Exhibit 10.1


 


CHANGE OF CONTROL AGREEMENT


 


AGREEMENT by and between
Seacoast Banking Corporation of Florida (the “Company”) and _____________ (“Executive”), dated as of the
28th day of October, 2014.


 


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.


 


(a)          The
“Effective Date” shall mean the first date during the Change of Control Period (as defined in Section l(b)) on which
a Change of Control (as defined in Section 2) occurs. Anything in this Agreement to the contrary notwithstanding, if a Change of
Control occurs during the Change of Control Period and if Executive’s employment with the Company has been terminated either
by the Company without Cause or by Executive for Good Reason (as such terms are defined in Section 5) within six months prior to
the date on which the Change of Control occurs, and unless it is reasonably demonstrated by the Company that such termination of
employment (i) was not at the request of a third party who has taken steps reasonably calculated to effect the Change of Control
and (ii) did not otherwise arise in connection with or anticipation of the Change of Control, then for all purposes of this Agreement
the “Effective Date” shall mean the date immediately prior to the date of such termination of employment.


 


(b)          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.


 




    	 



    	 



    

 


Change of Control Agreement


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2.          Change
of Control. For the purposes of this Agreement, a “Change of Control” shall mean the occurrence of any of the following
events:


 


(a)          individuals
who, at the Effective Date, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at
least a majority of the Board, provided that any person becoming a director after the Effective Date 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 (either by a specific vote
or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection
to such nomination) 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 (as described in Rule 14a-11 under the 1934
Act (“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 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;


 


(b)          any
person is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of
securities of the Company representing 25% or more of the combined voting power of the Company’s then outstanding securities
eligible to vote for the election of the Board (the “Company Voting Securities”); provided, however,
that the event described in this paragraph (b) shall not be deemed to be a Change in Control of the Company by virtue of any of
the following acquisitions: (A) any acquisition by a person who is on the Effective Date the beneficial owner of 25% or more of
the outstanding Company Voting Securities, (B) an acquisition by the Company which reduces the number of Company Voting Securities
outstanding and thereby results in any person acquiring beneficial ownership of more than 25% of the outstanding Company Voting
Securities; provided, that if after such acquisition by the Company such person becomes the beneficial owner of additional
Company Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such person,
a Change in Control of the Company shall then occur, (C) an acquisition by any employee benefit plan (or related trust) sponsored
or maintained by the Company or any Parent or Subsidiary, (D) an acquisition by an underwriter temporarily holding securities pursuant
to an offering of such securities, (E) an acquisition pursuant to a Non-Qualifying Transaction (as defined in paragraph (c)
below), or (F) a transaction (other than the one described in paragraph (c) below) in which Company Voting Securities are acquired
from the Company, if a majority of the Incumbent Directors approve a resolution providing expressly that the acquisition pursuant
to this clause (F) does not constitute a Change in Control of the Company under this paragraph (b);


 




    	 



    	 



    

 


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(c)          the
consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving
the Company that requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities
in the transaction (a “Reorganization”), or the sale or other disposition of all or substantially all of the Company’s
assets to an entity that is not an affiliate of the Company (a “Sale”), unless immediately following such Reorganization
or Sale: (A) more than 50% of the total voting power of (x) the corporation resulting from such Reorganization or the corporation
which has acquired all or substantially all of the assets of the Company (in either case, the “Surviving Corporation”),
or (y) if applicable, the ultimate parent corporation that directly or indirectly has beneficial ownership of 100% of the voting
securities eligible to elect directors of the Surviving Corporation (the “Parent Corporation”), is represented by the
Company Voting Securities that were outstanding immediately prior to such Reorganization or Sale (or, if applicable, is represented
by shares into which such Company Voting Securities were converted pursuant to such Reorganization or Sale), and such voting power
among the holders thereof is in substantially the same proportion as the voting power of such Company Voting Securities among the
holders thereof immediately prior to the Reorganization or Sale, and (B) no person (other than (x) the Company, (y) any employee
benefit plan (or related trust) sponsored or maintained by the Surviving Corporation or the Parent Corporation, or (z) a person
who immediately prior to the Reorganization or Sale was the beneficial owner of 25% or more of the outstanding Company Voting Securities)
is the beneficial owner, directly or indirectly, of 25% or more of the total voting power of the outstanding voting securities
eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation), and (C)
at least a majority of the members of the board of directors of the Parent Corporation (or, if there is no Parent Corporation,
the Surviving Corporation) following the consummation of the Reorganization or Sale were Incumbent Directors at the time of the
Board’s approval of the execution of the initial agreement providing for such Reorganization or Sale (any Reorganization
or Sale which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”);
or


 


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


 


3.          Employment
Period. The Company hereby agrees to continue Executive in its employ of the Company, and Executive hereby agrees to remain
in the 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 “Employment Period”).


