Document:

csfl-ex1034_219.htm

  

Exhibit 10.34

 

RELEASE AGREEMENT

 

THIS RELEASE AGREEMENT (hereinafter “Agreement”) is made and entered into as of this 1st day of January 2020 by and between CenterState Bank Corporation (“CSFL”) and CenterState Bank, N.A. (“Bank”, and collectively with CSFL, the “Company”), on the one hand, and Ernest S. Pinner (“Executive”), on the other hand. The Company and Executive are sometimes referred to collectively herein as the “Parties.”

 

WHEREAS, the Company and Executive are parties to a Separation Agreement, dated as of January 1, 2020 (the “Separation Agreement”), pursuant to which Executive is eligible, subject to the terms and conditions set forth in the Separation Agreement, to receive, among other things, the Severance Payments (as defined in the Separation Agreement) in connection with Executive’s resignation from employment;

 

NOW, THEREFORE, in consideration of the Company agreeing to enter into the Separation Agreement (and provide the consideration provided for thereunder) and of other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged by the parties, it is agreed as follows:

1.In exchange for the consideration referenced above, Executive hereby completely, irrevocably, and unconditionally releases and forever discharges the Company, and any of its affiliated companies, and each and all of their officers, agents, directors, supervisors, employees, representatives, and their successors and assigns, and all persons acting by, through, under, for, or in concert with them, or any of them, in any and all of their capacities (hereinafter individually or collectively, the “Released Parties”), from any and all charges, complaints, claims, demands, actions, causes of action, obligations, judgments, obligations, liabilities and expenses (inclusive of attorneys’ fees) of any kind or nature whatsoever, known or unknown, suspected or unsuspected (hereinafter referred to as “claim” or “claims”) which Executive at any time heretofore had or claimed to have or which Executive may have or claim to have or may in the future have arising out of  or regarding events that have occurred as of the Effective Date of this Agreement, including, without limitation, or in any way related to the Executive's hire, benefits, employment, termination, or separation from employment with the Company and any actual or alleged act, omission, transaction, practice, conduct, occurrence, or other matter, including, but not limited to: 

(a)any and all claims under Title VII of the Civil Rights Act, as amended, the Americans with Disabilities Act, as amended, the Family and Medical Leave Act, as amended, with respect to existing but not prospective claims, the Fair Labor Standards Act, the Equal Pay Act, as amended, the Employee Retirement Income Security Act, as amended (with respect to unvested benefits), the Civil Rights Act of 1991, as amended, 42 U.S.C. Section 1981, the Worker Adjustment and Retraining Notification Act,  as amended, the National Labor Relations Act, as amended, the Age Discrimination in Employment Act, as amended (the “ADEA”), the Uniform Services Employment and Reemployment Rights Act, as amended, the Genetic Information Nondiscrimination Act of 2008, all of their respective implementing regulations, and any other federal, state, local, or foreign law (statutory, regulatory, or otherwise) that may be legally waived and released; 

(b)any and all claims for compensation of any type whatsoever, including but not limited to claims for salary, wages, bonuses, commissions, incentive compensation, vacation, personal days, leave (including family or medical leave) and severance that may be legally waived and released; 

(c)any and all claims arising under tort, contract, and quasi-contract law, including but not limited to claims of breach of an expressed or implied contract, tortious interference with contract or prospective business advantage, breach of the covenant of good faith and fair dealing, promissory estoppel, detrimental reliance, invasion of privacy, nonphysical injury, personal injury or sickness or any other harm, wrongful or retaliatory discharge, fraud, defamation, slander, libel, false imprisonment, and negligent or intentional infliction of emotional distress; and 

  

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(d)any and all claims for monetary or equitable relief, including but not limited to attorneys' fees, back pay, front pay, reinstatement, experts' fees, insurance, medical fees or expenses, costs, and disbursements.

This general release and waiver of claims excludes, and the Executive does not waive, release, or discharge: (A) any right to file an administrative charge or complaint with the Equal Employment Opportunity Commission, or other similar federal or state administrative agencies, although the Executive waives any right to monetary relief related to such a charge or administrative complaint; (B) claims for unemployment benefits and workers' compensation; (C) indemnification rights the Executive has against CenterState; and (D) any rights to vested benefits, such as pension or retirement benefits, the rights to which are governed by the terms of the applicable plan documents.  If the Executive applies for unemployment benefits, the Company will respond truthfully, completely, and timely to any inquiries by the Florida Department of Economic Opportunity concerning the Executive's separation from employment. 

2.In further consideration of the payments and benefits provided to the Executive in this Agreement, Executive hereby irrevocably and unconditionally fully and forever waives, releases, and discharges the Company from any and all Claims, whether known or unknown, from the beginning of time to the date of the Executive’s execution of this Agreement arising under the Age Discrimination in Employment Act (ADEA), as amended, and its implementing regulations. By signing this Agreement, the Executive hereby acknowledges and confirms that:

(a)by this Agreement, the Executive has been advised in writing of the right to consult with an attorney of the Executive’s choosing and has consulted with such counsel as the Executive believed was necessary before executing this Agreement;

(b)the Executive knowingly, freely, and voluntarily assents to all of the terms and conditions set out in this Agreement including, without limitation, the waiver, release, and covenants contained in it;

(c)the Executive is executing this Agreement, including the waiver and release, in exchange for good and valuable consideration in addition to anything of value to which the Executive is otherwise entitled;

(d)the Executive was given at least twenty-one (21) days to consider the terms of this Agreement and consult with an attorney of the Executive’s choice, although the Executive may sign the Agreement sooner, if desired. Changes to this Agreement, whether material or immaterial, do not restart the running of the twenty-one (21) day period; 

(e)the Executive understands that the Executive has seven (7) days from signing this Agreement to change his/her mind and revoke the waiver of the age claims in this Agreement by delivering notice of revocation to Cherie Mooney, CenterState Bank, N.A., 1951 8th Street NW, Winter Haven, FL  33881, by email at cmooney@centerstatebank.com or by fax at (863) 291-3008, by the end of this seven-day period; and 

(f)the Executive understands that the release contained in this paragraph does not apply to rights and claims that may arise after the Executive signs this Agreement. 

No payments shall be made to the Executive under this Agreement before the Effective Date. If the Executive timely revokes the Agreement, no payments shall be made under this Agreement.

3. This Agreement shall not in any way be construed as an admission by the Company of any acts of unlawful conduct, wrongdoing or discrimination against Executive, and the Company specifically disclaims any liability to Executive on the part of itself, its employees, or its agents. 

 

4.This Agreement sets forth the entire agreement between the Company and Executive pertaining to the subject matter hereof (except as otherwise set forth herein) and fully supersedes any and all prior agreements or understandings among the Company and Executive pertaining to the subject matter hereof (except as otherwise set 

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forth herein). This Agreement cannot be amended, modified, or supplemented in any respect except by written agreement entered into and signed by the parties hereto.

 

5.This Agreement shall be governed by the laws of the State of Florida without giving effect to conflict of laws principles, and Executive consents to venue and exclusive personal jurisdiction in the state and federal courts of Polk County in the State of Florida for any proceeding arising out of or relating to this Agreement. The Parties hereby irrevocably submit to the non-exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue.

 

6.Executive hereby acknowledges that Executive has read and understands the terms of this Agreement and that Executive signs it voluntarily and without coercion. Executive further acknowledges that Executive was given an opportunity to consider and review this Agreement and the waivers contained in this Agreement, that Executive has done so and that the waivers made herein are knowing, conscious and with full appreciation that Executive is forever foreclosed from pursing any of the rights so waived.

 

7.The Agreement may be signed in counterparts, and each counterpart shall be considered an original for all purposes.

