Executive Deferred Compensation Agreement



 Exhibit 10.1 
 CENTERSTATE BANKS OF FLORIDA, INC. 
 EXECUTIVE DEFERRED COMPENSATION AGREEMENT 
 THIS EXECUTIVE DEFERRED COMPENSATION AGREEMENT (this “Agreement”) is adopted this 30th day of December, 2008, by and between CENTERSTATE BANKS
OF FLORIDA, INC., a registered bank holding company pursuant to the Bank Holding Company Act of 1956, as amended, located in Davenport, Florida (the “Company”), and ERNEST S. PINNER (the “Executive”). 
 The purpose of this Agreement is to provide specified benefits to the Executive, a member of a select group of management or highly compensated employees
who contribute materially to the continued growth, development and future business success of the Company. This Agreement shall be unfunded for tax purposes and for purposes of Title I of the Employee Retirement Income Security Act
(“ERISA”). 
 Article 1 
 Definitions 
 Whenever used in this Agreement, the following words and phrases shall have the meanings specified:

  

	1.1	“Company Contribution” means the contribution to the Company Contribution Account, if any, as set forth in Section 2.1(a). 

  

	1.2	“Company Contribution Account” means the Company’s accounting of the Company Contributions. 

  

	1.3	“Beneficiary” means each designated person or entity, or the estate of the deceased Executive, entitled to any benefits upon the death of the Executive pursuant to
Article 5. 

  

	1.4	“Beneficiary Designation Form” means the form established from time to time by the Plan Administrator that the Executive completes, signs and returns to the Plan
Administrator to designate one or more beneficiaries. 

  

	1.5	“Board” means the Board of Directors of the Company as from time to time constituted. 

  

	1.6	“Change in Control” means a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company,
as such change is defined in Code Section 409A. 

  

	1.7	“Code” means the Internal Revenue Code of 1986, as amended, and all regulations and guidance thereunder, including such regulations and guidance as may be
promulgated after the Effective Date. 

  

	1.8	 “Disability” means the Executive: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or (ii) is, by reason of any medically determinable physical or mental impairment which




  

 4 









	 	 
can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement
benefits for a period of not less than three (3) months under an accident and health plan covering employees or directors of the Company. Medical determination of Disability may be made by either the Social Security Administration or by the
provider of an accident or health plan covering employees or directors of the Company, provided that the definition of “disability” applied under such insurance program complies with the requirements of the preceding sentence. Upon the
request of the Plan Administrator, the Executive must submit proof to the Plan Administrator of the Social Security Administration’s or the provider’s determination. 


  

	1.9	“Early Termination” means Separation from Service before Normal Retirement Age except when such Separation from Service occurs due to death or Termination for
Cause. 

  

	1.10	“Effective Date” means December 1, 2008. 

  

	1.11	“Normal Retirement Age” means age sixty six (66). 

  

	1.12	“Normal Retirement Date” means December 15, 2013. 

  

	1.13	“Plan Administrator” means the Board or such committee or person as the Board shall appoint. 

  

	1.14	“Plan Year” means each twelve (12) month period commencing on January 1 and ending on December 31 of each year. The initial Plan Year shall commence
on the Effective Date of this Agreement and end on the following December 31. 

  

	1.15	“Separation from Service” means termination of the Executive’s employment with the Company for reasons other than death, Disability or Change in Control.
Whether a Separation from Service has occurred is determined in accordance with the requirements of Code Section 409A based on whether the facts and circumstances indicate that the Company and Executive reasonably anticipated that no further
services would be performed after a certain date or that the level of bona fide services the Executive would perform after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than twenty percent
(20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding thirty-six (36) month period (or the full period of services to the Company if the Executive
has been providing services to the Company less than thirty-six (36) months). 