 


4.          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 reasonable
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”), which shall be
paid at a monthly rate, at least equal to 12 times the highest monthly base salary paid or payable, including any base salary which
has been earned but deferred, to Executive by the Company and its affiliated companies in respect of the 12-month period immediately
preceding the month in which the Effective Date occurs. Any increase in Annual Base Salary shall not serve to limit or reduce any
other obligation to Executive under this Agreement. Annual Base Salary shall not be reduced after any such increase and the term
Annual Base Salary as utilized in this Agreement shall refer to 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, an annual
bonus (the “Annual Bonus”) in cash at least equal to Executive’s highest annual bonus for the last three full
fiscal years prior to the Effective Date (annualized in the event that Executive was not employed by the Company for the whole
of such fiscal year). Each such Annual Bonus shall be paid no later than the end of the third month of the fiscal year next following
the fiscal year for which the Annual Bonus is awarded, unless Executive shall elect to defer the receipt of such Annual Bonus.


 




    	 



    	 



    

 


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(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 senior executive officers of the Company
and its affiliated companies (“Peer Executives”), 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 family, 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.


 


(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.


 


5.          Termination
of Employment.


 


(a)          Death,
Disability or Retirement. Executive’s employment shall terminate automatically upon Executive’s death or Retirement
during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined
in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean
voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive
has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive
written notice in accordance with Section 13(b) 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 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. For purposes of this Agreement, “Disability”
shall mean the inability of Executive, as determined by the Board, 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 continuous period of six (6) months during any continuous twelve (12) month
period.


 




    	 



    	 



    

 


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(b)          Cause.
The Company may terminate Executive’s employment during the Employment Period with or without Cause. For purposes of this
Agreement, “Cause” shall mean:


 


(i)    the willful and
continued failure of Executive to perform substantially Executive’s duties with the Company (other than any such failure
resulting from incapacity due to physical or mental illness, and specifically excluding any failure by Executive, after reasonable
efforts, to meet performance expectations), after a written demand for substantial performance is delivered to Executive by the
Board of Directors of the Company which specifically identifies the manner in which such Board believes that Executive has not
substantially performed Executive’s duties, or


 


(ii)    the willful engaging
by Executive in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company.


 


For purposes of this
provision, no act or failure to act, on the part of Executive, shall be considered “willful” unless it is done, or
omitted to be done, by Executive in bad faith or without reasonable belief that Executive’s action or omission was in the
best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by
the Board or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done,
by Executive in good faith and in the best interests of the Company. The cessation of employment of Executive shall not be deemed
to be for Cause unless and until there shall have been delivered to Executive a copy of a resolution duly adopted by the affirmative
vote of not less than three-fourths of the entire membership of the Board of the Company at a meeting of such Board called and
held for such purpose (after reasonable notice is provided to Executive and Executive is given an opportunity, together with counsel,
to be heard before such Board), finding that, in the good faith opinion of such Board, Executive is guilty of the conduct described
in subparagraph (i) or (ii) above, and specifying the particulars thereof in detail.


 


(c)          Good
Reason. Executive’s employment may be terminated by Executive for Good Reason or for no reason. For purposes of this
Agreement, “Good Reason” shall mean:


 


(i) without the written
consent of Executive, 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 diminution in such 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;


 




    	 



    	 



    

 


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(ii)    the Company’s
requiring Executive, without his consent, to be based at any office or location that is more than 35 miles from the location where
Executive was employed immediately prior to the Effective Date;


 


(iii)    a reduction in
Executive’s Base Salary and benefits as in effect on the Effective Date or as the same may be increased from time to time;


 


(iv)    the failure by
the Company (a) to continue in effect any compensation plan in which Executive participates as of the Effective Date that is material
to Executive’s total compensation, unless an equitable arrangement (embodied in an ongoing substitute or alternative plan)
has been made with respect to such plan, or (b) to continue Executive’s participation therein (or in such substitute
or alternative plan) on a basis not materially less favorable, both in terms of the amount of benefits provided and the level of
Executive’s participation relative to other participants; or


 


(v)    any failure by
the Company to comply with and satisfy Section 12(c) of this Agreement; or


 


(vi)    the material breach
of this Agreement by the Company.


 


For purposes of this
Section 5(c), any good faith determination of “Good Reason” made by Executive shall be conclusive. Anything in this
Agreement to the contrary notwithstanding, a termination by Executive for any reason during the 30-day period immediately following
the six (6) month anniversary of the Effective Date shall be deemed to be a termination for Good Reason for all purposes of this
Agreement.


 


(d)          Notice
of Termination. Any termination by the Company for Cause, 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). If a dispute exists concerning the provisions of this Agreement
that apply to Executive’s termination of employment, the parties shall pursue the resolution of such dispute with reasonable
diligence. Within five (5) days of such a resolution, any party owing any payments pursuant to the provisions of this Agreement
shall make all such payments together with interest accrued thereon at the rate provided in Section 1274(b)(2)(B) of the Internal
Revenue Code of 1986, as amended (the “Code”). 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.