 

PLEASE READ THIS AGREEMENT CAREFULLY; 

IT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

 

 

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and Executive has executed this Agreement as of the date set forth below each Party’s signature line. 

 

 

			
	
EXECUTIVE
	
 
	
CENTERSTATE BANK CORPORATION

	
Signature: /s/ Ernest S. Pinner                         
	
 
	
By: /s/ John C. Corbett                                     

	
Print Name: Ernest S. Pinner
	
 
	
Name: John C. Corbett

	
Date: January 1, 2020
	
 
	
Title: President and Chief Executive Officer

	
 
	
 
	
Date: January 1, 2020

	
 
	
 
	
 

	
 
	
 
	
CENTERSTATE BANK, N.A.

	
 
	
 
	
By: /s/ Mark W. Thompson                               

	
 
	
 
	
Name: Mark W. Thompson

	
 
	
 
	
Title: President

	
 
	
 
	
Date: January 1, 2020

 

	
 
	
 

	
 
	
 

 

3csfl-ex1035_218.htm

 

Exhibit 10.35

 

 

 

January 25, 2020

 

 

 

 

Mr. John C. Corbett

c/o CenterState Bank Corporation CenterState Bank, N.A.

1101 First Street South, Suite 202 Winter Haven, Florida 33880

 

Dear Corbett:

 

This letter (this “Letter Agreement”) memorializes our recent discussions and mutual agreement regarding the terms of your continued employment following the completion of the merger (the “Merger”) contemplated by the Agreement and Plan of Merger by and between South State Corporation (“South State”) and CenterState Bank Corporation (the “Company”), dated as of January 25, 2020 (the “Merger Agreement”). We look forward to your continued leadership.

 

	
 
	
1.
	
Effectiveness, Your Current Agreement and Definitions

 

This Letter Agreement supplements your Employment Agreement entered into with CenterState Banks, Inc., dated as of July 13, 2010 (the “Employment Agreement”), which will otherwise remain in full force and effect in accordance with its current terms. Capitalized terms used but not defined in this Letter Agreement are used with the meanings ascribed to them in the Employment Agreement. If your employment with the Company terminates for any reason before the Effective Time or the Merger Agreement is terminated before the closing of the Merger, this Letter Agreement will automatically terminate and be of no further force or effect and neither of the parties will have any obligations hereunder.

 

	
 
	
2.
	
Position

 

Following the effective time of the Merger (the “Effective Time”), you will serve as the Chief Executive Officer of the Surviving Entity (as defined in the Merger Agreement) and President and Chief Executive Officer of the Surviving Bank (as defined in the Merger Agreement), reporting directly and only to the Board of Directors (the “Board”) of the Surviving Entity.

 

No further action is required by you to make the transitions and resignations provided for in this paragraph or the immediately preceding paragraph effective, but you agree to execute any documentation the Company and South State reasonably requests at the time to confirm it.

 

	
 
	
3.
	
Pre-Existing Entitlements

 

You and the Company acknowledge that the occurrence of the Merger will constitute a “Change in Control” as defined under the Employment Agreement. Accordingly, pursuant to Article 5 of the Employment Agreement, subject to your continued employment through the Effective Time, the Company is required to pay to you a lump-sum payment in an amount in cash equal to three times the highest annual compensation as reported on your Form W-2 over the three-year period immediately preceding the year in which the Effective Time occurs (the “Change in Control Payment”), payable on the date of the closing of the Merger (the “Closing Date”).

