 40202</font></p>

<p><font size=2>All notices to the Company shall be directed to the attention of the Chief
Executive Officer of the Company with a copy to the Secretary of the Company
and to the Secretary of the Bank.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to the Bank:</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic
Bank &amp; Trust Company</font><font size=2><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601
W. Market Street<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville,
Kentucky 40202<br>
All notices to the Bank shall be directed to the attention of the Secretary of
the Bank with a copy to the Secretary of the Company.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to the Executive:</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kevin
Sipes</font><font size=2><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic
Bancorp<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601
West Market Street<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville,
KY&nbsp; 40202</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Such other address as any of the parties
shall specify by written notice to the other parties of this Agreement.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Payment Obligations Absolute</u>.&nbsp; The Company's obligation to pay the
Executive the amounts provided for hereunder shall be absolute and
unconditional and shall not be affected by any circumstances, including,
without limitation, any set-off, counterclaim, recoupment, defense or other
right which the Company may have against him or anyone else, except with
respect to tax withholding required pursuant to Section 4.11.&nbsp; All amounts payable by the Company hereunder
shall be paid without notice or demand.&nbsp;
Except as expressly provided herein, the Company waives all rights which
it may now have or may hereafter have conferred upon it, by statute or
otherwise, to amend, terminate, cancel or rescind this Agreement in whole or in
part.&nbsp; Each and every payment made
hereunder by the Company shall be final and the Company shall not seek to
recover all or any part of such payment from the Executive or from whomsoever
may be entitled thereto, for any reason whatsoever.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Modifications and Waivers</u>.&nbsp;&nbsp;&nbsp; No provisions of this Agreement may be
modified, waived or discharged unless such waiver, modification or discharge is
agreed to in writing and signed by the Executive and such officer as may be
specifically designated by the Board of Directors of the Company.&nbsp; No waiver by either party hereto at any time
of any breach by the other party hereto of, or compliance with, any condition
or provision of this Agreement to be performed by such other party shall be
deemed a waiver of similar or dissimilar provisions or conditions at the same
or any prior or subsequent time.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Entire Agreement</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No agreements or representations, oral
or otherwise, express or implied, with respect to the subject matter hereof
have been made by either party which are not set forth expressly in this
Agreement.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing Law</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of
the Commonwealth of Kentucky.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Validity</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The invalidity or unenforceability of any provisions of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Counterparts</u>.&nbsp; This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.</font></p>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Payroll and Withholding Taxes</u>.&nbsp; The Company may withhold from any amounts
payable to the Executive hereunder all federal, state, city or other taxes that
the Company may reasonably determine are required to be withheld pursuant to
any applicable law or regulation.</font></p>

<page>


<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font size=2>IN WITNESS WHEREOF
the parties hereto have executed this Agreement, as of the day and year first
above written.</font></p>

