Exhibit 10.1


 


CHANGE OF CONTROL AGREEMENT


 


AGREEMENT by and between
Seacoast Banking Corporation of Florida (the “Company”) and __________ (“Executive”), dated
as of the 21st day of September, 2016.


 


The Board of Directors
of the Company (the “Board”), has determined that it is in the best interests of the Company and its stockholders to
assure that the Company will have the continued dedication of Executive, notwithstanding the possibility, threat or occurrence
of a Change of Control (as defined below) of the Company. The Board believes it is imperative to diminish the inevitable distraction
of Executive by virtue of the personal uncertainties and risks created by a pending or threatened Change of Control and to encourage
Executive’s full attention and dedication to the Company currently and in the event of any threatened or pending Change of
Control, and to provide Executive with compensation and benefits arrangements upon a Change of Control which ensure that the compensation
and benefits expectations of Executive will be satisfied and which are competitive with those of other corporations.


 


Therefore, in order
to accomplish these objectives, the Board has caused the Company to enter into this Agreement.


 


NOW, THEREFORE, IT
IS HEREBY AGREED AS FOLLOWS:


 


1.            Certain
Definitions. The following capitalized terms used in this Agreement shall have the meanings assigned to them below, which definitions
shall apply to both the singular and the plural forms of such terms.


 


(a)          “Average
Annual Performance Bonus” shall mean the average of the annual performance bonuses paid to Executive by the Company for
the last three full fiscal years prior to the Date of Termination (or in the event that Executive was not employed by the Company
for the whole of such three fiscal years, such fewer number of fiscal years during which Executive was employed by the Company
prior to the Date of Termination). For purposes of calculating Average Annual Performance Bonus, any portion of an annual performance
bonus earned but (i) deferred or (ii) settled in stock or stock-based awards shall be considered to have been paid (x) for the
year for which such annual performance bonus was earned and (y) in an amount equal to the amount Executive would have received
if such portion had not been deferred or settled in stock or stock-based awards and instead had been paid in cash.


 


(b)          “Cause”
shall mean that Executive:


 


(i)          committed
an act constituting a misdemeanor involving dishonesty or moral turpitude or a felony under the laws of the United States or any
state or political subdivision thereof;


 


(ii)         violated
laws, rules or regulations applicable to banks, investment banks, broker-dealers, investment advisors or the banking and securities
industries generally, or becomes ineligible to serve as an executive officer of a depository institution, depository institution
holding company, or a publicly-traded company;


 




     


     


    

 


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(iii)        committed
an act constituting gross negligence or willful misconduct causing harm to the Company;


 


(iv)        engaged
in conduct that materially violated the internal policies or procedures of the Company and which is materially detrimental to the
business, reputation, character or standing of the Company;


 


(v)         committed
an act of fraud, intentional dishonesty or misrepresentation which is materially detrimental to the business, reputation, character
or standing of the Company;


 


(vi)        violated
any law relating to employment discrimination, harassment, or retaliation or any policy of the Company relating to employment
discrimination, harassment or retaliation;


 


(vii)       used
illegal drugs, abused other controlled substances or worked under the influence of alcohol;


 


(viii)      willfully
refused to obey lawful directives from the executive to which he reports or the Board, as applicable;


 


(ix)         materially
breached any of his obligations under this Agreement; or


 


(x)          engaged
in a conflict of interest or self-dealing or materially violated a code or policy of the Company relating to business conduct,
ethics, legal compliance or conflict of interest.


 


(c)          A
“Change of Control” shall mean the occurrence of any of the following events:


 


(i)          during
any consecutive 12-month period, individuals who, at the beginning of such period, constitute the Board (the “Incumbent
Directors”) cease for any reason to constitute at least a majority of such Board, provided that any person becoming a
director after the beginning of such 12-month period and whose election or nomination for election was approved by a vote of at
least a majority of the Incumbent Directors then on the Board shall be an Incumbent Director; provided, however,
that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election
contest with respect to the election or removal of directors (“Election Contest”) or other actual or threatened
solicitation of proxies or consents by or on behalf of any “person” (as such term is defined in Section 3(a)(9) of
the Securities Exchange Act of 1934 (the “1934 Act”) and as used in Section 13(d)(3) and 14(d)(2) of the 1934
Act) other than the Board (“Proxy Contest”), including by reason of any agreement intended to avoid or settle
any Election Contest or Proxy Contest, shall be deemed an Incumbent Director;


 




     


     


    

 


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(ii)         any
person becomes a “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of either
(A) 35% or more of the then-outstanding shares of common stock of the Company (“Company Common Stock”) or (B) securities
of the Company representing 35% or more of the combined voting power of the Company’s then-outstanding securities eligible
to vote for the election of directors (the “Company Voting Securities”); provided, however, that
for purposes of this subsection (a), the following acquisitions of Company Common Stock or Company Voting Securities shall not
constitute a Change of Control: (i) an acquisition directly from the Company, (ii) an acquisition by the Company or any corporation,
limited liability company, partnership or other entity of which a majority of the outstanding voting stock or voting power is beneficially
owned directly or indirectly by the Company (a “Subsidiary”), (iii) an acquisition by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any Subsidiary, or (iv) an acquisition pursuant to a Non-Qualifying Transaction
(as defined in subsection (iii) below);


 