  

	1.16	“Specified Employee” means an employee who at the time of Separation from Service is a key employee of the Company, if any stock of the Company is publicly traded
on an established securities market or otherwise. For purposes of this Agreement, an employee is a key employee if the employee meets the requirements of Code Section 416(i)(1)(A)(i), (ii), or (iii) (applied in accordance with the
regulations thereunder and disregarding section 416(i)(5)) at any time during the twelve (12) month period ending on December 31 (the “identification period”). If the employee is a key employee during an identification period,
the employee is treated as a key employee for purposes of this Agreement during the twelve (12) month period that begins on the first day of April following the close of the identification period. 

  

	1.17	“Termination for Cause” means a Separation from Service for: 

  

	 	(a)	Gross negligence or gross neglect of duties to the Company; 

  

 5 









	 	(b)	Conviction of a felony or of a gross misdemeanor involving moral turpitude in connection with the Executive’s employment with the Company; or 

  

	 	(c)	Fraud, disloyalty, dishonesty or willful violation of any law or significant Company policy committed in connection with the Executive’s employment and resulting in a material
adverse effect on the Company. 

 Article 2 
 Company Contribution Account 
  

	2.1	Establishing and Crediting. The Company shall establish a Company Contribution Account on its books for the Executive and shall credit to the Company Contribution Account the
following amounts: 

  

	 	(a)	The Company shall declare a Company Contribution amount for the most recently completed Plan Year on the date and in the amount as listed in the table below:


  

							
	 Date
	  	Amount
Credited	  	Cumulative
Account
Balance
	 12/15/08
	  	$	136,619	  	$	136,619
	 12/15/09
	  	$	219,956	  	$	356,575
	 12/15/10
	  	$	232,252	  	$	588,827
	 12/15/11
	  	$	244,547	  	$	833,374
	 12/15/12
	  	$	259,576	  	$	1,092,950
	 12/15/13
	  	$	273,237	  	$	1,366,187

  

	2.2	Accounting Device Only. The Company Contribution Account is solely a device for measuring amounts to be paid under this Agreement and is not a trust fund of any kind.


 Article 3 
 Distributions During Lifetime 
  

	3.1	Normal Retirement Benefit. Upon the Normal Retirement Date, the Company shall distribute to the Executive the benefit described in this Section 3.1 in lieu of any other
benefit under this Article. 

  

	 	3.1.1	Amount of Benefit. The annual benefit under this Section 3.1 is One Hundred Fifty Thousand Dollars ($150,000). 

  

	 	3.1.2	Distribution of Benefit. The Company shall distribute the annual benefit to the Executive in twelve (12) consecutive monthly payments commencing within thirty
(30) days following Normal Retirement Date. The annual benefit shall be paid for fifteen (15) years. 

  

	3.2	Early Termination Benefit. If Early Termination occurs, the Company shall distribute to the Executive the benefit described in this Section 3.2 in lieu of any other
benefit under this Article. 

  

 6 









	 	3.2.1	Amount of Benefit. The benefit under this Section 3.2 is determined by vesting the Executive in the Company Contribution Account as follows: 

  

				
	 Date in which Separation from Service Occurs
	  	Benefit Amount
	 Prior to 12/15/2008
	  	$	0
	 12/15/2008 - 12/14/2009
	  	$	136,619
	 12/15/2009 - 12/14/2010
	  	$	356,575
	 12/15/2010 - 12/14/2011
	  	$	588,827
	 12/15/2011 - 12/14/2012
	  	$	833,374
	 12/15/2012 - 12/14/2013
	  	$	1,092,950

  

	 	3.2.2	Distribution of Benefit. The Company shall distribute the benefit to the Executive in a lump sum within thirty (30) days following Separation from Service.


  

	3.3	Disability Benefit. If the Executive experiences a Disability prior to Normal Retirement Age, the Company shall distribute to the Executive the benefit described in this
Section 3.3 in lieu of any other benefit under this Article. 