 

  

 

 

You acknowledge and agree that, in connection with the closing of the Merger, you hereby waive your right to receive the Change in Control Payment under the terms of the Employment Agreement as a result of the Merger, and the Company will not pay you such amounts on the Closing Date (the “Change in Control Waiver”). In consideration for the Change in Control Waiver, and notwithstanding the foregoing or any other provision of the Employment Agreement, (A) if your employment with the Surviving Entity is terminated by the Surviving Entity without Cause or if you resign with Good Reason on or before the third anniversary of the Closing Date, then subject to Section 4.3 of the Employment Agreement and in lieu of any severance payments and benefits that you would otherwise be entitled to under Article 4 of the Employment Agreement, the Surviving Entity will pay you (i) an amount in cash equal to the Change in Control Payment (plus any Excise Tax Payment) and (ii) an additional cash payment in an amount equal to (x) 25% multiplied by (y) the Change in Control Payment (the sum of (i) plus (ii), the “Revised Change in Control Payment”), which Revised Change in Control Payment will be payable within 30 days after your termination date; and (B) if there is a Change in Control of the Surviving Entity during the term of the Employment Agreement at any time after the Merger, then any amount payable under Section 5.1 of the Employment Agreement shall be equal to the amount of the Revised Change in Control Payment. The parties agree that the additional amount set forth in clause (ii) of the preceding sentence constitutes a material increase to the present value of the Change in Control Payment and valid and sufficient consideration for the Change in Control Waiver.

 

For purposes of clarity, upon your termination of employment under any circumstances other than as set forth in clause (A) above, Article 4 of the Employment Agreement shall govern, and you shall be entitled to any payments and benefits as set forth therein.

 

	
 
	
4.
	
Good Reason Definition

 

Effective immediately following the Effective Time, notwithstanding the provisions of Section 3.3 of the Employment Agreement, the definition of “Good Reason” in the Employment Agreement shall also include a diminution of the Executive’s Base Salary or then-current target or maximum annual and long term incentive compensation opportunity.

 

	
 
	
5.
	
No Other Changes

 

Except as provided herein, all other terms of the Employment Agreement shall remain in full force and effect and are hereby ratified and confirmed in all respects.

 

	
 
	
6.
	
Governing Law; Arbitration

 

This Letter Agreement will be governed by and construed in accordance with the laws of the State of Florida, without regard to conflicts of law principles. Any actions or proceedings instituted under this Letter Agreement shall be brought and tried solely in the courts located in Polk County, Florida or in the federal court having jurisdiction in Winter Haven, Florida.

 

	
 
	
7.
	
Entire Agreement; Amendments

 

Except as expressly set forth herein, this Letter Agreement, together with the Employment Agreement, contains the entire agreement between the parties with respect to the employment of you by the Surviving Entity and supersedes any and all prior understandings, agreements or correspondence between the parties. This Letter Agreement may not be altered, modified or amended except by written instrument signed by the parties.

 

	
 
	
8.
	
Miscellaneous

 

The invalidity or unenforceability of any provision of this Letter Agreement will not affect the validity or enforceability of any other provision hereof, and this Letter Agreement will be construed as if the invalid and 

 

 

 

unenforceable provision were omitted (but only to the extent that such provision cannot be appropriately reformed or modified).

 

Upon the expiration or other termination of this Letter Agreement, the respective rights and obligations of the parties hereto will survive such expiration or other termination to the extent necessary to carry out the intentions of the parties hereunder. This Letter Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement.

 

[Signature Page Follows]

 

 

 

 

If this Letter Agreement correctly describes our understanding, please execute and deliver a counterpart of this signature page, which will become a binding agreement on our receipt.

 

			
	
Sincerely,

	
CenterState Bank Corporation

	
By:  /s/ Stephen D. Young

	
Name: Stephen D. Young

	
Title: Chief Operating Officer

	
 

CenterState Bank, N.A.

	
By:  /s/ Stephen D. Young

	
Name: Stephen D. Young Title: Chief Operating Officer

	
 

 

Accepted and Agreed

	
I hereby agree with and accept the terms

and conditions of this Letter Agreement:

 

 

		
	
/s/ John C. Corbett
	
 

	
Name: John C. Corbett
	
 

	
Date: January 25, 2020
	
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Letter Agreement]

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