Document:

Exhibit 10

Exhibit 10.24

COMPENSATION ARRANGEMENTS OF NAMED 

EXECUTIVE OFFICERS AND NON-EMPLOYEE DIRECTORS

Named Executive Officers

Total compensation to the named executive officers (as defined in Securities and Exchange Commissions Regulation S-K Item 402(a)(3)) of Seacoast Banking Corporation of Florida (the “Company”) is composed of three types of compensation: (1) base salary, (2) short-term annual cash incentive compensation paid under the Company’s Key Manager Incentive Plan, and (3) long-term equity-based compensation awarded under the Company’s 1996 Long Term Incentive Plan and 2000 Long Term Incentive Plan (collectively, the “Long-Term Incentive Plans”).  

Base Salary

Individual base salaries and increases for the Company’s named executive officers are determined annually by the Company’s Salary and Benefits Committee based on individual annual performance and based on comparisons of the total compensation paid by the Company to each named executive officer relative to compensation levels paid at comparable companies.  

Set forth below are the 2005 base salaries of the following named executive officers of the Company.  Base salaries paid in 2004 are also shown for comparison.

	Named Executive Officer

	2005

	2004

	 	 	 
	Dennis S. Hudson, III

	$476,500

	$ 453,775

	A. Douglas Gilbert

	470,700

	448,290

	C. William Curtis, Jr.

	285,100

	275,732

	William R. Hahl

	257,400

	237,408

	Jean Strickland

	278,100

	192,539

Ms. Strickland was promoted to President and Chief Operating Officer of the Company’s principal banking subsidiary on July 19, 2005 and her base salary was increased to $278,125 effective August 1, 2005.

Short-Term Annual Cash Incentive Compensation

Short-term annual cash incentive compensation in the form of bonuses paid under the Company’s Key Management Incentive Plan are intended to align short-term cash compensation of named officers with individual performance and Company performance.  The Company funds the Key Management Incentive Plan annually based on earnings per share performance.  The earnings per share performance required for threshold funding and target plus funding in 2005 is $0.96 and $1.18, respectively.  The achievement of these targets would produce a funding pool available for distribution to the named executive officers that would range from $445,500 to $1,336,600.  Earnings performance for the Company in 2005 is now expected to exceed the target plus level.  After the Key Management Incentive Plan has been funded, the Salary and Benefits Committee approves, based upon recommendations from the Company’s chief executive officer, awards to those officers who have made superior contributions to the Company’s profitability as measured and reported through individual performance goals established at the beginning of the year.  Each of the Company’s named executive officers participates in the Company’s Key Management Incentive Plan.  

Set forth below are the annual cash bonuses paid to the Company’s named executive officers in 2005 for the year ended December 31, 2004.  

	Named Executive Officer

	2004

	 	 
	Dennis S. Hudson, III

	$ 175,000

	A. Douglas Gilbert

	290,000

	C. William Curtis, Jr.

	143,000

	William R. Hahl

	80,000

	Jean Strickland

	125,000

Annual cash bonuses for 2005 will be determined in early 2006.  The Company expects individual 2005 bonuses to be determined using the same criteria as applied to determine 2004 bonuses. 

Long-Term Equity-Based Compensation

The Company attempts to align the interests of key employees, including its named executive officers, with those of the Company’s shareholders by awarding stock options and shares of restricted stock to these employees under the Company’s Long-Term Incentive Plans.  Stock options and shares of restricted stock are awarded periodically, upon the recommendation of the Company’s chief executive officer and approval of the Salary and Benefits Committee, to eligible employees who have made a significant contribution to the Company’s long-term growth. Each of the Company’s named executive officers participates in the Company’s Long-Term Incentive Plans.  

Set forth below are stock option and restricted stock awards granted to the Company’s named executive officers for the year ended December 31, 2004.

	 	2004

	

Named Executive Officer

	

Restricted Stock Awards ($)

	Securities Underlying Stock Options

	 	 	 
	Dennis S. Hudson, III

	$145,600 (1)

	30,000

	Dale M. Hudson

	--

	--

	A. Douglas Gilbert

	291,200 (2)

	290,000

	C. William Curtis, Jr.

	33,600 (3)

	7,000

	William R. Hahl

	24,640 (4)

	5,000

	Jean Strickland

	24,640 (5)

	4,000

	 	 	 

(1)

This amount represents a restricted stock award of 6,500 shares of Common Stock, which was awarded to Mr. Hudson on December 21, 2004, based on the closing sale price of the Company’s Common Stock on the Nasdaq National Market on December 21, 2004. One fifth of the shares covered by this award will vest on December 21, 2005, and the remaining shares will, as long as Mr. Hudson remains employed by the Company, vest in increments of 20 percent on each of the following four anniversary dates thereafter.  Mr. Hudson has full voting and dividend rights with respect to the restricted stock during the vesting period.

(2)

This amount represents a restricted stock award of 13,000 shares of Common Stock, which was awarded to Mr. Gilbert on December 21, 2004, based on the closing sale price of the Company’s Common Stock on the Nasdaq National Market on December 21, 2004.  One fifth of the shares covered by this award will vest on December 21, 2005, and the remaining shares will, as long as Mr. Gilbert remains employed by the Company, vest in increments of 20 percent on each of the following four anniversary dates thereafter.  Mr. Gilbert has full voting and dividend rights with respect to the restricted stock during the vesting period.