  

	 	3.3.1	Amount of Benefit. The annual benefit under this Section 3.3 is One Hundred Fifty Thousand Dollars ($150,000). 

  

	 	3.3.2	Distribution of Benefit The Company shall distribute the annual benefit to the Executive in twelve (12) consecutive monthly payments commencing within thirty
(30) days following the date the Executive is deemed Disabled (“Disability”), as defined within this agreement. The annual benefit shall be paid for fifteen (15) years. 

  

	3.4	Change in Control Benefit prior to Normal Retirement Date. If a Change in Control occurs prior to Normal Retirement Date, the Company shall distribute to the Executive the
benefit described in this Section 3.4 in lieu of any other benefit under this Article. 

  

	 	3.4.1	Amount of Benefit. The benefit under this Section 3.4 is One Million Three Hundred Sixty Six Thousand One Hundred Eighty Seven Dollars ($1,366,187).


  

	 	3.4.2	Distribution of Benefit. The Company shall distribute the benefit to the Executive in a lump sum on the date of such Change in Control. 

  

	 	3.4.3	Excess Parachute Payment Gross-up. If any benefit payable under this Agreement or any other agreement or plan would create an excise tax under the excess parachute rules of
Code Section 280G, the Company shall pay to the Executive an additional amount (the “Gross-up”) equal to: the Executive’s excise penalty tax amount divided by the sum of (one minus the sum of the penalty tax rate plus the
Executive’s marginal income tax rate). The Gross-up shall be paid in a lump sum on the date of Change in Control. 

  

	 	3.4.4	 Change of Control Benefit subsequent to Normal Retirement Date. If a Change of Control occurs subsequent to Executive’s Normal Retirement Date, the
Company shall 



  

 7 









	 	 
cease future Section 3.1 monthly payments and make a lump sum cash payment to the Executive equal to the present value of all remaining payments
entitled to the Executive pursuant to Section 3.1. The discount factor to be used to calculate the present value of these remaining payments shall be 7%. The cash payment shall be paid to the Executive no later than thirty (30) days
subsequent to the Change of Control. 


  

	3.5	Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee, the
provisions of this Section 3.5 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Executive due to Separation from Service are limited because the Executive is a Specified Employee, then such
distributions shall not be made during the first six (6) months following Separation from Service. Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated and paid to the Executive in a
lump sum on the first day of the seventh month following Separation from Service. All subsequent distributions shall be paid in the manner specified. 

  

	3.6	Distributions Upon Taxation of Amounts Deferred. If, pursuant to Code Section 409A, the Federal Insurance Contributions Act or other state, local or foreign tax, the
Executive becomes subject to tax on the amounts deferred hereunder, then the Company may make a limited distribution to the Executive in a manner that conforms to the requirements of Code section 409A. Any such distribution will decrease the Company
Contribution Account balance. 

  

	3.7	Change in Form or Timing of Distributions. For distribution of benefits under this Article 3, the Executive and the Company may, subject to the terms of
Section 9.1, amend this Agreement to delay the timing or change the form of distributions. Any such amendment: 

  

	 	(a)	may not accelerate the time or schedule of any distribution, except as provided in Code Section 409A; 

  

	 	(b)	must, for benefits distributable under Sections 3.1, 3.2 and 3.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution
was originally scheduled to be made; and 

  

	 	(c)	must take effect not less than twelve (12) months after the amendment is made. 

 Article 4 
 Distributions at Death 
  

	4.1	Death During Active Service. If the Executive dies prior to Separation from Service, Disability or Change in Control, the Company shall distribute to the Beneficiary the
benefit described in this Section 4.1. This benefit shall be distributed in lieu of the benefit under Article 3. 

  

	 	4.1.1	Amount of Benefit. The benefit under this Section 4.1 is the Company Contribution Account balance determined as of the date of the Executive’s death.


  

	 	4.1.2	Distribution of Benefit. The Company shall distribute the benefit to the Beneficiary in a lump sum within thirty (30) days following the Executive’s death. The
Beneficiary shall be required to provide to the Company the Executive’s death certificate receipt. 