 




    	 



    	 



    

 


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(e)          Date
of Termination. “Date of Termination” means (i) if Executive’s employment is terminated other than by reason
of death or Disability, the date of receipt of the Notice of Termination, or any later date specified therein, or (ii) if Executive’s
employment is terminated 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.


 


6.          Obligations
of the Company upon Termination.


 


(a) Good Reason; Other
Than for Cause, Death or Disability. If, during the Employment Period, the Company shall terminate Executive’s employment
other than for Cause or Disability, or Executive shall terminate employment for Good Reason, then in consideration of Executive’s
services rendered prior to such termination:


 


(i)          the Company shall
pay to Executive in a lump sum in cash within thirty (30) days after the Date of Termination 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, (2) the product of
(x) Executive’s highest annual bonus from the Company, including any bonus or portion thereof which has been earned but deferred,
for any of the last three full fiscal years prior to the Date of Termination (such amount being referred to as the “Highest
Annual 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, (3) any accrued vacation pay to the extent not theretofore paid, and (4) unless
Executive has elected a different payout date in a prior deferral election, any compensation previously deferred by Executive (together
with any accrued interest or earnings thereon) to the extent not theretofore paid (the sum of the amounts described in clauses
(1), (2), (3) and (4) shall be hereinafter referred to as the “Accrued Obligations”); and


 


B.           the
amount equal to one (1) times the sum of (x) Executive’s Annual Base Salary at the rate in effect on the Date of Termination,
and (y) Executive’s Highest Annual Bonus;


 


(ii)         for
a period of one (1) year from the Date of Termination, the Company will allow Executive and/or Executive's eligible dependents
to continue to participate in any medical and other welfare plans described in Section 4(b)(iv) of this Agreement to the same extent
and upon the same terms as the Executive and/or Executive's eligible dependents participated immediately prior to the Date of Termination;
provided that, in the event the Board determines that Executive's and/or Executive's eligible dependents' continued participation
is not permissible under the terms and provisions of such plans, the Company shall take such actions as may be necessary to provide
Executive and/or Executive's eligible dependents (without additional cost to the Executive and/or Executive's eligible dependents)
with benefits outside such plans having terms not less favorable than those provided under the Company's medical and other welfare
plans as of the Date of Termination. If Executive becomes re-employed with another employer and is eligible to receive medical
or other welfare benefits under another employer provided plan, the medical and other welfare benefits described herein shall be
secondary to those provided under such other plan during such applicable period of eligibility; and


 




    	 



    	 



    

 


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(iii)        all
unvested stock options to acquire stock of the Company and all awards of restricted stock of the Company held by Executive as of
the Date of Termination shall be immediately and fully vested as of the Date of Termination and, in the case of stock options,
shall be fully exercisable as of the Date of Termination; and


 


(iv)        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 or Retirement. If Executive’s employment is terminated by reason of Executive’s death, or Disability
or Retirement during the Employment Period, this Agreement shall terminate without further obligations to Executive or Executive’s
legal representatives under this Agreement, other than for payment of Accrued Obligations 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 of the Date of Termination. With respect to the provision of Other Benefits, the term Other Benefits as used in
this Section 6(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 Employment
Period, or if Executive voluntarily terminates employment during the Employment Period without Good Reason, this Agreement shall
terminate without further obligations to Executive, other than for payment of Accrued Obligations (excluding the pro-rata bonus
described in clause 2 of Section 6(a)(i)) and the timely payment or provision of Other Benefits.


 


(d)          Expiration
of Employment Period. If Executive’s employment shall be terminated due to the normal expiration of the Employment Period,
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.


 




    	 



    	 



    

 


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7.          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 13(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.


 


8.          Full
Settlement. 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.


 


9.          Costs
of Enforcement. In any action taken in good faith relating to the enforcement of this Agreement or any provision herein, Executive
shall be entitled to be paid any and all costs and expenses incurred by him in enforcing or establishing his rights thereunder,
including, without limitation, reasonable attorneys’ fees, whether suit be brought or not, and whether or not incurred in
trial, bankruptcy or appellate proceedings. 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 payments shall be made within five (5) 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.


 


10.         Confidential
Information. Executive shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information,
knowledge or data relating to the Company or any of its affiliated companies, and their respective businesses, which shall have
been obtained by Executive during Executive’s employment by the Company or any of its affiliated companies and which shall
not be or become public knowledge (other than by acts by Executive or representatives of Executive in violation of this Agreement).
After termination of Executive’s employment with the Company or such affiliated companies, Executive shall not, without the
prior written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any such information,
knowledge or data to anyone other than the Company and those designated by it.