(iii)        the
consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving
the Company or a Subsidiary (a “Reorganization”), or the sale or other disposition of all or substantially all
of the Company’s assets (a “Sale”) or the acquisition of assets or stock of another corporation or other
entity (an “Acquisition”), unless immediately following such Reorganization, Sale or Acquisition: (A) all or
substantially all of the individuals and entities who were the Beneficial Owners, respectively, of the outstanding Company Common
Stock and outstanding Company Voting Securities immediately prior to such Reorganization, Sale or Acquisition beneficially own,
directly or indirectly, more than 35% of, respectively, the then outstanding shares of common stock and the combined voting power
of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity
resulting from such Reorganization, Sale or Acquisition (including, without limitation, an entity which as a result of such transaction
owns the Company or all or substantially all of the Company’s assets or stock either directly or through one or more subsidiaries,
the “Surviving Entity”) in substantially the same proportions as their ownership, immediately prior to such
Reorganization, Sale or Acquisition, of the outstanding Company Common Stock and the outstanding Company Voting Securities, as
the case may be, and (B) no person (other than (x) the Company or any Subsidiary, (y) the Surviving Entity or its ultimate parent
entity, or (z) any employee benefit plan (or related trust) sponsored or maintained by any of the foregoing) is the Beneficial
Owner, directly or indirectly, of 35% or more of the total common stock or 35% or more of the total voting power of the outstanding
voting securities eligible to elect directors of the Surviving Entity, and (C) at least a majority of the members of the board
of directors of the Surviving Entity were Incumbent Directors at the time of the Board’s approval of the execution of the
initial agreement providing for such Reorganization, Sale or Acquisition (any Reorganization, Sale or Acquisition which satisfies
all of the criteria specified in (i), (ii) and (i) above shall be deemed to be a “Non-Qualifying Transaction”);
or


 


(iv)        approval
by the stockholders of the Company of a complete liquidation or dissolution of the Company.


 


(d)          The
“Change of Control Period” shall mean the period commencing on the date hereof and ending on the first anniversary
of the date hereof; provided, however, that commencing on the date one year after the date hereof, and on each annual
anniversary of such date (such date and each annual anniversary thereof shall be hereinafter referred to as the “Renewal
Date”), unless previously terminated, the Change of Control Period shall be automatically extended so as to terminate
one year from such Renewal Date, unless at least 60 days prior to the Renewal Date the Company shall give notice to Executive that
the Change of Control Period shall not be so extended.


 




     


     


    

 


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(e)          “Competitive
Services” means engaging in the business of banking, including, without limitation, originating, underwriting, closing
and selling loans, receiving deposits, conducting fiduciary services, providing securities or insurance brokerage or investment
management or services, as well as the business of providing any other activities, products, or services of the type conducted,
authorized, offered, or provided by the Company as of the Date of Termination, or during the two (2) years immediately prior to
the Date of Termination.


 


(f)          “Confidential
Information” means any and all data and information relating to the Company, its activities, business, or clients that
(i) is disclosed to Executive or of which Executive becomes aware as a consequence of his employment with the Company; (ii) has
value to the Company; and (iii) is not generally known outside of the Company. “Confidential Information” shall include,
but is not limited to the following types of information regarding, related to, or concerning the Company: trade secrets; financial
plans and data; management planning information; business plans; operational methods; market studies; marketing plans or strategies;
pricing information; product development techniques or plans; customer lists; customer files, data and financial information; details
of customer contracts; current and anticipated customer requirements; identifying and other information pertaining to business
referral sources; past, current and planned research and development; computer aided systems, software, strategies and programs;
business acquisition plans; management organization and related information (including, without limitation, data and other information
concerning the compensation and benefits paid to officers, directors, employees and management); personnel and compensation policies;
new personnel acquisition plans; and other similar information. “Confidential Information” also includes combinations
of information or materials which individually may be generally known outside of the Company, but for which the nature, method,
or procedure for combining such information or materials is not generally known outside of the Company. In addition to data and
information relating to the Company, “Confidential Information” also includes any and all data and information relating
to or concerning a third party that otherwise meets the definition set forth above, that was provided or made available to the
Company by such third party, and that the Company has a duty or obligation to keep confidential. This definition shall not limit
any definition of “confidential information” or any equivalent term under state or federal law. “Confidential
Information” shall not include information that has become generally available to the public by the act of one who has the
right to disclose such information without violating any right or privilege of the Company.


 


(g)          “Date
of Termination” means (i) if Executive’s employment is terminated by the Company other than by reason of death
or Disability, or by Executive for Good Reason, the date of receipt of the Notice of Termination, or any later date specified therein,
or (ii) if Executive’s employment is terminated by the Company by reason of death or Disability, the Date of Termination
will be the date of death or the Disability Effective Date, as the case may be, or (iii) if Executive’s employment is terminated
by Executive without Good Reason, the Date of Termination will be the effective date of his resignation.


 


(h)          “Disability”
shall mean the inability of Executive, as reasonably determined by the Company, to perform the essential functions of his regular
duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental illness
which has lasted (or can reasonably be expected to last) for a period of six (6) consecutive months.


 




     


     


    

 


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(i)          “Effective
Date” shall mean the first date during the Change of Control Period on which a Change of Control occurs.


 


(j)          For
purposes of this Agreement, “Good Reason” shall mean any of the following without Executive’s consent:


 


(i)         the assignment to
Executive of any duties inconsistent in any material respect with Executive’s position (including status, offices, titles
and reporting requirements), authority, duties or responsibilities as in effect on the Effective Date, or any other action by the
Company which results in a material diminution in Executive’s position, authority, duties or responsibilities, excluding
for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company
promptly after receipt of notice thereof given by Executive;


 


(ii)         the
Company’s requiring Executive to be based at any office or location that is more than 35 miles from the office or location
where Executive was based immediately prior to the Effective Date; provided, however, that Good Reason shall not
include any relocation that results in Executive’s being based at any office or location closer to Executive’s then-principal
residence;


 


(iii)        a
material reduction in Executive’s Annual Base Salary or target annual bonus opportunity, as in effect on the Effective Date
or as the same may be increased from time to time;


 


(iv)        any
failure by the Company to comply with and satisfy Section 11(c) of this Agreement; or


 


(v)         the
material breach of this Agreement by the Company;


 


provided, however, that
to be effective, any resignation for Good Reason must be within ninety (90) days following the initial existence of one or more
of the preceding conditions; must be communicated to the Company in writing by Executive, indicating the subsection relied upon
and describing the facts establishing Good Reason under that subsection, no later than thirty (30) days subsequent to the initial
existence of the condition, and upon the notice of which the Company shall have a period of at least 30 days during which it may
remedy the condition. If at the end of such thirty (30) day period no such cure has been effected, then Executive may terminate
his employment for Good Reason within ten (10) days of the end of such thirty (30) day period by providing written notice of the
failure to cure and of the termination date.