  

	4.2	 Death During Distribution of a Benefit. If the Executive dies after any benefit distributions have 



  

 8 









	 	 
commenced under this Agreement but before receiving all such distributions, the Company shall distribute to the Beneficiary the remaining benefits at the
same time and in the same amounts they would have been distributed to the Executive had the Executive survived. 


 Article 5 
 Beneficiaries 
  

	5.1	In General. The Executive shall have the right, at any time, to designate a Beneficiary to receive any benefit distributions under this Agreement upon the death of the
Executive. The Beneficiary designated under this Agreement may be the same as or different from the beneficiary designated under any other plan of the Company in which the Executive participates. 

  

	5.2	Designation. The Executive shall designate a Beneficiary by completing and signing the Beneficiary Designation Form and delivering it to the Plan Administrator or its
designated agent. If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Plan Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Plan
Administrator, executed by the Executive’s spouse and returned to the Plan Administrator. The Executive’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive names
a spouse as Beneficiary and the marriage is subsequently dissolved. The Executive shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Plan
Administrator’s rules and procedures. Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on the
last Beneficiary Designation Form filed by the Executive and accepted by the Plan Administrator prior to the Executive’s death. 

  

	5.3	Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received, accepted and acknowledged in writing by the Plan Administrator or
its designated agent. 

  

	5.4	No Beneficiary Designation. If the Executive dies without a valid Beneficiary designation, or if all designated Beneficiaries predecease the Executive, then the
Executive’s spouse shall be the designated Beneficiary. If the Executive has no surviving spouse, any benefit shall be paid to the personal representative of the Executive’s estate. 

  

	5.5	Facility of Distribution. If the Plan Administrator determines in its discretion that a benefit is to be distributed to a minor, to a person declared incompetent or to a
person incapable of handling the disposition of that person’s property, the Plan Administrator may direct distribution of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person
or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any distribution of a benefit shall be a distribution for the account of the
Executive and the Beneficiary, as the case may be, and shall completely discharge any liability under this Agreement for such distribution amount. 

  


 9 








 Article 6 
 General Limitations 
  

	6.1	Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Company shall not distribute any benefit under this Agreement if the
Executive’s employment with the Company is terminated by the Company or an applicable regulator due to a Termination for Cause. 

  

	6.2	Suicide or Misstatement. No benefit shall be distributed if the Executive commits suicide within two (2) years after the Effective Date, or if an insurance company which
issued a life insurance policy covering the Executive and owned by the Company denies coverage (i) for material misstatements of fact made by the Executive on an application for such life insurance, or (ii) for any other reason.


  

	6.3	Removal. Notwithstanding any provision of this Agreement to the contrary, the Company shall not distribute any benefit under this Agreement if the Executive is subject
to a final removal or prohibition order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act. 

  

	6.4	Forfeiture Provision. The Executive shall forfeit any non-distributed benefits under this Agreement if within twelve (12) months following a Separation from Service, the
Executive, directly or indirectly, either as an individual or as a proprietor, stockholder, partner, officer, director, employee, agent, consultant or independent contractor of any individual, partnership, corporation or other entity (excluding an
ownership interest of three percent (3%) or less in the stock of a publicly-traded company): 

 (i) becomes employed by,
participates in, or becomes connected in any manner with the ownership, management, operation or control of any bank, savings and loan or other similar financial institution if the Executive’s responsibilities will include providing banking or
other financial services within Polk County, Florida as of the date of the termination of the Executive’s employment; 
 (ii)
participates in any way in hiring or otherwise engaging, or assisting any other person or entity in hiring or otherwise engaging, on a temporary, part-time or permanent basis, any individual who was employed by the Company as of the date of
termination of the Executive’s employment; 
 (iii) assists, advises, or serves in any capacity, representative or otherwise, any third
party in any action against the Company or transaction involving the Company; 
 (iv) sells, offers to sell, provides banking or other
financial services, assists any other person in selling or providing banking or other financial services, or solicits or otherwise competes for, either directly or indirectly, any orders, contract, or accounts for services of a kind or nature like
or substantially similar to the financial services performed or financial products sold by the Company (the preceding hereinafter referred to as “Services”), to or from any person or entity from whom the Executive or the Company, to the
knowledge of the Executive provided banking or other financial services, sold, offered to sell or solicited orders, contracts or accounts for Services during the one (1) year period immediately prior to the termination of the Executive’s
employment; 
  