(3)

This amount represents a restricted stock award of 1,500 shares of Common Stock, which was awarded to Mr. Curtis on December 21, 2004, based on the closing sale price of the Company’s Common Stock on the Nasdaq National Market on December 21, 2004.  One fifth of the shares covered by this award will vest on December 21, 2005, and the remaining shares will, as long as Mr. Curtis remains employed by the Company, vest in increments of 20 percent on each of the following four anniversary dates thereafter.  Mr. Curtis has full voting and dividend rights with respect to the restricted stock during the vesting period.

(4)

This amount represents a restricted stock award of 1,100 shares of Common Stock, which was awarded to Mr. Hahl on December 21, 2004, based on the closing sale price of the Company’s Common Stock on the Nasdaq National Market on December 21, 2004.  One fifth of the shares covered by this award will vest on December 21, 2005, and the remaining shares will, as long as Mr. Hahl remains employed by the Company, vest in increments of 20 percent on each of the following four anniversary dates thereafter.  Mr. Hahl has full voting and dividend rights with respect to the restricted stock during the vesting period.

(5)

This amount represents a restricted stock award of 1,100 shares of Common Stock, which was awarded to Ms. Strickland on December 21, 2004, based on the closing sale price of the Company’s Common Stock on the Nasdaq National Market on December 21, 2004.  One fifth of the shares covered by this award will vest on December 21, 2005, and the remaining shares will, as long as Ms. Strickland remains employed by the Company, vest in increments of 20 percent on each of the following four anniversary dates thereafter.  Ms. Strickland has full voting and dividend rights with respect to the restricted stock during the vesting period.

No stock options or restricted stock awards have been granted for 2005 as of August 15, 2005.  The Company expects individual grants during 2005 under its Long-Term Incentive Plans to be determined using the same criteria as applied to determine grants in 2004.  Additional information relating to the Company’s Long-Term Incentive Plans and grants of stock options and restricted stock awards during 2004 is set forth in the Company’s 2005 Proxy Statement filed with the Commission on Schedule 14A.  

In addition to base salary, short-term annual cash incentive compensation and long-term equity-based compensation, the Company’s named executive officers are eligible to receive compensation in the form of life insurance benefits, limited profit sharing, matching contributions to the Retirement Savings Plan for Employees of the First National Bank & Trust Company of the Treasure Coast, matching contributions to the Executive Deferred Compensation Plan and other employee benefits.  The compensation paid to the Company’s named executive officers under these compensation arrangements during 2004 is set forth in the Summary Compensation Table of the Company’s 2005 Proxy Statement filed with the Commission on Schedule 14A.  

The Company’s named executive officers may elect to defer their cash compensation into the Company’s Executive Deferred Compensation Plan.

Non-Employee Directors

Members of the Company’s Board of Directors who are not executive officers of the Company are paid an annual retainer of $23,000 for their service as directors of the Company and its subsidiaries.  In addition to the annual retainers, non-management Board members receive $700 for each Board meeting attended, $700 for each committee meeting attended and $800 for each committee meeting chaired.  The members of the Company’s Salary and Benefits Committee, Audit Committee and Nominating/Governance Committee receive an additional $100 for each of these committee meetings attended and $200 for each of these committee meetings chaired.  The Salary and Benefits Committee annually reviews and makes recommendations to the Board of Directors regarding compensation of directors.

Non-employee directors may elect to defer their cash compensation into the Company’s Directors’ Deferred Compensation Plan.Exhibit 10.1

 

 

July 27, 2005

 

Glenn Wienkoop

21178 Maria Lane

Saratoga, CA 95070

 

Dear Glenn,

 

On behalf of MSC.Software Corporation, I
am pleased to offer you the position of President & Chief Operating
Officer. This position reports to Bill Weyand, Chairman and CEO, and is located
in Santa Ana, CA.  It is understood and
agreed that you may choose to commute to Santa Ana, California during up to a
six month transitional period following the projected August 22, 2005
start date of your employment.

 

We are offering you a base salary of
$330,000 annually, paid semi-monthly.  In
addition, you will also be eligible to participate in the Executive Bonus
Program that is targeted at 70% of your base salary.  All payments will be subject to required tax
withholding and other authorized deductions.

 

As part of your overall compensation
package, you will receive stock options covering 275,000 shares of MSC.Software
common stock, granted upon Board approval (such options to have a per share
exercise price equal to the fair market value of a share of our stock on that
date and vesting according to the terms of MSC’s 2001 Stock Purchase Plan).
Also, you will be granted a special, one-time right to purchase an additional
100,000 shares of restricted MSC.Software stock at a purchase price of $11.00 a
share on your start date, such right exercisable only for 10 business days
after your start date. You will also be granted 40,000 performance stock units
related to MSC.Software common stock.