 


(k)          “Material
Contact” means contact between Executive and a customer or potential customer of the Company (i) with whom or which Executive
has or had dealings on behalf of the Company; (ii) whose dealings with the Company are or were coordinated or supervised by Executive;
(iii) about whom Executive obtains Confidential Information in the ordinary course of business as a result of his employment with
the Company; or (iv) who receives products or services of the Company, the sale or provision of which results or resulted in compensation,
commissions, or earnings for Executive within the two (2) years prior to the Date of Termination.


 


 




     


     


    

 


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(l)          “Person”
means any individual or any corporation, partnership, joint venture, limited liability company, association or other entity or
enterprise.


 


(m)          “Principal
or Representative” means a principal, owner, partner, shareholder, joint venturer, investor, member, trustee, director,
officer, manager, employee, agent, representative or consultant.


 


(n)          “Protected
Customer” means any Person to whom the Company has sold its products or services or actively solicited to sell its products
or services, and with whom Executive has had Material Contact on behalf of the Company during his employment with the Company.


 


(o)          “Restricted
Territory” means [________] Counties, Florida and any other county in which
Executive is working on behalf of the Company during the one (1) year preceding the conduct in question (if the conduct occurs
while Executive is still employed by the Company) or the Date of Termination (if the conduct occurs after Executive’s Termination),
as applicable.


 


(p)          “Restrictive
Covenants” means the restrictive covenants contained in Section 9(c) through 9(f) hereof.


 


(q)          “Severance
Cash Ratio” means [one (1)][two (2)].


 


2.            Term
and Employment Period. The Company hereby agrees to continue Executive in its employ of the Company, subject to the terms and
conditions of this Agreement, for the period commencing on the Effective Date and ending on the first anniversary of such date
(the “Term”). The time during which Executive remains employed by the Company or its successor during the Term
is referred to herein as the “Employment Period.”


 


3.             Terms
of Employment.


 


(a)          Position
and Duties.


 


(i) During the Employment
Period, (A) Executive’s position (including status, offices, titles and reporting requirements), authority, duties and responsibilities
shall be at least commensurate in all material respects with the most significant of those held, exercised and assigned at any
time during the 120-day period immediately preceding the Effective Date, and (B) Executive’s services shall be performed
at the location where Executive was employed immediately preceding the Effective Date or any office or location less than 35 miles
from such location.


 




     


     


    

 


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(ii) During the Employment
Period, and excluding any periods of vacation and sick leave to which Executive is entitled, Executive agrees to devote substantially
all of his attention and time during normal business hours to the business and affairs of the Company and, to the extent necessary
to discharge the responsibilities assigned to Executive hereunder, to use Executive’s reasonable best efforts to perform
faithfully and efficiently such responsibilities. During the Employment Period it shall not be a violation of this Agreement for
Executive to (A) serve on corporate, civic or charitable boards or committees, (B) engage in other business activities that do
not represent a conflict of interest with the full execution of his duties to the Company, and (C) manage personal investments,
so long as such activities do not significantly interfere with the performance of Executive’s responsibilities as an employee
of the Company in accordance with this Agreement. It is expressly understood and agreed that to the extent that any such activities
have been conducted by Executive prior to the Effective Date, the continued conduct of such activities (or the conduct of activities
similar in nature and scope thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere with the performance
of Executive’s responsibilities to the Company.


 


(b)          Compensation.


 


(i) Base Salary.
During the Employment Period, Executive shall receive an annual base salary (“Annual Base Salary”) at a rate at least
equal to the rate of base salary in effect on the date of this Agreement or, if greater, on the Effective Date, paid or payable
(including any base salary which has been earned but deferred) to Executive by the Company and its affiliated companies. The Annual
Base Salary shall be payable in accordance with the Company’s regular payroll practice for its senior executives, as in effect
from time to time. Any increase in the Annual Base Salary shall not limit or reduce any other obligation of the Company under this
Agreement. The Annual Base Salary shall not be reduced after any such increase and the term “Annual Base Salary” shall
thereafter refer to the Annual Base Salary as so increased. As used in this Agreement, the term “affiliated companies”
shall include any company controlled by, controlling or under common control with the Company.


 


(ii) Annual Bonus.
In addition to Annual Base Salary, Executive shall be awarded, for each fiscal year ending during the Employment Period, a target
annual bonus opportunity at least equal to Executive’s target annual bonus opportunity for the last full fiscal year prior
to the Effective Date (annualized in the event that Executive was not employed by the Company for the whole of such fiscal year).


 


(iii) Incentive,
Savings and Retirement Plans. During the Employment Period, Executive shall be entitled to participate in all incentive, savings
and retirement plans, practices, policies and programs applicable generally to Peer Executives, subject to eligibility requirements
and terms and conditions of each such plan, but in no event shall such plans, practices, policies and programs provide Executive
with incentive opportunities, savings opportunities and retirement benefit opportunities, in each case, less favorable, in the
aggregate, than the most favorable of those provided by the Company and its affiliated companies for Executive under such plans,
practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or
if more favorable to Executive, those provided generally at any time after the Effective Date to Peer Executives.