<table border=0 cellspacing=0 cellpadding=0 width="100%">
 <tr>
  <td width="38%" valign=top>&nbsp;</td>
  <td width="16%" valign=top>&nbsp;</td>
  <td width="45%" colspan=2 valign=top><font size=2>REPUBLIC BANCORP, INC.</font></td>
 </tr>
 <tr>
  <td width="38%" valign=top>&nbsp;</td>
  <td width="16%" valign=top>&nbsp;</td>
  <td width="45%" colspan=2 valign=top>&nbsp;</td>
 </tr>
 <tr>
  <td width="38%" valign=top><font size=2>/s/ Kevin Sipes</font></td>
  <td width="16%" valign=top>&nbsp;</td>
  <td width="45%" colspan=2 valign=top>&nbsp;</td>
 </tr>
 <tr>
  <td width="38%" valign=top>
<hr size=1 width="92%" noshade color=black align=left></td>
  <td width="16%" valign=top>&nbsp;</td>
  <td width="7%" valign=top><font size=2>By</font></td>
  <td width="38%" valign=top><font size=2>/s/ Steve Trager</font></td>
 </tr>
 <tr>
  <td width="38%" valign=top><font size=2>Executive</font></td>
  <td width="16%" valign=top>&nbsp;</td>
  <td width="7%" valign=top>&nbsp;</td>
  <td width="38%" valign=top>
<hr size=1 width="100%" noshade color=black align=right></td>
 </tr>
 <tr>
  <td width="38%" valign=top>&nbsp;</td>
  <td width="16%" valign=top>&nbsp;</td>
  <td width="7%" valign=top><font size=2>Title:</font></td>
  <td width="38%" valign=top><font size=2>President</font></td>
 </tr>
 <tr>
  <td width="38%" valign=top>&nbsp;</td>
  <td width="16%" valign=top>&nbsp;</td>
  <td width="7%" valign=top>&nbsp;</td>
  <td width="38%" valign=top>
<hr size=1 width="100%" noshade color=black align=right></td>
 </tr>
 <tr>
  <td width="38%" valign=top>&nbsp;</td>
  <td width="16%" valign=top>&nbsp;</td>
  <td width="7%" valign=top><font size=2>Date:</font></td>
  <td width="38%" valign=top><font size=2>6/22/01</font></td>
 </tr>
 <tr>
  <td width="38%" valign=top>&nbsp;</td>
  <td width="16%" valign=top>&nbsp;</td>
  <td width="7%" valign=top>&nbsp;</td>
  <td width="38%" valign=top>
<hr size=1 width="100%" noshade color=black align=right></td>
 </tr>
 <tr>
  <td width="38%" valign=top>&nbsp;</td>
  <td width="16%" valign=top>&nbsp;</td>
  <td width="7%" valign=top>&nbsp;</td>
  <td width="38%" valign=top>&nbsp;</td>
 </tr>
 <tr>
  <td width="38%" valign=top>&nbsp;</td>
  <td width="16%" valign=top>&nbsp;</td>
  <td width="7%" valign=top>&nbsp;</td>
  <td width="38%" valign=top>&nbsp;</td>
 </tr>
 <tr>
  <td width="38%" valign=top>&nbsp;</td>
  <td width="16%" valign=top>&nbsp;</td>
  <td width="7%" valign=top>&nbsp;</td>
  <td width="38%" valign=top>&nbsp;</td>
 </tr>
 <tr>
  <td width="38%" valign=top>&nbsp;</td>
  <td width="16%" valign=top>&nbsp;</td>
  <td width="45%" colspan=2 valign=top><font size=2>REPUBLIC BANK &amp;
  TRUST COMPANY</font></td>
 </tr>
 <tr>
  <td width="38%" valign=top>&nbsp;</td>
  <td width="16%" valign=top>&nbsp;</td>
  <td width="45%" colspan=2 valign=top>&nbsp;</td>
 </tr>
 <tr>
  <td width="38%" valign=top>&nbsp;</td>
  <td width="16%" valign=top>&nbsp;</td>
  <td width="45%" colspan=2 valign=top>&nbsp;</td>
 </tr>
 <tr>
  <td width="38%" valign=top>&nbsp;</td>
  <td width="16%" valign=top>&nbsp;</td>
  <td width="7%" valign=top><font size=2>By</font></td>
  <td width="38%" valign=top><font size=2>/s/ Steve Trager</font></td>
 </tr>
 <tr>
  <td width="38%" valign=top>&nbsp;</td>
  <td width="16%" valign=top>&nbsp;</td>
  <td width="7%" valign=top>&nbsp;</td>
  <td width="38%" valign=top>
<hr size=1 width="100%" noshade color=black align=right></td>
 </tr>
 <tr>
  <td width="38%" valign=top>&nbsp;</td>
  <td width="16%" valign=top>&nbsp;</td>
  <td width="7%" valign=top><font size=2>Title:</font></td>
  <td width="38%" valign=top><font size=2>CEO</font></td>
 </tr>
 <tr>
  <td width="38%" valign=top>&nbsp;</td>
  <td width="16%" valign=top>&nbsp;</td>
  <td width="7%" valign=top>&nbsp;</td>
  <td width="38%" valign=top>
<hr size=1 width="100%" noshade color=black align=right></td>
 </tr>
 <tr>
  <td width="38%" valign=top>&nbsp;</td>
  <td width="16%" valign=top>&nbsp;</td>
  <td width="7%" valign=top><font size=2>Date:</font></td>
  <td width="38%" valign=top><font size=2>6/22/01</font></td>
 </tr>
 <tr>
  <td width="38%" valign=top>&nbsp;</td>
  <td width="16%" valign=top>&nbsp;</td>
  <td width="7%" valign=top>&nbsp;</td>
  <td width="38%" valign=top>
<hr size=1 width="100%" noshade color=black align=right></td>
 </tr>
</table>

<p><font size=2>&nbsp;</font></p>

<p><font size=2>&nbsp;</font></p>

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