 

Your performance stock units will be
subject to the terms and conditions of a performance stock unit agreement to be
prepared by MSC.Software (which will include customary investment
representations, a vesting requirement, and termination of the units to the
extent not previously vested if your employment terminates).  In general, the performance stock units will
vest only if (1) during the next two years, the closing price or last
price, as applicable, per share of MSC.Software common stock as reported on the
composite tape for securities listed on either the New York Stock Exchange or
the NASDAQ National Market equals or exceeds $20.00 for each of at least 30
consecutive trading days, or (2) MSC.Software is sold in a transaction
that results in a majority change in ownership of the company and in which the
value of the per-share consideration received by the holders of the
MSC.Software common stock in respect of such sale equals or exceeds $20.00.

 

 

You are eligible to receive and shall
receive all Executive Company Benefits, including medical, deferred
compensation, vacation, sick leave, auto allowance, and all other benefits
extended to any other executives of the Company.  The auto allowance is $1,080.00 per month.

 

MSC will also cover the expenses of your
real estate fees and closing costs for the sale of your home in Saratoga,
California (the “Premises”), plus relocation costs, in total up to a maximum of
$300,000. In addition, MSC will cover a portion of any negative gap (the “Shortfall”),
if any, that may result between the gross sale price (defined below) of the
Premises and the appraisal value as follows: MSC shall pay you 25% of the first
$250,000 of the Shortfall, 50% of the next $250,000 of any Shortfall, 75% of
the next $500,000 Shortfall and 100% of any Shortfall to the extent exceeding
$1,000,000. Consequently, your exposure based on any sale price of the Premises
less than the appraisal value is limited to $437,500.  You and MSC shall agree on the engagement of
and independent appraiser to conduct an appraisal of the Premises. Gross sales
price shall mean the actual purchase price without deduction for real estate
commissions, taxes, pro-rations or other costs of sale.  MSC’s obligation to cover any Shortfall will
extend only for 1 year from the date of this agreement, but can be extended at
the sole discretion of the Board.

 

As an executive officer, you will of
course be covered by the company’s Directors & Officers Liability
insurance policy, commencing on your first day of employment.  In addition, you will be offered the executive
officer Change-in-Control Severance Agreement and the agreement is attached for
your review and information.

 

Also, if the company terminates your
employment at any time, for any reason, except if there is Cause and in the
event of a Change in Control of the company, in the first year of your
employment, you will be entitled to a severance payment equal to 100% of your
current salary, paid in a lump sum and less all required local, state and
federal taxes and other withholding amounts, provided, however, that you are
willing to sign a mutual release.

 

The proposed start date for this position
is no later than Monday, August 22, 2005 but MSC agrees that you may
provide transitional consulting to your current employer for up to five (5) days
per quarter for a period of up to six (6) months following your start date
so long as such consulting does not materially adversely effect the performance
of your duties hereunder.  The Company
also understands and agrees that, with the Company’s prior consent, you may
choose to serve and/or continue to serve on up to four (4) boards of
directors and/or advisory boards of other non-competitive companies so long
each is disclosed to the Company and such work does not materially adversely
effect the performance of your duties hereunder.  Please signify your acceptance of our offer
by signing the enclosed copy of this letter and faxing it to me at
714.784.4289. Please also mail a copy of the signed original to me. This offer
is valid until the close of business Wednesday, July 27, 2005.

 

 

 

The United States Government requires
MSC.Software Corporation to verify your eligibility for U. S. employment and
identity.  Proof of citizenship or
immigration status and a valid Social Security card will be required upon
commencement of employment.  You will
also be required to sign and abide by a confidentiality and inventions
agreement in the form provided to you by MSC.Software.

 

Although we hope that our
relationship will be mutually rewarding, your employment with MSC.Software is “at-will”,
which means that either you or MSC.Software can terminate the employment
relationship at any time, with or without cause.  The “at-will” nature of your employment
cannot be changed or modified except in writing signed by the Chief Executive
Officer of MSC.Software.  This letter
agreement contains all of the terms of your employment and supercedes all prior
and contemporaneous negotiations and agreements with respect thereto.  There are no representations, warranties, or
other agreements with respect to your employment except as expressly set forth
herein; however, it is agreed that the capitalized terms not defined in this
Agreement have the same meaning as those expressly defined in the separate
Severance Agreement which the Company is providing to you with this Agreement
and it is also agreed that the provisions of this Agreement, and any payment
provided hereunder, shall not reduce any amounts otherwise payable, or in any
way diminish your rights under any Benefit Plan, Incentive Plan, or Securities
Plan, severance agreement or any other contract, plan, other arrangement.

 

We are looking forward to welcoming you
to the MSC.Software team.  Please feel
free to contact me at (714) 444-5152 if you have any questions.

 

Sincerely,

 

	
  /s/ RICH LANDER

  	
   

  
	
  Rich Lander

  
	
  Vice President,
  Human Resources

  

 

Enclosures            Benefits
Summary

 

Offer Accepted:

 

	
  /s/ GLENN
  WIENKOOP

  	
   

  	
  7/27/05

  	
   

  
	
  Signature

  	
  Date Signed

  

 

 

Start Date: Monday. Aug. 22nd,
2005

 

cc:
Bill Weyand

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