 10 








 (v) divulges, discloses, or communicates to others in any manner whatsoever, any confidential information
of the Company, to the knowledge of the Executive, including, but not limited to, the names and addresses of customers or prospective customers, of the Company, as they may have existed from time to time, of work performed or services rendered for
any customer, any method and/or procedures relating to projects or other work developed for the Company, earnings or other information concerning the Company. The restrictions contained in this subparagraph (v) apply to all information
regarding the Company, regardless of the source who provided or compiled such information. Notwithstanding anything to the contrary, all information referred to herein shall not be disclosed unless and until it becomes known to the general public
from sources other than the Executive. 
  

	6.5	Change in Control. The forfeiture provision detailed in Section 6.4 hereof shall not be enforceable following a Change in Control. 

 Article 7 
 Administration of
Agreement 
  

	7.1	Plan Administrator Duties. The Plan Administrator shall administer this Agreement according to its express terms and shall also have the discretion and authority to
(i) make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Agreement and (ii) decide or resolve any and all questions, including interpretations of this Agreement, as may arise in connection
with this Agreement to the extent the exercise of such discretion and authority does not conflict with Code Section 409A. 

  

	7.2	Agents. In the administration of this Agreement, the Plan Administrator may employ agents and delegate to them such administrative duties as the Plan Administrator sees fit,
including acting through a duly appointed representative, and may from time to time consult with counsel who may be counsel to the Company. 

  

	7.3	Binding Effect of Decisions. Any decision or action of the Plan Administrator with respect to any question arising out of or in connection with the administration,
interpretation or application of this Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in this Agreement. 

  

	7.4	Indemnity of Plan Administrator. The Company shall indemnify and hold harmless the Plan Administrator against any and all claims, losses, damages, expenses or liabilities
arising from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Plan Administrator. 

  

	7.5	Company Information. To enable the Plan Administrator to perform its functions, the Company shall supply full and timely information to the Plan Administrator on all matters
relating to the date and circumstances of the Executive’s death, Disability or Separation from Service, and such other pertinent information as the Plan Administrator may reasonably require. 

  

 11 








 Article 8 
 Claims and Review Procedures 
  

	8.1	Claims Procedure. An Executive or Beneficiary (“claimant”) who has not received benefits under this Agreement that he or she believes should be distributed shall
make a claim for such benefits as follows: 

  

	 	8.1.1	Initiation – Written Claim. The claimant initiates a claim by submitting to the Plan Administrator a written claim for the benefits. If such a claim relates to the
contents of a notice received by the claimant, the claim must be made within sixty (60) days after such notice was received by the claimant. All other claims must be made within one hundred eighty (180) days of the date on which the event
that caused the claim to arise occurred. The claim must state with particularity the determination desired by the claimant. 

  

	 	8.1.2	Timing of Plan Administrator Response. The Plan Administrator shall respond to such claimant within ninety (90) days after receiving the claim. If the Plan
Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional ninety (90) days by notifying the claimant in writing, prior to the end
of the initial ninety (90) day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.


  

	 	8.1.3	Notice of Decision. If the Plan Administrator denies part or all of the claim, the Plan Administrator shall notify the claimant in writing of such denial. The Plan
Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 

  

	 	(a)	The specific reasons for the denial; 

  

	 	(b)	A reference to the specific provisions of this Agreement on which the denial is based; 

  


	 	(c)	A description of any additional information or material necessary for the claimant to perfect the claim and an explanation of why it is needed; 

  

	 	(d)	An explanation of this Agreement’s review procedures and the time limits applicable to such procedures; and 

  

	 	(e)	A statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on review. 

  

	8.2	Review Procedure. If the Plan Administrator denies part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Plan Administrator of
the denial as follows: 

  

	 	8.2.1	Initiation – Written Request. To initiate the review, the claimant, within sixty (60) days after receiving the Plan Administrator’s notice of denial, must file
with the Plan Administrator a written request for review. 

  

	 	8.2.2	 Additional Submissions – Information Access. The claimant shall then have the opportunity to submit written comments, documents, records and other
information relating to the claim. The Plan Administrator shall also provide the claimant, upon 



  

 12 









	 	 
request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA
regulations) to the claimant’s claim for benefits. 


  

	 	8.2.3	Considerations on Review. In considering the review, the Plan Administrator shall take into account all materials and information the claimant submits relating to the claim,
without regard to whether such information was submitted or considered in the initial benefit determination. 

  

	 	8.2.4	Timing of Plan Administrator Response. The Plan Administrator shall respond in writing to such claimant within sixty (60) days after receiving the request for review. If
the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional sixty (60) days by notifying the claimant in writing, prior to
the end of the initial sixty (60) day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.


  

	 	8.2.5	Notice of Decision. The Plan Administrator shall notify the claimant in writing of its decision on review. The Plan Administrator shall write the notification in a manner
calculated to be understood by the claimant. A notification of denial shall set forth: 

  

	 	(a)	The specific reasons for the denial; 

  

	 	(b)	A reference to the specific provisions of this Agreement on which the denial is based; 

  


	 	(c)	A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as
defined in applicable ERISA regulations) to the claimant’s claim for benefits; and 

  

	 	(d)	A statement of the claimant’s right to bring a civil action under ERISA Section 502(a). 

 Article 9 
 Amendments and Termination 
  

	9.1	Amendments. This Agreement may be amended only by a written agreement signed by the Company and the Executive. However, the Company may unilaterally amend this Agreement to
conform with written directives to the Company from its banking regulators or to comply with legislative changes or tax law, including without limitation Code Section 409A. 

  

	9.2	Plan Termination Generally. This Agreement may be terminated only by a written agreement signed by the Company and the Executive. Except as provided in Section 9.3, the
termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, upon such termination benefit distributions will be made at the earliest distribution event permitted under Article 3 or Article 4.


  

	9.3	Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 9.2, if the Company terminates this Agreement in the following
circumstances: 

  

	 	(a)	Within thirty (30) days before or twelve (12) months after a Change in Control, provided that all distributions are made no later than twelve (12) months following
such termination of this Agreement and further provided that all the Company’s arrangements which are substantially similar to this Agreement are terminated so the Executive and all participants in the
similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of such termination; 

  

 13 









	 	(b)	Upon the Company’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under this Agreement are included in the Executive’s gross
income in the latest of (i) the calendar year in which this Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the
distribution is administratively practical; or 

  

	 	(c)	Upon the Company’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if the
Executive participated in such arrangements (“Similar Arrangements”), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Company, (ii) all termination
distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Company does not adopt any new arrangement that would be a Similar Arrangement for a minimum
of three (3) years following the date the Company takes all necessary action to irrevocably terminate and liquidate the Agreement; 

 the Company may distribute the Company Contribution Account balance, determined as of the date of the termination of this Agreement, to the Executive in a lump sum subject to the above terms. 
 Article 10 
 Emergency Economic
Stabilization Act of 2008 (“EESA”) 
  

	10.1	EESA. During the period that the United States Treasury owns any debt or equity securities of the Company pursuant to the Troubled Asset Relief Program (“TARP”)
Capital Purchase Program (“CPP”), all the terms and amounts of executive compensation as described and agreed upon pursuant to this agreement shall be amended, modified and adjusted, as necessary, to comply with Section 111(b) of EESA
as implemented by guidance or regulation thereunder. 

 Article 11 
 Miscellaneous 
  

	11.1	Binding Effect. This Agreement shall bind the Executive and the Company and their beneficiaries, survivors, executors, administrators and transferees.


  

	11.2	No Guarantee of Employment. This Agreement is not a contract for employment. It does not give the Executive the right to remain as an employee of the Company nor interfere
with the Company’s right to discharge the Executive. It does not require the Executive to remain an employee nor interfere with the Executive’s right to terminate employment at any time. 

  

 14 









	11.3	Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner. 

  

	11.4	Tax Withholding and Reporting. The Company shall withhold any taxes that are required to be withheld, including but not limited to taxes owed under Code Section 409A
from the benefits provided under this Agreement. The Executive acknowledges that the Company’s sole liability regarding taxes is to forward any amounts withheld to the appropriate taxing authorities. The Company shall satisfy all applicable
reporting requirements, including those under Code Section 409A. 

  

	11.5	Applicable Law. This Agreement and all rights hereunder shall be governed by the laws of the State of Florida, except to the extent preempted by the laws of the United States
of America. 

  

	11.6	Unfunded Arrangement. The Executive and the Beneficiary are general unsecured creditors of the Company for the distribution of benefits under this Agreement. The benefits
represent the mere promise by the Company to distribute such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors. Any
insurance on the Executive’s life or other informal funding asset is a general asset of the Company to which the Executive and Beneficiary have no preferred or secured claim. 

  

	11.7	Reorganization. The Company shall not merge or consolidate into or with another bank, or reorganize, or sell substantially all of its assets to another bank, firm or person
unless such succeeding or continuing bank, firm or person agrees to assume and discharge the obligations of the Company under this Agreement. Upon the occurrence of such an event, the term “Company” as used in this Agreement shall be
deemed to refer to the successor or survivor entity. 

  

	11.8	Entire Agreement. This Agreement constitutes the entire agreement between the Company and the Executive as to the subject matter hereof. No rights are granted to the
Executive by virtue of this Agreement other than those specifically set forth herein. 

  

	11.9	Interpretation. Wherever the fulfillment of the intent and purpose of this Agreement requires and the context will permit, the use of the masculine gender includes the
feminine and use of the singular includes the plural 

  

	11.10	Alternative Action. In the event it shall become impossible for the Company or the Plan Administrator to perform any act required by this Agreement due to regulatory or other
constraints, the Company or Plan Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Company, provided that such alternative act does not violate Code
Section 409A. 

  

	11.11	Headings. Article and section headings are for convenient reference only and shall not control or affect the meaning or construction of any provision herein.


  

	11.12	Validity. If any provision of this Agreement shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this
Agreement shall be construed and enforced as if such illegal or invalid provision had never been included herein. 

  

 15 









	11.13	Notice. Any notice or filing required or permitted to be given to the Company or Plan Administrator under this Agreement shall be sufficient if in writing and hand-delivered
or sent by registered or certified mail to the address below: 

 CenterState Banks of Florida, Inc. 
 42745 U.S. Highway 27 
 Davenport, Florida
33837 
 Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark
on the receipt for registration or certification. 
 Any notice or filing required or permitted to be given to the Executive under this
Agreement shall be sufficient if in writing and hand-delivered or sent by mail to the last known address of the Executive. 
  

	11.14	Compliance with Section 409A. This Agreement shall be interpreted and administered consistent with Code Section 409A. 

 IN WITNESS WHEREOF, the Executive and a duly authorized representative of the Company have signed this Agreement. 
  

							
	EXECUTIVE	 		 	CENTERSTATE BANKS OF FLORIDA, INC.
				
	 /s/ Ernest S. Pinner
	 		 	By:	 	 /s/ Thomas E. Oakley

	Ernest S. Pinner	 		 		 	Thomas E. Oakley
		 		 		 	Compensation Committee Chairman
		 		 		 	CenterState Banks of Florida, Inc.

  

 16