 


(iv) Welfare Benefit
Plans. During the Employment Period, Executive and/or Executive’s eligible dependents, as the case may be, shall be eligible
for participation in and shall receive all benefits under welfare benefit plans, practices, policies and programs provided by the
Company and its affiliated companies (including, without limitation, medical, prescription, dental, disability, employee life,
group life, accidental death and travel accident insurance plans and programs) to the extent applicable generally to Peer Executives
and subject to eligibility requirements and terms and conditions of each such plan.


 




     


     


    

 


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(v) Expenses.
During the Employment Period, Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred
by Executive in accordance with the policies, practices and procedures of the Company applicable to Peer Executives.


 


(vi) Fringe Benefits.
During the Employment Period, Executive shall be entitled to fringe benefits in accordance with the plans, practices, programs
and policies of the Company applicable to Peer Executives, subject to eligibility requirements and terms and conditions of any
such plans, practices, programs and policies.


 


4.          Termination
of Employment.


 


(a)          Death
or Disability. Executive’s employment shall terminate automatically upon Executive’s death during the Term. If
the Company determines in good faith that the Disability of Executive has occurred during the Term (pursuant to the definition
of Disability set forth below), it may give to Executive written notice in accordance with Section 4(d) of this Agreement of its
intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate
effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”),
provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s
duties. At the request of Executive or his personal representative, the determination by the Company that the Disability of Executive
has occurred shall be certified by a physician mutually agreed upon by Executive, or his personal representative, and the Company.


 


(b)          Cause.
The Company may terminate Executive’s employment during the Term with or without Cause. The Company shall furnish to Executive
in writing a notice of the subsection relied upon and describing the facts establishing Cause under that subsection. In the event
that the Company seeks to terminate Executive’s employment for Cause and that subsection (iv), (viii) or (ix) of such definition
in Section 1(a) is the sole reason for termination for Cause, Executive shall have the following cure provisions and rights. Following
the Company’s delivery of the Cause notice described above, Executive shall have a period of ten (10) days after the giving
of such written notice of proposed termination by the Company in which to attempt to effect a cure of the specified Cause. If at
the end of such ten (10) day period no such cure has been effected to the satisfaction of the Board as determined in good faith,
then Executive’s employment shall be terminated for Cause as of the end of such ten (10) day period. The Company shall be
obligated to provide to Executive only one such notice of proposed termination. If subsequent to effecting a cure of specified
deficiencies under subsection (iv), (viii) or (ix) of such definition in Section 1(a), Executive is determined by the Board again
to have committed an act of Cause under subsection (iv), (viii) or (ix) of such definition in Section 1(a), then employment may
be terminated immediately for Cause upon the Company’s giving of notice of termination to Executive.


 


(c)          Good
Reason. Executive’s employment may be terminated by Executive for Good Reason or for no reason.


 




     


     


    

 


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(d)          Notice
of Termination. Any termination by the Company for any reason or by Executive for Good Reason shall be communicated by Notice
of Termination to the other party hereto given in accordance with this Agreement. For purposes of this Agreement, a “Notice
of Termination” means a written notice which (i) indicates the specific termination provision in this Agreement
relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis
for termination of Executive’s employment under the provision so indicated, and (iii) specifies the termination date (which
date shall be not less than 60 days after the giving of such notice). The failure by either party to set forth in the Notice of
Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of such party
hereunder or preclude such party from asserting such fact or circumstance in enforcing such party’s rights hereunder.


 


5.            Obligations
of the Company upon Termination.


 


(a)          Termination
by the Company Other Than for Cause or Disability; Termination by Executive for Good Reason. If, during the Term, the
Company shall terminate Executive’s employment other than for Cause or Disability, or Executive shall terminate his employment
for Good Reason, then and with respect to the payments and benefits described in Section 5(a)(i)(B) and (C) and Section 5(a)(ii)
and (iii) hereof, only if within sixty (60) days after the Date of Termination Executive shall have executed a separation agreement
containing a full general release of claims and covenant not to sue in a form satisfactory to the Company (the “Release”)
and such Release shall not have been revoked within such sixty (60)-day period:


 


(i) the Company shall
pay to Executive in a lump sum in cash within sixty (60) days after the Date of Termination (or any later date required by Section
13 hereof) the aggregate of the following amounts:


 


A.           the
sum of (1) Executive’s Base Salary through the Date of Termination to the extent not theretofore paid, and (2) any accrued
vacation pay to the extent not theretofore paid (the sum of the amounts described in clauses (1) and (2) shall be hereinafter referred
to as the “Accrued Obligations”); and


 


B.           the
product of (x) the Severance Cash Ratio multiplied by (y) the sum of (i) Executive’s Annual Base Salary at the rate
in effect on the Date of Termination, and (ii) Executive’s Average Annual Performance Bonus; provided, however,
that any obligation of the Company to make such payment shall cease upon Executive’s breach of any of his obligations set
forth in Section 9 hereof;


 


C.           the
product of (x) Executive’s Average Annual Performance Bonus and (y) a fraction, the numerator of which is the number of days
in the current fiscal year through the Date of Termination, and the denominator of which is 365 (the “Final Year Bonus”);
provided, however, that any obligation of the Company to make such payment shall cease upon Executive’s breach
of any of his obligations set forth in Section 9 hereof;


 


(ii) if Executive elects to continue participation
in any group medical, dental, vision and/or prescription drug plan benefits to which Executive and/or Executive’s eligible
dependents would be entitled under Section 4980B of the Code (COBRA), then for [eighteen
(18)][twelve (12)] months following the Date of Termination (the “Welfare Benefits Continuation Period”),
the Company shall pay the excess of (1) the COBRA cost of such coverage over (2) the amount that Executive would have had to pay
for such coverage if he had remained employed during the Welfare Benefits Continuation Period and paid the active employee rate
for such coverage; provided, however, that (A) that if Executive becomes eligible to receive group health benefits
under a program of a subsequent employer or otherwise (including coverage available to Executive’s spouse), the Company’s
obligation to pay any portion of the cost of health coverage as described herein shall cease, except as otherwise provided by law;
and (B) the Welfare Benefits Continuation Period shall run concurrently with any period for which Executive is eligible to elect
health coverage under COBRA; provided further, that any obligation of the Company to make such payment shall cease
upon Executive’s breach of any of his obligations set forth in Section 9 hereof; and


 




     


     


    

 


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(iii) to the extent
not theretofore paid or provided, the Company shall timely pay or provide to Executive any other amounts or benefits required to
be paid or provided or which Executive is eligible to receive under any plan, program, policy or practice or contract or agreement
of the Company and its affiliated companies (such other amounts and benefits shall be hereinafter referred to as the “Other
Benefits”).