 




    	 



    	 



    

 


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11.         Certain
Additional Payments by the Company.


 


(a)          Anything
in this Agreement to the contrary notwithstanding and except as set forth below, in the event it shall be determined that any 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
11) (a “Payment”) would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties
are incurred by Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, are
hereinafter collectively referred to as the “Excise Tax”), then Executive shall be entitled to receive an additional
payment (a “Gross-Up Payment”) in an amount such that after payment by Executive of all taxes (including any interest
or penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties
imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment
equal to the Excise Tax imposed upon the Payments.


 


(b)          Subject
to the provisions of Section 11(c), all determinations required to be made under this Section 11, including whether and when a
Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be used in arriving at such determination,
shall be made by Ernst & Young LLP or such other certified public accounting firm as may be designated by Executive (the “Accounting
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 there has been a Payment, or such earlier time as is requested by the Company. In the
event that the Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting the Change of
Control, Executive shall appoint another nationally recognized accounting firm to make the determinations required hereunder (which
accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall
be borne solely by the Company. Any Gross-Up Payment, as determined pursuant to this Section 11, shall-be paid by the Company to
Executive within five days of the receipt of the Accounting Firm’s determination. Any determination by the Accounting 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 Accounting Firm hereunder, it is possible that Gross-Up Payments which will not
have been made by the Company should have been made (“Underpayment”), consistent with the calculations required to
be made hereunder. In the event that the Company exhausts its remedies pursuant to Section 11(c) and Executive thereafter is required
to make a payment of any Excise Tax, the Accounting 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.


 




    	 



    	 



    

 


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(c)          Executive
shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment
by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten business
days after Executive is informed in writing of such claim and shall apprise the Company of the nature of such claim and the date
on which such claim is requested to be paid. Executive shall not pay such claim prior to the expiration of the 30-day period following
the date on which it gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with
respect to such claim is due). If the Company notifies Executive in writing prior to the expiration of such period that it desires
to contest such claim, Executive shall:


 


(i)    give the Company
any information reasonably requested by the Company relating to such claim,


 


(ii)    take such action
in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without
limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company,


 


(iii)    cooperate with
the Company in good faith in order effectively to contest such claim, and


 


(iv)    permit the Company
to participate in any proceedings relating to such claim;


 


provided, however, that the Company shall
bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest
and shall indemnify and hold Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and
penalties with respect thereto) imposed as a result of such representation and payment of costs and expenses. Without limitation
of the foregoing provisions of this Section 11(c), the Company shall control all proceedings taken in connection with such contest
and, at its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the
taxing authority in respect of such claim and may, at its sole option, either direct Executive to pay the tax claimed and sue for
a refund or contest the claim in any permissible manner, and Executive agrees to prosecute such contest to a determination before
any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine;
provided, however, that if the Company directs Executive to pay such claim and sue for a refund, the Company shall advance the
amount of such payment to Executive, on an interest-free basis and shall indemnify and hold Executive harmless, on an after-tax
basis, from any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such advance
or with respect to any imputed income with respect to such advance; and further provided that any extension of the statute of limitations
relating to payment of taxes for the taxable year of Executive with respect to which such contested amount is claimed to be due
is limited solely to such contested amount. Furthermore, the Company’s control of the contest shall be limited to issues
with respect to which a Gross-Up Payment would be payable hereunder and Executive shall be entitled to settle or contest, as the
case may be, any other issue raised by the Internal Revenue Service or any other taxing authority.


 




    	 



    	 



    

 


Change of Control Agreement


Page 13


 


(d)          If,
after the receipt by Executive of an amount advanced by the Company pursuant to Section 11(c), Executive becomes entitled to receive
any refund with respect to such claim, Executive shall (subject to the Company’s complying with the requirements of Section
11(c)) promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable
thereto). If, after the receipt by Executive of an amount advanced by the Company pursuant to Section 11(c), a determination is
made that Executive shall not be entitled to any refund with respect to such claim and the Company does not notify Executive in
writing of its intent to contest such denial of refund prior to the expiration of 30 days after such determination, then such advance
shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof, the
amount of Gross-Up Payment required to be paid.


 


12.         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.


 


13.         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.


 




    	 



    	 



    

 


Change of Control Agreement


Page 14


 


(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.


 


(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. From and after the Effective Date, this Agreement shall supersede any other agreement between the
parties with respect to the subject matter hereof, including without limitation any then-current employment agreement between the
Company or any of its subsidiaries and Executive.


 


(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:	 


 


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


 




    	 



    	 



    

 


Change of Control Agreement


Page 15


 


(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.


 


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:	/s/ Dennis S. Hudson, III
	 	 	Dennis S. Hudson, III
	 	Title:	Chairman and Chief Executive Officer
	 	 
	 	EXECUTIVE:
	 	 
	 	 
	 	 
	 	Title: