Officer Compensation Continuation Agreement
REPUBLIC BANCORP, INC
REPUBLIC BANK & TRUST COMPANY
OFFICER COMPENSATION CONTINUATION AGREEMENT
This Agreement dated as of the 15 th day of June , 2001 (the "Agreement") is made by and between Republic Bancorp,
Inc., a Kentucky corporation (the "Company"), and Kevin Sipes (the "Executive"), who is presently Chief Financial Officer of
Republic Bank & Trust Company (the "Bank") 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. As of the
date of this Agreement, Bank is a wholly-owned subsidiary of the Company. The Bank joins in this Agreement to further
accomplish the terms and objectives of this Agreement.
A. 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.
B. The Company recognizes that, as is the case with many bank holding companies, the possibility of a change of
control may exist. 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
C. 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.
NOW, THEREFORE, in consideration of the foregoing and of the covenants herein