 


(b)          Death
or Disability. If Executive’s employment is terminated by reason of Executive’s death or Disability during the
Term, this Agreement shall terminate without further obligations to Executive or Executive’s legal representatives under
this Agreement, other than for payment of Accrued Obligations, the Final Year Bonus and the timely payment or provision of Other
Benefits. Accrued Obligations shall be paid to Executive’s estate or beneficiary, as applicable, in a lump sum in cash within
30 days after the Date of Termination. With respect to the provision of Other Benefits, the term Other Benefits as used in this
Section 5(b) shall include, without limitation, and Executive or Executive’s estate and/or beneficiaries shall be entitled
to receive, benefits under such plans, programs, practices and policies relating to death or disability or retirement, if any,
as are applicable to Executive on the Date of Termination.


 


(c)          Cause
or Voluntary Termination without Good Reason. If Executive’s employment shall be terminated for Cause during the Term,
or if Executive voluntarily terminates employment during the Term without Good Reason, this Agreement shall terminate without further
obligations to Executive, other than for payment of Accrued Obligations and the timely payment or provision of Other Benefits.
Accrued Obligations shall be paid to Executive in a lump sum in cash within 30 days after the Date of Termination.


 


(d)          Expiration
of Term. If Executive’s employment shall be terminated due to the normal expiration of the Term, this Agreement shall
terminate without further obligations to Executive, other than for payment of Accrued Obligations and the timely payment or provision
of Other Benefits. Accrued Obligations shall be paid to Executive in a lump sum in cash within 30 days after the Date of Termination.


 


6.            Non-exclusivity
of Rights. Nothing in this Agreement shall prevent or limit Executive’s continuing or future participation in any plan,
program, policy or practice provided by the Company or any of its affiliated companies and for which Executive may qualify, nor,
subject to Section 12(f), shall anything herein limit or otherwise affect such rights as Executive may have under any contract
or agreement with the Company or any of its affiliated companies. Amounts which are vested benefits or which Executive is otherwise
entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company or any of its
affiliated companies at or subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice
or program or contract or agreement except as explicitly modified by this Agreement.


 




     


     


    

 


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7.            Full
Settlement; No Mitigation. The Company’s obligation to make the payments provided for in this Agreement and otherwise
to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right
or action which the Company may have against Executive or others. In no event shall Executive be obligated to seek other employment
or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement
and, except as explicitly provided herein, such amounts shall not be reduced whether or not Executive obtains other employment.


 


8.            Costs
of Enforcement.


 


(a)          The
Company shall reimburse Executive, on a current basis, for all reasonable legal fees and related expenses incurred by Executive
in (i) contesting or disputing any termination of Executive’s employment, or (ii) seeking to obtain or enforce any right
or benefit provided by this Agreement, provided, in each case, that Executive is successful on at least one material issue
raised in such contest, dispute or enforcement proceeding. If Executive is awarded the right to recover fees and expenses under
this Section 8(a), the reimbursement of an eligible expense shall be made within ten business days after delivery of Executive’s
respective written requests for payment accompanied with such evidence of fees and expenses incurred as the Company reasonably
may require, but in no event later than March 15 of the year after the year in which such rights are established.


 


(b)          Executive
shall also be entitled to be paid all reasonable legal fees and expenses, if any, incurred in connection with any tax audit or
proceeding to the extent attributable to the application of Section 4999 of the Internal Revenue Code to any payment or benefit
hereunder. Such reimbursement of expenses shall be made on a current basis, as incurred, and in no event later than December 31
of the year following the calendar year in which the taxes that are the subject of the audit or proceeding are remitted to the
taxing authority, or where as a result of such audit or proceeding no taxes are remitted, December 31 of the year following the
calendar year in which the audit is completed or there is a final and nonappealable settlement or other resolution of the proceeding.


 


9.          Protective
Covenants. For purposes of this Section 9, references to the “Company” shall include both the Company and Seacoast
Bank.


 


(a)          Acknowledgments.


 


(i)          Condition
of Employment and Other Consideration: Executive acknowledges and agrees that he has received good and valuable consideration
for entering into this Agreement.


 




     


     


    

 


Change of Control Agreement


Page 12


 


(ii)         Access
to Confidential Information, Relationships, and Goodwill. Executive acknowledges and agrees that he is being provided and entrusted
with Confidential Information (as that term is defined below), including highly confidential customer information that is subject
to extensive measures to maintain its secrecy within the Company, is not known in the trade or disclosed to the public, and would
materially harm the Company’s legitimate business interests if it was disclosed or used in violation of this Agreement. Executive
also acknowledges and agrees that he is being provided and entrusted with access to the Company’s customer and employee relationships
and goodwill. Executive further acknowledges and agrees that the Company’s Confidential Information, customer and employee
relationships, and goodwill are valuable assets of the Company and are legitimate business interests that are properly subject
to protection through the covenants contained in this Agreement.


 


(iii)        Potential
Unfair Competition. Executive acknowledges and agrees that as a result of his employment with the Company during the Employment
Period, his knowledge of and access to Confidential Information, and his relationships with the Company’s customers and employees,
Executive would have an unfair competitive advantage if Executive were to engage in activities in violation of this Agreement.


 


(iv)        No
Undue Hardship. Executive acknowledges and agrees that, in the event that his employment with the Company terminates during
the Term, he possesses marketable skills and abilities that will enable him to find suitable employment without violating the covenants
set forth in this Agreement.


 


(v)         Voluntary
Execution. Executive acknowledges and affirms that he is executing this Agreement voluntarily, that he has read this Agreement
carefully and had a full and reasonable opportunity to consider this Agreement (including an opportunity to consult with legal
counsel), and that he has not been pressured or in any way coerced, threatened or intimidated into signing this Agreement.


 


(b)          Restriction
on Disclosure and Use of Confidential Information. Executive agrees that Executive shall not, directly or indirectly, use any
Confidential Information on Executive’s own behalf or on behalf of any Person other than the Company, or reveal, divulge,
or disclose any Confidential Information to any Person not expressly authorized by the Company to receive such Confidential Information.
This obligation shall remain in effect for as long as the information or materials in question retain their status as Confidential
Information. Executive further agrees that he shall fully cooperate with the Company in maintaining the Confidential Information
to the extent permitted by law. The parties acknowledge and agree that this Agreement is not intended to, and does not, alter either
the Company’s rights or Executive’s obligations under any state or federal statutory or common law regarding trade
secrets and unfair trade practices. Anything herein to the contrary notwithstanding, Executive shall not be restricted from disclosing
information that is required to be disclosed by law, court order or other valid and appropriate legal process; provided, however,
that in the event such disclosure is required by law, Executive shall provide the Company with prompt notice of such requirement
so that the Company may seek an appropriate protective order prior to any such required disclosure by Executive.


 


(c)          Non-Competition.
Executive agrees that, during the Employment Period and, if Executive’s employment is terminated during the Term (i) by the
Company other than by reason of death or Disability or (ii) by Executive for Good Reason, during the one (1) year period following
the Date of Termination, he will not, without prior written consent of the Company, directly or indirectly (a) carry on or engage
in Competitive Services within the Restricted Territory on his own or on behalf of any Person or any Principal or Representative
of any Person, or (b) own, manage, operate, join, control or participate in the ownership, management, operation or control, of
any business, whether in corporate, proprietorship or partnership form or otherwise where such business is engaged in the provision
of Competitive Services within the Restricted Territory.


 




     


     


    

 


Change of Control Agreement


Page 13


 


(d)          Non-Solicitation
of Protected Customers. Executive agrees that, during the Employment Period and, if Executive’s employment is terminated
during the Term (i) by the Company other than by reason of death or Disability or (ii) by Executive for Good Reason, during the
one (1) year period following the Date of Termination, he shall not, without the prior written consent of the Company, directly
or indirectly, on his own behalf or as a Principal or Representative of any Person, solicit, divert, take away, or attempt to solicit,
divert, or take away a Protected Customer for the purpose of engaging in, providing, or selling Competitive Services.


 


(e)          Non-Recruitment
of Employees. Executive agrees that during the Employment Period and, if Executive’s employment is terminated during
the Term (i) by the Company other than by reason of death or Disability or (ii) by Executive for Good Reason, during the one (1)
year period following the Date of Termination, he shall not, without the prior written consent of the Company, directly or indirectly,
whether on his own behalf or as a Principal or Representative of any Person, solicit or induce or attempt to solicit or induce
any employee of the Company to terminate his employment relationship with the Company or to enter into employment with Executive
or any other Person.


 


(f)          Non-Disparagement.
Executive agrees that during the Employment Period and, if Executive’s employment is terminated during the Term (i) by the
Company other than by reason of death or Disability or (ii) by Executive for Good Reason, during the one (1) year period following
the Date of Termination he shall not publicly make or publish, orally or in writing, any derogatory or disparaging statements regarding
the Company or its directors, officers, employees of affiliates which are or reasonably may be expected to be injurious or inimical
to the business reputation, good will or best interests of the Company or any such persons or affiliates.


 


(g)          Enforcement
of Restrictive Covenants.


 


(i)          Rights
and Remedies Upon Breach. The parties specifically acknowledge and agree that the remedy at law for any breach of the Restrictive
Covenants will be inadequate, and that in the event Executive breaches, or threatens to breach, any of the Restrictive Covenants,
the Company shall have the right and remedy, without the necessity of proving actual damage or posting any bond, to enjoin, preliminarily
and permanently, Executive from violating or threatening to violate the Restrictive Covenants and to have the Restrictive Covenants
specifically enforced by any court of competent jurisdiction, it being agreed that any breach or threatened breach of the Restrictive
Covenants would cause irreparable injury to the Company and that money damages would not provide an adequate remedy to the Company.
Executive understands and agrees that if he violates any of the obligations set forth in the Restrictive Covenants, the period
of restriction applicable to each obligation violated shall cease to run during the pendency of any litigation over such violation,
provided that such litigation was initiated during the period of restriction. Such rights and remedies shall be in addition to,
and not in lieu of, any other rights and remedies available to the Company at law or in equity. Executive understands and agrees
that, if the parties become involved in legal action regarding the enforcement of the Restrictive Covenants and if the Company
prevails in such legal action, the Company will be entitled, in addition to any other remedy, to recover from Executive its reasonable
costs and attorneys’ fees incurred in enforcing such covenants. The Company’s ability to enforce its rights under the
Restrictive Covenants or applicable law against Executive shall not be impaired in any way by the existence of a claim or cause
of action on the part of Executive based on, or arising out of, this Agreement or any other event or transaction.


 




     


     


    

 


Change of Control Agreement


Page 14


 


 


(ii)         Severability
and Modification of Covenants. Executive acknowledges and agrees that each of the Restrictive Covenants is reasonable and valid
in time and scope and in all other respects. The parties agree that it is their intention that the Restrictive Covenants be enforced
in accordance with their terms to the maximum extent permitted by law. Each of the Restrictive Covenants shall be considered and
construed as a separate and independent covenant. Should any part or provision of any of the Restrictive Covenants be held invalid,
void, or unenforceable, such invalidity, voidness, or unenforceability shall not render invalid, void, or unenforceable any other
part or provision of this Agreement or such Restrictive Covenant. If any of the provisions of the Restrictive Covenants should
ever be held by a court of competent jurisdiction to exceed the scope permitted by the applicable law, such provision or provisions
shall be automatically modified to such lesser scope as such court may deem just and proper for the reasonable protection of the
Company’s legitimate business interests and may be enforced by the Company to that extent in the manner described above and
all other provisions of this Agreement shall be valid and enforceable.


 


10.         Limitation
of Benefits.


 


(a)          Anything
in this Agreement to the contrary notwithstanding, in the event it shall be determined that any benefit, payment or distribution
by the Company to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms
of this Agreement or otherwise, but determined without regard to any additional payments required under this Section 10) (such
benefits, payments or distributions are hereinafter referred to as “Payments”) would, if paid, be subject to the excise
tax imposed by Section 4999 of the Code (the “Excise Tax”), then, prior to the making of any Payments to Executive,
a calculation shall be made comparing (i) the net after-tax benefit to Executive of the Payments after payment by Executive of
the Excise Tax, to (ii) the net after-tax benefit to Executive if the Payments had been limited to the extent necessary to avoid
being subject to the Excise Tax. If the amount calculated under (i) above is less than the amount calculated under (ii) above,
then the Payments shall be limited to the extent necessary to avoid being subject to the Excise Tax (the “Reduced Amount”).
The reduction of the Payments due hereunder, if applicable, shall be made by first reducing cash Payments and then, to the extent
necessary, reducing those Payments having the next highest ratio of Parachute Value to actual present value of such Payments as
of the date of the change of control, as determined by the Determination Firm (as defined in Section 10(b) below). For purposes
of this Section 10, present value shall be determined in accordance with Section 280G(d)(4) of the Code. For purposes of this Section
10, the “Parachute Value” of a Payment means the present value as of the date of the change of control of the portion
of such Payment that constitutes a “parachute payment” under Section 280G(b)(2) of the Code, as determined by the Determination
Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment.         


 




     


     


    

 


Change of Control Agreement


Page 15


 


(b)          All
determinations required to be made under this Section 10, including whether an Excise Tax would otherwise be imposed, whether the
Payments shall be reduced, the amount of the Reduced Amount, and the assumptions to be used in arriving at such determinations,
shall be made by an independent, nationally recognized accounting firm or compensation consulting firm mutually acceptable to the
Company and Executive (the “Determination Firm”) which shall provide detailed supporting calculations both to the Company
and Executive within 15 business days of the receipt of notice from Executive that a Payment is due to be made, or such earlier
time as is requested by the Company. All fees and expenses of the Determination Firm shall be borne solely by the Company. Any
determination by the Determination Firm shall be binding upon the Company and Executive. As a result of the uncertainty in the
application of Section 4999 of the Code at the time of the initial determination by the Determination Firm hereunder, it is possible
that Payments hereunder will have been unnecessarily limited by this Section 10 (“Underpayment”), consistent with the
calculations required to be made hereunder. The Determination Firm shall determine the amount of the Underpayment that has occurred
and any such Underpayment shall be promptly paid by the Company to or for the benefit of Executive, but no later than March 15
of the year after the year in which the Underpayment is determined to exist, which is when the legally binding right to such Underpayment
arises.


 


		11.	Successors.



 


(a)          This
Agreement is personal to Executive and without the prior written consent of the Company shall not be assignable by Executive otherwise
than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by Executive’s
legal representatives.


 


(b)          This
Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.


 


(c)          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 to assume expressly and agree to perform this Agreement in the same manner and
to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement,
“Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid
which assumes and agrees to perform this Agreement by operation of law, or otherwise.


 


		12.	Miscellaneous.



 


(a)          Waiver.
Failure of either party to insist, in one or more instances, on performance by the other in strict accordance with the terms and
conditions of this Agreement shall not be deemed a waiver or relinquishment of any right granted in this Agreement or of the future
performance of any such term or condition or of any other term or condition of this Agreement, unless such waiver is contained
in a writing signed by the party making the waiver.


 


(b)          Severability.
If any provision or covenant, or any part thereof, of this Agreement should be held by any court to be invalid, illegal or unenforceable,
either in whole or in part, such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability
of the remaining provisions or covenants, or any part thereof, of this Agreement, all of which shall remain in full force and effect.


 




     


     


    

 


Change of Control Agreement


Page 16


 


(c)          Status
Prior to Effective Date. Executive and the Company acknowledge that, except as may otherwise be provided under any other written
agreement between Executive and the Company, the employment of Executive by the Company is “at will” and, subject to
Section 1(a) hereof, prior to the Effective Date, Executive’s employment may be terminated by either Executive or the Company
at any time prior to the Effective Date, in which case Executive shall have no further rights under this Agreement. However, absent
termination of employment of Executive, this Agreement may not be terminated by the Company during the Change of Control Period
and before the Effective Date.


 


(d)          Governing
Law. Except to the extent preempted by federal law, and without regard to conflict of laws principles, the laws of the State
of Florida shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise.


 


(e)          Notices.
All notices, requests, demands and other communications required or permitted hereunder shall be in writing and shall be deemed
to have been duly given if delivered or three days after mailing if mailed, first class, certified mail, postage prepaid:


 


	 	To the Company:	Seacoast Banking Corporation of Florida
	 	 	815 Colorado Avenue
	 	 	Stuart, Florida  34994
	 		Attention: Chief Executive Officer
	 	 	 
	 	To Executive:	[Address]


 


Any party may change the address to which
notices, requests, demands and other com-munications shall be delivered or mailed by giving notice thereof to the other party in
the same manner provided herein.


 


(f)          Amendments
and Modifications. This Agreement may be amended or modified only by a writing signed by both parties hereto, which makes specific
reference to this Agreement.


 


(g)          Entire
Agreement. Except as provided herein, this Agreement contains the entire agreement between the Company and Executive with respect
to the subject matter hereof and, from and after the date of this Agreement, this Agreement shall supersede any other agreement
between the parties with respect to the subject matter hereof.


 


		13.	Code Section 409A.



 


(a)          General.
This Agreement shall be interpreted and administered in a manner so that any amount or benefit payable hereunder shall be paid
or provided in a manner that is either exempt from or compliant with the requirements of Section 409A of the Code and applicable
Internal Revenue Service guidance and Treasury Regulations issued thereunder (and any applicable transition relief under Section
409A of the Code). Nevertheless, the tax treatment of the benefits provided under the Agreement is not warranted or guaranteed.
Neither the Company nor its directors, officers, employees or advisers shall be held liable for any taxes, interest, penalties
or other monetary amounts owed by Executive as a result of the application of Section 409A of the Code.


 




     


     


    

 


Change of Control Agreement


Page 17


 


 


(b)          Definitional
Restrictions. Notwithstanding anything in this Agreement to the contrary, to the extent that any amount or benefit that would
constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code (“Non-Exempt Deferred
Compensation”) would otherwise be payable or distributable hereunder, or a different form of payment of such Non-Exempt
Deferred Compensation would be effected, by reason of a Change in Control or Executive’s Disability or termination of employment,
such Non-Exempt Deferred Compensation will not be payable or distributable to Executive, and/or such different form of payment
will not be effected, by reason of such circumstance unless the circumstances giving rise to such Change in Control, Disability
or termination of employment, as the case may be, meet any description or definition of “change in control event”,
“disability” or “separation from service”, as the case may be, in Section 409A of the Code and applicable
regulations (without giving effect to any elective provisions that may be available under such definition). This provision does
not affect the dollar amount or prohibit the vesting of any Non-Exempt Deferred Compensation upon a Change in Control,
Disability or termination of employment, however defined. If this provision prevents the payment or distribution of any Non-Exempt
Deferred Compensation, or the application of a different form of payment, such payment or distribution shall be made at the time
and in the form that would have applied absent the non-409A-conforming event.


 


(c)          Six-Month
Delay in Certain Circumstances. Notwithstanding anything in this Agreement to the contrary, if any amount or benefit that
would constitute Non-Exempt Deferred Compensation would otherwise be payable or distributable under this Agreement by reason of
Executive’s separation from service during a period in which he is a Specified Employee (as defined below), then, subject
to any permissible acceleration of payment by the Company under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order),
(j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): (i) the amount of such Non-Exempt Deferred Compensation
that would otherwise be payable during the six-month period immediately following Executive’s separation from service will
be accumulated through and paid or provided on the first day of the seventh month following Executive’s separation from
service (or, if Executive dies during such period, within 30 days after Executive’s death) (in either case, the “Required
Delay Period”); and (ii) the normal payment or distribution schedule for any remaining payments or distributions will resume
at the end of the Required Delay Period. For purposes of this Agreement, the term “Specified Employee” has the meaning
given such term in Code Section 409A and the final regulations thereunder.


 


(d)          Treatment
of Installment Payments. Each payment of termination benefits under Section 5 of this Agreement shall be considered a separate
payment, as described in Treas. Reg. Section 1.409A-2(b)(2), for purposes of Section 409A of the Code.


 


(e)          Timing
of Release of Claims. Whenever in this Agreement a payment or benefit is conditioned on Executive’s execution of a separation
agreement including a release of claims, such separation agreement including the release must be executed and all revocation periods
shall have expired within 60 days after the date of termination or resignation; failing which such payment or benefit shall be
forfeited. If such payment or benefit constitutes Non-Exempt Deferred Compensation, then, subject to Section 13(c) above, such
payment or benefit (including any installment payments) that would have otherwise been payable during such 60-day period shall
be accumulated and paid on the 60th day after the date of termination or resignation provided such separation agreement
including the release shall have been executed and such revocation periods shall have expired. If such payment or benefit is exempt
from Section 409A of the Code, the Company may elect to make or commence payment at any time during such 60-day period.


 




     


     


    

 


Change of Control Agreement


Page 18


 


(f)          Timing
of Reimbursements and In-kind Benefits. If Executive is entitled to be paid or reimbursed for any taxable expenses under Sections
3(b)(v) and (vi) or Section 5(a)(ii), and such payments or reimbursements are includible in Executive’s federal gross taxable
income, the amount of such expenses reimbursable in any one calendar year shall not affect the amount reimbursable in any other
calendar year, and the reimbursement of an eligible expense must be made no later than December 31 of the year after the year
in which the expense was incurred. No right of Executive to reimbursement of expenses under Sections 3(b)(v) and (vi) or Section
5(a)(ii) shall be subject to liquidation or exchange for another benefit.


 


(g)          Permitted
Acceleration. The Company shall have the sole authority to make any accelerated distribution permissible under Treas. Reg.
Section 1.409A-3(j)(4) to Executive of deferred amounts, provided that such distribution meets the requirements of Treas. Reg.
Section 1.409A-3(j)(4).


 


IN WITNESS WHEREOF, the parties hereto
have duly executed and delivered this Change in Control Employment Agreement as of the date first above written.


 


	 	Seacoast Banking Corporation of Florida
	 	 	 
	 	By: 	 
	 	 	Dennis S. Hudson, III
	 	Title:  	Chairman


 


	 	EXECUTIVE: