Document:

EX-10.1

 Exhibit 10.1 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of January 13, 2014 by and between
Seacoast Banking Corporation of Florida, a Florida corporation (the “Company”), and CapGen Capital Group III LP, a Delaware limited partnership (the “Investor”).  

RECITALS 
 WHEREAS,
this Agreement is made pursuant to the Stock Purchase Agreement, dated as of November 6, 2013, by and between the Company and the Investor, as amended by that certain Amendment to Stock Purchase Agreement, dated as of November 12, 2013, by
and between the Company and the Investor (collectively, the “Stock Purchase Agreement”); 
 WHEREAS, pursuant to the
Stock Purchase Agreement, subject to the terms and conditions set forth therein, (a) the Investor has agreed to purchase from the Company in a registered direct offering (the “Offering”) pursuant to the Company’s
registration statement on Form S-3, as supplemented by that certain Prospectus Supplement, dated November 6, 2013, $25 million of shares (the “Shares”) of the Company’s common stock, par value $0.10 (“Common
Stock”), and (b) the Company has agreed to issue and sell the Shares to the Investor; and 
 WHEREAS, as a condition to the
consummation of the transactions contemplated by the Stock Purchase Agreement, the Company has agreed to enter into this Agreement in order to grant certain registration rights to the Investor, as set forth below. 

NOW, THEREFORE, in consideration of the foregoing promises and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. GENERAL 

1.1 Definitions. As used in this Agreement, the following terms shall have the following respective meanings: 

“Affiliate” of any Person means any other Person controlling, controlled by or under common control with such particular
person or entity. The term “control” (including the terms “controlling”, “controlled” and “under common control with”) as used with respect to any Person means the possession, direct or indirect, of the power
to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

“Common Stock” has the meaning set forth in the recitals. 

“Effective Time” means the Closing as defined in the Stock Purchase Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or similar federal statute successor thereto, and the
rules and regulations of the Commission promulgated thereunder, as they each may, from time to time, be in effect at the time. 

“Form S-3” means a registration statement on Form S-3 under the Securities Act as in effect on the date hereof or any
successor or similar registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

 “Holder” or “holder” means the Investor and any transferee
thereof, which holds of record and following notice to the Company and a proper transfer of Shares, from time to time, Registrable Securities. 

“New Stock” means Common Stock or securities convertible into or exchangeable for Common Stock or which have voting rights or
participation features with Common Stock, offered in a public or nonpublic offering by the Company. 
 “Person” means any
individual, corporation, partnership, sole proprietorship, joint venture, limited liability company, business trust, joint stock company, trust, association or unincorporated organization or any government or any agency or political subdivision
thereof. 
 “Qualified Equity Offering” means a public or nonpublic offering of New Stock solely for cash and not pursuant
to a Special Registration; provided, however, that none of the following offerings shall constitute a Qualified Equity Offering: (a) any offering pursuant to any stock purchase plan, dividend reinvestment plan, stock ownership plan,
stock option or equity compensation or incentive plan or other similar plan where stock is being issued or offered to a trust, other entity or otherwise, to or for the benefit of any employees, potential employees, officers or directors of the
Company, or (b) any offering made as consideration pursuant to an acquisition or business combination (whether structured as a merger or otherwise), a partnership or joint venture or strategic alliance or investment by the Company or similar
non-capital raising transaction (but not an offering to raise capital to fund such an acquisition). 
 “Register,”
“registered,” and “registration” shall refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such
registration statement. 
 “Registrable Securities” means (a) the Shares; (b) any other shares of Common Stock
held by the Holders and purchased from the Company directly or through an underwriter or placement agents; and (c) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right, preferred stock or
other security which is issued after the Effective Time hereof as) a dividend, stock split or other distribution or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization with respect to, or in
exchange for or in replacement of, the Common Stock held by the Holders, provided, however, that Registrable Securities shall not include any shares of Common Stock which have been sold to the public by a Holder either pursuant to a
registration statement or Rule 144, or which have been sold in a private transaction in which the transferor’s rights under this Agreement are not assigned. 

“Registrable Securities then outstanding” shall be the number of shares determined by calculating the total number of shares
of the Company’s Common Stock that are Registrable Securities and either (a) are then issued and outstanding or (b) are issuable pursuant to exercisable or convertible securities. 

“Registration Expenses” shall mean all fees and expenses incurred by the Company relating to any registration, qualification
or compliance pursuant to this Agreement (including any Mandatory Registration or Shelf Registration), including, without limitation, all registration and filing fees, exchange listing fees, transfer agent’s and registrar’s fees, cost of
distributing prospectuses in preliminary and final form as well as any supplements thereto, printing expenses, fees and disbursements of counsel for the Company, blue sky fees and expenses, Financial Industry Regulatory Authority fees, expenses of
the Company’s independent accountants, and fees and expenses of underwriters (excluding discounts and commissions) and any other Persons retained by the Company, but shall not include Selling Expenses and the compensation of regular employees
of the Company, which shall be paid in any event by the Company. Notwithstanding the foregoing, Registration Expenses shall include the reasonable, 

  
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documented, fees and expenses of one counsel chosen by the holders of a majority of the Registrable Securities covered by such registration for such counsel rendering services customarily
performed by counsel for selling stockholders that are submitted to the Company in writing. 
 “SEC” or
“Commission” means the Securities and Exchange Commission or any successor agency. 
 “Securities Act”
shall mean the Securities Act of 1933, as amended, or similar federal statute successor thereto, and the rules and regulations of the Commission promulgated thereunder, as they each may, from time to time, be in effect. 

“Selling Expenses” shall mean all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale
of Registrable Securities and fees and disbursements of counsel for any Holder (other than the fees and disbursements of counsel included in Registration Expenses). 

“Shares” has the meaning set forth in the recitals. 

“Special Registration” means the registration of (a) equity securities and/or options or other rights in respect thereof
solely registered on Form S-4 or Form S-8 (or any successor or similar registration form under the Securities Act) or (b) shares of equity securities and/or options or other rights in respect thereof to be offered to directors, management,
employees, potential employees, consultants, customers, lenders or vendors of the Company or its direct or indirect subsidiaries or in connection with dividend reinvestment or stock purchase plans. 

SECTION 2. REGISTRATION 

2.1 Demand Registration and Shelf Registration. 

(a) Subject to the conditions of this Section 2.1 so long as the Holders hold at least 25% of the Shares purchased pursuant to the
Stock Purchase Agreement or resulting from such Shares by virtue of a stock split, stock dividend or distribution in respect of such purchase by the Holders as of the date hereof, if the Company shall receive a written request from the Holders that
the Company file a registration statement under the Securities Act covering the registration of at least 25% of the Registrable Securities then outstanding or a lesser percent if the anticipated aggregate offering price based on the then-current
market prices, net of underwriting discounts and commissions, would exceed $6,250,000 and the lock-up period (the “Lock-Up”) in connection with the Offering has expired by its terms at the end of the day on February 4, 2014,
then the Company shall, within 10 days of the receipt thereof, give written confirmation of such request to the Holders, and subject to the limitations of this Section 2.1, effect, as expeditiously as reasonably possible, the
registration under the Securities Act of all Registrable Securities that the Holders request to be registered. 
 (b) The Company shall use
its reasonable best efforts to file by April 30, 2014 with the SEC a registration statement on the applicable SEC form with respect to the resale from time to time, whether underwritten or otherwise, of the Registrable Securities by the
Holders, unless the Shares may then be sold without volume limitations under Rule 144 promulgated under the Securities Act (“Rule 144”). The Company shall use its reasonable best efforts to promptly respond to all SEC
comments related to such registration statement but in any event within two weeks of the receipt thereof, and shall use its reasonable best efforts to obtain all such qualifications and compliances as may be so requested and as would permit or
facilitate the sale and distribution of all of the Holders’ Registrable Securities, including causing such registration statement to be declared effective by the SEC as soon as practicable after filing. The Company shall use its reasonable best
efforts to maintain the effectiveness of the registration effected 

  
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pursuant to this Section 2.1(b) at all times. The registration contemplated by this Section 2.1(b) is referred to herein as the “Mandatory Registration.”
The Mandatory Registration shall be filed with the SEC in accordance with and pursuant to Rule 415 promulgated under the Securities Act (or any successor rule then in effect) (a “Shelf Registration”). So long as any such Shelf
Registration is effective as required herein and in compliance with the Securities Act and is usable for resale of Registrable Securities, the Holders shall be entitled to demand two takedowns (including underwritten takedowns, provided that
(i) the Registrable Securities requested to be included in such underwritten takedown constitute at least 25% of the Registrable Securities then outstanding or (ii) the anticipated aggregate offering price based on the then-current market
prices, net of underwriting discounts and commissions, would exceed $6,250,000 from the Shelf Registration. In connection with any such takedown, the Company shall take all customary and reasonable actions that the Company would take in connection
with an underwritten registration pursuant to Section 2.1(a) or Section 2.3 (including, without limitation, all actions referred to in Section 2.5 necessary to effectuate such sale in the manner determined by the
holders of at least a majority of the Registrable Securities to be included in such underwritten takedown). The Company shall use its reasonable best efforts to cause the registration statement or statements filed on Form S-3 or any similar
short-form registration statement as the Company may elect to remain effective until such date (the “Shelf Termination Date”) that is the earlier of (i) the date on which all Registrable Securities included in the registration
statement shall have been sold or shall have otherwise ceased to be Registrable Securities and (ii) the date on which all remaining Registrable Securities may be sold during any 90 day period without any volume restriction pursuant to
Rule 144, after taking into account any Holder’s status as an affiliate of the Company as determined by the counsel to the Company. In the event the Mandatory Registration must be effected on Form S-1 or any similar long-form registration
as the Company may elect or is required to use, such registration shall nonetheless be filed as a Shelf Registration and the Company shall use its reasonable best efforts to keep such registration current and effective, including by filing periodic
post-effective amendments to update the financial statements contained in such registration statement in accordance with Regulation S-X promulgated under the Securities Act until the Shelf Termination Date. The Company shall not include in the
Mandatory Registration any securities which are not Registrable Securities without the prior written consent of the holders of at least a majority of the Registrable Securities included in such registration. 

(c) If a Holder intends to distribute the Registrable Securities covered by its request by means of an underwriting or any underwritten
takedown off the Shelf Registration statement filed on Form S-3 or any similar short-form registration statement pursuant to the Mandatory Registration, it shall so advise the Company as a part of its request made pursuant to this
Section 2.1 or any request pursuant to Section 2.3 and the Company shall include such information in the written confirmation or written notice referred to in Section 2.1(a) or Section 2.1(b), as
applicable. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration or underwritten takedown off the registration statement filed pursuant to the Mandatory Registration shall be conditioned
upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such
underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company with the consent of the initiating Holder and reasonably acceptable to the Company;
provided that no holder of Registrable Securities included in any underwritten registration or underwritten takedown off the registration statement filed pursuant to the Mandatory Registration shall be required to make any representations or
warranties to the Company or the underwriters (other than representations and warranties regarding such holder, such holder’s title to the securities and such holder’s intended method of distribution) or, without the consent of the Holder,
to undertake any indemnification obligations to the Company or the underwriters with respect thereto, except as otherwise provided in Section 2.9 below. 

  
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 Notwithstanding any other provision of this Section 2.1 or Section 2.3,
if the managing underwriter advises the Company that marketing factors require a limitation on the number of securities to be underwritten (including Registrable Securities), then the Company shall so advise the holders of Registrable Securities
which would otherwise be included in such underwritten registration or takedown off the registration statement, and the number of shares of Registrable Securities that may be included in the underwriting shall be allocated to the holders of such
Registrable Securities on a pro rata basis based on the number of Registrable Securities held by all such holders. Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. 

(d) The Company shall not be required to effect a registration pursuant to this Section 2.1 other than any Mandatory Registration
required pursuant to Section 2.1(b) above: (i) prior to the first anniversary date of the Closing Date (as defined in the Stock Purchase Agreement); (ii) after the Company has effected two registrations pursuant to this
Section 2.1, and such registration statements have been declared or ordered effective and kept effective by the Company as required by Section 2.5(a) and at least 50% of the Registrable Securities thereby are sold;
(iii) during the period starting with the date 30 days prior to the Company’s good faith estimate of the date of filing of, and ending on a date 90 days after the effective date of, a Company-initiated registration; provided
that the Company is actively employing in good faith all reasonable best efforts to cause such registration statement to become effective; (iv) if the Company shall furnish to the Holders requesting a registration statement pursuant to this
Section 2.1, a certificate signed by the Chairman of the Board of Directors of the Company stating that in the good faith and reasonable judgment of the Board of Directors of the Company, it would be detrimental to the Company and its
shareholders for such registration statement to be effected at such time (but excluding any detriment to the Company and its shareholders solely as a result of its effect on the share price), in which event the Company shall have the right to defer
the filing of such registration statement for a period of not more than 90 days after receipt of the request by the Holders; provided that such right to delay a request shall be exercised by the Company not more than twice in any
12 month period; or (v) if the Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Section 2.3 below. Notwithstanding the
foregoing, any expenses in connection with such registration or attempted registration shall be Registration Expenses. 
 (e) The Company
may include in any registration pursuant to this Section 2.1 other securities for sale for its own account or for the account of any other Person; provided that, if the managing underwriter for the offering shall determine that the
number of shares proposed to be offered in such offering would be reasonably likely to adversely affect such offering, then the securities to be sold by the Holders shall be included in such registration before any securities proposed to be sold for
the account of the Company or any other Person. 
 2.2 Piggyback Registrations. 

(a) Subject to the terms and conditions of the Lock-Up, the Company shall notify each Holder who holds Registrable Securities in writing at
least ten (10) days prior to the filing of any registration statement under the Securities Act for purposes of a public offering of securities of the Company (whether in connection with a public offering of securities by the Company, a public
offering of securities by shareholders of the Company, or both, but excluding any registration relating to an offering excluded from a Qualified Equity Offering or which is a Special Registration, or a registration on any registration form that does
not permit secondary sales) and shall afford each such Holder an opportunity to include in such registration statement all or part of the Registrable Securities held by such Holder. Each Holder desiring to include in any such registration statement
all or any part of the Registrable Securities held by such Holder shall, within five (5) days after receipt of the above-described notice from the Company, so notify the Company in writing. Such notice shall state such Holder’s desire to
include all or 

  
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a part of the Registrable Securities held by such Holder in the registration statement. If a Holder decides not to include all of its Registrable Securities in any registration statement
thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to
offerings of its securities, all upon the terms and conditions set forth herein. 
 (b) Underwriting. If the registration statement
under which the Company gives notice under this Section 2.2 is for an underwritten offering, the Company shall so advise in such notice the Holders who hold Registrable Securities. In such event, the right of any such Holder to be
included in a registration pursuant to this Section 2.2 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of the Registrable Securities such Holder desires to include in such registration
in the underwriting. All Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the
Company. 
 Notwithstanding any other provision of this Agreement, if the managing underwriter determines in good faith that marketing
factors require a limitation of the number of shares to be underwritten in a registration statement pursuant to this Section 2.2, the number of shares that may be included in such underwriting shall be allocated first to the Company; second, to
all Holders who are entitled to participate and who have elected to participate in the offering pursuant to the terms of this Agreement, on a pro rata basis based upon the total number of shares held by each such participating Holder that are
subject to piggyback registration rights pursuant hereto; and third, to any other shareholder of the Company on a pro rata basis. 

If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company
and the managing underwriter, delivered at least ten (10) calendar days prior to the effective date of the registration statement or in the case of a registration statement on Form S-3 or similar short-form registration statement, by the close
of business on the first business day after the public notice of an offering or if the offering is publicly announced at the beginning of a business day, 4:00 P.M. Eastern Time on such day. 

(c) Right to Terminate Registration. The Company shall have the right for any reason to terminate or withdraw any registration
initiated by it under this Section 2.2 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The Registration Expenses of such withdrawn registration shall be
borne by the Company in accordance with Section 2.4. 
 (d) The Company shall not grant to any other Person the right to request
the Company to register any shares of Common Stock in a piggyback registration unless such rights are consistent with the provisions hereof. 

2.3 Form S-3 Registration. In case the Company shall receive at any time after the expiration of the Lock-Up from the Investor, so long
as the Investor and its Affiliates hold at least 25% of the Shares held by the Investor and its Affiliates as of the date hereof, a written request or requests that the Company effect a registration on Form S-3 or any similar short-form registration
statement with respect to all or a part of the Registrable Securities owned by the Holders, and provided the Company is then eligible to use Form S-3 or similar short-form registration statement, the Company will: 

(a) promptly give written notice of the proposed registration, and any related qualification or compliance, to all Holders holding Registrable
Securities; and 

  
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 (b) as soon as practicable, (i) file such registration statement, if the Company is then
eligible to use Form S-3 or any similar short-form registration statement and use its commercially reasonable best efforts to have such registration statement declared effective, (ii) promptly respond to all SEC comments related to such
registration statement but in any event within two (2) weeks of the receipt thereof, (iii) obtain all such qualifications and compliances as may be so required and as would permit or facilitate the sale and distribution of all or such
portion of the Holders’ Registrable Securities as are specified in a written request timely given after receipt of the written notice from the Company given pursuant to Section 2.3(a), including causing such registration statement to be
declared effective by the SEC as soon as practicable, and (iv) maintain the effectiveness of the registration statement effected pursuant to this Section 2.3 at all times, subject only to the limitations on effectiveness set forth in
Section 2.5; provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 2.3: (i) prior to the first anniversary date of the Closing
Date (as defined in the Stock Purchase Agreement); (ii) if Form S-3 is not available for such offering by the Holders; (iii) if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such
registration, propose to sell Registrable Securities and such other securities (if any) at an anticipated aggregate offering price to the public of less than six million two hundred and fifty thousand dollars ($6,250,000); or (iv) if the
Company shall furnish to the Holders a certificate signed by the Chairman of the Board of Directors of the Company stating that in the good faith and reasonable judgment of the Board of Directors of the Company, it would be detrimental to the
Company and its shareholders for such Form S-3 registration to be effected at such time (but excluding any detriment to the Company and its shareholders solely as a result of its effect on the share price), in which event the Company shall have the
right to defer the filing of the Form S-3 registration statement for a period of not more than 90 days after receipt of the request of the Holders or the under this Section 2.3; provided, that such right to delay a
request shall be exercised by the Company not more than twice in any 12 month period; or (iv) after the Company has effected two registrations on Form S-3 pursuant to this Section 2.3 and such registrations have been declared
effective. Notwithstanding the foregoing, any expenses in connection with such registration or attempted registration shall be Registration Expenses. 

(c) Subject to the foregoing, the Company shall file a Form S-3 registration statement covering the Registrable Securities and other
securities so requested to be registered as soon as reasonably practicable after receipt of the request or requests of the Holders. Registrations effected pursuant to this Section 2.3 shall not be counted as a demand for registration or
registrations effected pursuant to Sections 2.1 or 2.2, respectively. 
 (d) The Company shall not grant to any other
Person the right to request the Company to register any shares of Common Stock in a registration on Form S-3 or similar short-form registration statement unless such rights are consistent with the provisions hereof, except in the case of a
registration statement on Form S-3 or similar short-form registration statement filed to register any shares of Common Stock issued in connection with a Special Registration or in connection with an offering excluded from a Qualified Equity
Offering. 
 2.4 Expenses of Registration. Except as specifically provided herein, all Registration Expenses incurred in connection
with any registration, qualification or compliance hereunder shall be borne by the Company. The obligation of the Company to bear Registration Expenses shall apply irrespective of whether a registration, once properly demanded or requested, becomes
effective or is withdrawn or suspended. All Selling Expenses incurred in connection with any registrations hereunder shall be borne by the holders of the securities so registered pro rata on the basis of the number of shares so registered.
Notwithstanding the foregoing, the Company shall not, however, be required to pay for expenses of any registration proceeding begun pursuant to Section 2.1 or Section 2.3, the request of which has been subsequently withdrawn
by the Holders unless (a) the Company has requested the Holders to withdraw such request or the Company and the Holders jointly determine that such request should be withdrawn, 

  
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(b) the withdrawal is based upon material adverse information concerning the Company that the Company had not publicly revealed at least forty-eight (48) hours prior to the request for
registration or that the Company had not otherwise notified the Holders of at the time of such request for registration or (c) the Holders of a majority of Registrable Securities, as the case may be, agree to forfeit their right to one
requested registration pursuant to Section 2.1 or Section 2.3, as applicable, in which event such right shall be forfeited. 

If the Holders are required to pay the Registration Expenses, such expenses shall be borne by the Holder of securities (including Registrable
Securities) requesting such registration in proportion to the number of shares for which registration was requested and effected. If the Company is required to pay the Registration Expenses of a withdrawn offering pursuant to clause (a) above,
then the Holders shall not forfeit their rights pursuant to Section 2.1 or Section 2.3. 
 2.5 Obligations of the
Company. In the case of a Mandatory Registration and whenever required to effect the registration of any Registrable Securities, the Company shall, as expeditiously as practicable: 

(a) In the case of a Mandatory Registration, prepare and file with the SEC a registration statement, and all amendments and supplements
thereto and related prospectuses and issuer free writing prospectuses as may be necessary to comply with applicable securities laws with respect to such Registrable Securities and use its reasonable best efforts to cause such registration statement
to become effective, provided that before filing a registration statement or prospectus or any amendments or supplements thereto and issuer free writing prospectuses, the Company shall furnish to the one counsel selected by the Holders of a
majority of the Registrable Securities covered by such registration statement copies of all such documents proposed to be filed and give such counsel a reasonable opportunity to review and comment on such documents before they are filed and the
opportunity to object to any information pertaining to the Holders that is contained therein, and the Company shall make any changes with respect to information regarding the Holders as reasonably requested by such counsel to such documents prior to
filing. 
 (b) Prepare and file with the SEC a registration statement, and all amendments and supplements thereto and related prospectuses
and issuer free writing prospectuses as may be necessary to comply with applicable securities laws with respect to such Registrable Securities and use all reasonable best efforts to cause such registration statement to become effective, provided
that, before filing a registration statement or prospectus or any amendments or supplements thereto and issuer free writing prospectuses, the Company shall furnish to the counsel selected by the holders of a majority of Registrable Securities
covered by such registration statement copies of all such documents proposed to be filed and give such counsel a reasonable opportunity to review and comment on such documents before they are filed and the opportunity to object to any information
pertaining to the Holders that is contained therein, and the Company shall make any changes reasonably requested by such counsel to such documents prior to filing, notify in writing each holder of the effectiveness of each registration statement
filed hereunder, and, upon the request of the holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for up to 180 days or, if earlier, until the holder or holders have completed
the distribution related thereto, or, a period ending on the earlier of (i) the date on which all Registrable Securities included in the registration statement shall have been sold or shall have otherwise ceased to be Registrable Securities and
(ii) the date on which all remaining Registrable Securities may be sold during any 90 day period without any volume restriction pursuant to Rule 144, after taking into account any holder’s status, if any, as an affiliate of the
Company as determined by the Company. 
 (c) Furnish to the selling Holders such number of copies of a prospectus, including a preliminary
prospectus, and each amendment and supplement thereto, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them.

  
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 (d) Use its reasonable best efforts to register and qualify the securities covered by such
registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required in connection therewith or as a condition
thereto to qualify to do business or to file a general consent to service of process in any such jurisdictions. 
 (e) In the event of any
underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering. Each Holder participating in such underwriting shall also enter into
and perform its obligations under such an agreement. 
 (f) Promptly notify each Holder who holds Registrable Securities covered by such
registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made and, at the request
of the holders of a majority of the Registrable Securities covered by such registration statement, the Company shall promptly prepare and furnish to each such Holder a reasonable number of copies of a supplement or amendment to such prospectus so
that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading in light of
the circumstances under which they were made. 
 (g) Use its reasonable best efforts to furnish, on the date that such Registrable
Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and
substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) a “comfort” letter dated as of such date, from the independent registered public accountants of the
Company, in form and substance as is customarily given by independent registered public accountants to underwriters in an underwritten public offering addressed to the underwriters. 

(h) Promptly notify each Holder who holds Registrable Securities covered by such registration statement in the event of the issuance of any
stop order suspending the effectiveness of a registration statement, or any order suspending or preventing the use of any related prospectus or suspending the qualification of any equity securities included in such registration statement for sale in
any jurisdiction, and use its reasonable best efforts promptly to obtain the withdrawal of such order. 
 2.6 Suspension of Sales.
Upon receipt of written notice from the Company that a registration statement or prospectus contains an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances under which they were made (a “Misstatement”), each Holder who holds Registrable Securities shall forthwith discontinue disposition of Registrable Securities until such Holder has
received copies of the supplemented or amended prospectus that corrects such Misstatement, or until such Holder is advised in writing by the Company that the use of the prospectus may be resumed, and, if so directed by the Company, such Holder shall
deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. The
total number of days that any such suspension may be in effect in any 180 day period shall not exceed 45 days. 

  
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 2.7 Termination of Registration Rights. A Holder’s registration rights shall expire
if all Registrable Securities held by such Holder (and its Affiliates, partners, members and former members) may be sold without any volume restriction under Rule 144 during any 90 day period after taking into account any Holders’
status as an affiliate of the Company as determined by the Company. 
 2.8 Delay of Registration; Furnishing Information. 

(a) No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of
any controversy that might arise with respect to the interpretation or implementation of this Section 2. 
 (b) It shall be a
condition precedent to the obligations of the Company to take any action pursuant to Sections 2.1, Section 2.2 or Section 2.3 that the selling Holders shall furnish to the Company such information regarding
themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to effect the registration of their Registrable Securities. 

(c) The Company shall have no obligation with respect to any registration requested pursuant to Section 2.1 or
Section 2.3 (except that any expenses in connection with such registration or attempted registration shall be Registration Expenses) if the number of shares or the anticipated aggregate offering price of the Registrable Securities to be
included in the registration does not equal or exceed the number of shares or the anticipated aggregate offering price required to originally trigger the Company’s obligation to initiate such registration as specified in Section 2.1
or Section 2.3, whichever is applicable. 
 2.9 Indemnification. In the event any Registrable Securities are included in
a registration statement under this Section 2: 
 (a) To the extent permitted by law, the Company will indemnify and hold
harmless each Holder, any underwriter (as defined in the Securities Act) or placement agent for such Holder and each Person, if any, who controls such Holder, underwriter or placement agent within the meaning of the Securities Act or the Exchange
Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, or the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or
actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively, a “Violation”): (i) any untrue statement or alleged untrue statement of a material fact
contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto except any information provided by or on behalf of any Holder, or underwriter or placement
agent or for which any Holder or underwriter or placement agent was responsible, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading,
except for any omission or alleged omission in information provided by or on behalf of a Holder, underwriter or placement agent or for which any Holder, underwriter or placement agent was responsible or (iii) any violation or alleged violation
by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law; and the Company will pay to each such Holder, underwriter,
placement agent or controlling person, as accrued, any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity
agreement contained in this Section 2.9(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the prior written consent of the Company. 

  
 10 

 (b) To the extent permitted by law and provided that such Holder is not entitled to
indemnification pursuant to Section 2.9(a) above with respect to such matter, each selling Holder (severally and not jointly) will indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the
registration statement, each Person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act, any underwriter, placement agent and any other Holder selling securities in such registration statement and any
controlling Person of any such underwriter, placement agent or other Holder, against any losses, claims, damages, or liabilities to which any of the foregoing persons may become subject under the Securities Act, the Exchange Act or other federal or
state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any (i) untrue statement or alleged untrue statement of a material fact regarding such Holder and provided in
writing by such Holder which is contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments, supplements or free writing prospectuses thereto or (ii) the omission or
alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, in each case to the extent (and only to the extent) that such untrue statement or alleged untrue statement
or omission or alleged omission was made in such registration statement, preliminary or final prospectus, amendment, supplement or free writing prospectuses thereto, in reliance upon and in conformity with written information furnished by such
Holder or its representatives expressly for use in connection with such registration statement; and each such Holder will pay the Company or such underwriter, placement agent, other Holder or controlling Person, as accrued, any legal or other
expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, or action as a result of such Holder’s untrue statement or omission; provided, however, that the indemnity
agreement contained in this Section 2.9(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holders unless such settlement by the
claimant releases the Holders from any further loss, claim, damage, liability or action arising from the matters giving rise to the claim or action; provided, that, (x) the indemnification obligations in this
Section 2.9(b) shall be individual and several and not joint for each Holder and (y) in no event shall the aggregate of all indemnification payments by and Holder under this Section 2.9(b) exceed the net proceeds from
the offering received by such Holder. 
 (c) Promptly after receipt by an indemnified party under this Section 2.9 of notice of
the commencement of any claim or action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.9, deliver to the indemnifying
party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the
defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties which may be represented without conflict by one counsel) shall have the right to
retain one separate counsel, with the reasonable fees and expenses of such counsel to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to
actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement
of any such action shall not relieve such indemnifying party of any liability to the indemnified party under this Section 2.8, except to the extent such failure to give notice has a material adverse effect on the ability of the
indemnifying party to defend such action. 

  
 11 

 (d) If the indemnification provided for in this Section 2.9 is held by a court of
competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall
contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage, or expense as well as any other relevant equitable considerations. The relative fault of the indemnifying party and
of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or
by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. Notwithstanding the foregoing, the amount any Holder will be obligated to contribute
pursuant to this Section 2.9(d) will be limited to an amount equal to the per share offering price (less any underwriting discount and commissions) multiplied by the number of shares sold by such Holder pursuant to the registration
statement which gives rise to such obligation to contribute (less the aggregate amount of any damages which such Holder has otherwise been required to pay in respect of such loss, liability, claim, damage, or expense or any substantially similar
loss, liability, claim, damage, or expense arising from the sale of such Registrable Securities). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution
hereunder from any person who was not guilty of such fraudulent misrepresentation. 
 (e) Notwithstanding the foregoing, to the extent that
the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement
shall control; provided that the indemnification provisions of the Holders in any underwriting agreement may not conflict with the provisions of this Section 2.9 without the consent of the Holders. 

(f) The obligations of the Company and the Holders under this Section 2.9 shall survive the completion of any offering of shares
of Common Stock in a registration statement under this Section 2, and otherwise. 
 2.10 “Market Stand-Off’
Agreement; Agreement to Furnish Information. Each Holder hereby agrees that such Holder shall not sell, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same
economic effect as a sale of, any Common Stock (or other securities) of the Company held by such Holder (other than those included in the registration) for a period specified by the representative of the underwriters of Common Stock (or other
securities) of the Company not to exceed 10 days prior to and 90 days following the effective date of a registration statement of the Company filed under the Securities Act that includes any Registrable Securities of the Holders;
provided that the executive officers and directors of the Company enter into similar agreements and only if such Persons remain subject thereto (and are not released from such agreement) for such 90 day period. Each Holder agrees to
execute and deliver such other agreements as may be reasonably requested by the Company or the underwriter which are consistent with the foregoing or which are necessary to give further effect thereto. 

In addition, if requested by the Company or the representative of the underwriters of Common Stock (or other securities) of the Company, each
Holder shall provide, within 10 days of such request, such information as may be required by the Company or such representative in connection with the completion of any public offering of the Company’s securities pursuant to a registration
statement filed under the Securities Act. 

  
 12 

 The obligations described in this Section 2.10 shall not apply to a registration
relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the
future. The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of said 90 day period. 

2.11 Rule 144 Reporting. With a view to making available to the Holders the benefits of certain rules and regulations of the SEC which
may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its reasonable best efforts to: 

(a) make and keep public information available, as those terms are understood and defined in Rule 144 or any similar or analogous rule
promulgated under the Securities Act, at all times after the effective date of this Agreement; 
 (b) file with the SEC, in a timely manner,
all reports and other documents required of the Company under the Exchange Act; and 
 (c) so long as a Holder owns any Registrable
Securities, furnish to such Holder promptly upon request: a written statement by the Company as to its compliance with the reporting requirements of Rule 144 and of the Exchange Act; a copy of the most recent annual or quarterly report of the
Company; and such other reports and documents as a Holder may reasonably request in availing itself of any rule or regulation of the SEC allowing it to sell any such securities without registration. 

SECTION 3. MISCELLANEOUS 

3.1 Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit
of and be binding upon the respective successors and assigns of the parties (including any transferees of any shares of Registrable Securities). In addition, whether or not any express assignment shall have been made, the provisions of this
Agreement which are for the benefit of the Holders as such shall be for the benefit of, and enforceable by, any subsequent Holder. Nothing in this Agreement, express or implied, is intended to confer upon any Person other than the parties hereto or
their respective successors and assigns (including any transferees of any shares of Registrable Securities) or any subsequent Holder any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided
in this Agreement. 
 3.2 Governing Law. This Agreement shall be governed by and construed under the laws of the State of New York
without regard to its conflicts of laws rules. 
 3.3 Counterparts. This Agreement may be executed in two or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 3.4 Titles and
Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

3.5 Notices. Unless otherwise provided, any notice required or permitted under this Agreement shall be given in writing and shall be
deemed effectively given upon personal delivery to the party to be notified or upon deposit with the United States Post Office, by registered or certified mail, postage prepaid and addressed to the party to be notified at the address indicated for
such party on the signature page hereof, or at such other address as such party may designate, or by delivery with a reliable overnight delivery service by three (3) days’ advance written notice to the other parties. 

  
 13 

 3.6 Amendments and Waivers. Any term of this Agreement may be amended and the observance
of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Holders as long as the Holders hold Registrable Securities.
Any amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of any Registrable Securities then outstanding and the Company. 

3.7 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall
be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

3.8 Aggregation of Stock. All shares of Registrable Securities held or acquired by any Holders which are Affiliates shall be aggregated
together for the purpose of determining the availability of any rights under this Agreement. 
 3.9 Entire Agreement. This Agreement
constitutes the full and entire understanding and agreement between the parties with regard to the subject matter hereof. 
 [REMAINDER OF
THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have caused and this Agreement to be executed by
their respect undersigned officers thereunder duly authorizing as of the date set forth in the first paragraph hereof. 
  

							
		 	 SEACOAST BANKING

CORPORATION OF FLORIDA

			
		 	By:	 	  /s/ Dennis S. Hudson, III

		 		 	Name:	 	Dennis S. Hudson, III
		 		 	Title:	 	Chairman and Chief Executive Officer

							
				
		 		 	Address:	 	 815 Colorado Avenue
 Stuart, Florida
34994
 Attention: Dennis S. Hudson, III

  

							
		 	 CAPGEN CAPITAL GROUP III LP

CAPGEN CAPITAL GROUP III LLC,
 THE GENERAL PARTNER OF
CAPGEN
 CAPITAL GROUP III LP

			
		 	By:	 	  /s/ John P. Sullivan

		 		 	Name:	 	John P. Sullivan
		 		 	Title:	 	Managing Director

							
				
		 		 	Address:	 	 120 West 45th Street, Suite 1010

New York, New York 10036
 Attention: John P.
SullivanEX-10.10

 Exhibit 10.10 
  

 
 INDUSTRIES INC. 

FISCAL YEAR 20     

MANAGEMENT INCENTIVE PLAN 

 AEP INDUSTRIES INC. 

FISCAL YEAR 20[    ] MANAGEMENT INCENTIVE PLAN 

ADMINISTRATION 
 The Fiscal Year
20     Management Incentive Plan (the “MIP” or “Plan”) will be administered by the Compensation Committee of the Board of Directors (the “Compensation Committee); provided, that, the
Compensation Committee may delegate any of the foregoing powers to the Chief Executive Officer (CEO) or the Chief Financial Officer (CFO) of the Company or the Board of Directors, if (i) such delegation would not limit the deductibility of Plan
awards under Section 162(m) of the Internal Revenue Code of 1986, as amended, or any successor law (“Section 162(m)”) or (ii) the Compensation Committee determines it is in the best interests of the Company not to comply
with the performance-based exception specified in Section 162(m) (the Compensation Committee, together with the CEO, CFO or Board to the extent delegated such powers pursuant to this section, the “Administrator”). 

The awards payable under this Plan are intended to qualify as “performance-based compensation” within the meaning of
Section 162(m), so that the Company’s payment of awards under the Plan are tax deductible. 
 Subject to the terms of the Plan,
applicable law and the listing standards of the Nasdaq Global Stock Market (or other national securities exchange, as applicable), the Administrator is authorized to interpret the Plan, to make, amend and rescind any rules and regulations relating
to the Plan and to make all other determinations necessary or advisable for the Plan’s administration, including, without limitation in order to comply with the performance-based exception of Section 162(m). Interpretation and construction
of any provision of the Plan by the Administrator will be final and conclusive. 
 PLAN OVERVIEW 

Each participant will have a target incentive opportunity, stated as a percentage of salary (a “bonus target”). An earned
bonus will be 0% to 200% of the individual’s bonus target based on MIP Adjusted EBITDA compared to the MIP Earnings Target. 
 The
performance goal for each participant is dependent upon job classification, with the intent to capture that portion of the Company’s business the performance of which a participant can reasonably influence. Certain executive officers will have
a performance goal related to the Company as a whole, while other participants will have a performance goal related to various segments or divisions of the Company’s operations. 

  
 - 1 - 

 MIP EARNINGS TARGET AND MIP ADJUSTED EBITDA DEFINED 

The MIP Earnings Target is based upon budgeted MIP Adjusted EBITDA, plus an additional dollar amount (recommended by management based on
subjective factors) to further motivate MIP participants. 
 MIP Adjusted EBITDA is defined as net income before interest expense, income
taxes, depreciation and amortization, discontinued operations, non-core business operating income, annual change in LIFO reserve, gain or loss on disposal of property, plant and equipment, non-operating income (expense) and share-based compensation
expense, all as adjusted to remove foreign exchange effect. 
 CALCULATION PROCEDURES FOR MIP ADJUSTED EBITDA 

The following procedures will be utilized in calculating MIP Adjusted EBTIDA: 

 

	 	•	 	Extraordinary items outside the ordinary course of business, such as a gain (provision) for the sale or acquisition of assets or a business, will be excluded from MIP Adjusted EBITDA to the extent not included in the
MIP Earnings Target; provided, however, extraordinary items will be included in MIP Adjusted EBITDA to the extent of cash received. In addition, professional and legal fees and severance related to completed acquisitions and dispositions will be
excluded from MIP Adjusted EBTIDA to the extent not contemplated by the MIP Earnings Target. 

  

	 	•	 	Amounts will be calculated in the business unit’s primary currency. In cases where “currency exchange rates” have an impact on business unit earnings, the exchange rate used to calculate the MIP Earnings
Target will be used to calculate MIP Adjusted EBITDA in order to eliminate the effect of currency exchange rate variations. 

  

	 	•	 	Accounting policy changes required by the U.S. Securities and Exchange Commission or the U.S. Financial Accounting Standards Board that are approved by such parties following the approval of the MIP Earnings Target will
not be utilized to calculate MIP Adjusted EBITDA. 

  

	 	•	 	Inter-unit management fees in effect on the date the MIP Earnings Target is approved by the Administrator will be included in MIP Adjusted EBTIDA. 

 

	 	•	 	Inter-unit royalty fees in effect on the date the MIP Earnings Target is approved by the Administrator will be excluded from MIP Adjusted EBTIDA. 

 

	 	•	 	Vendor pricing credits will be included in MIP Adjusted EBITDA in the fiscal year in which credits are earned, provided that the Company provides the Committee with sufficient and quantifiable support relating to such
credit amounts if such credits are not included in the fiscal year-end financial statements. Any vendor pricing credits included in MIP Adjusted EBITDA for a fiscal year will be excluded from MIP Adjusted EBITDA in the following fiscal year.

  
 - 2 - 

 EARNED BONUS DETERMINATION 

An earned bonus will be 0% to 200% of the individual’s bonus target based on MIP Adjusted EBITDA compared to the MIP Earnings Target, as
shown below: 
  
 

 
  

	 	•	 	The bonus target is earned for achieving 100% of the applicable MIP Earnings Target. 

  

	 	•	 	No bonus is earned for achieving less than 80% of the applicable MIP Earnings Target. 

  

	 	•	 	50% of the bonus target is earned for achieving 80% of the applicable MIP Earnings Target. 

  

	 	•	 	The maximum of 200% of the bonus target is earned for achieving 120% or more of the applicable MIP Earnings Target. 

  

	 	•	 	There is a linear increase in the earned bonus from threshold to budget and from budget to maximum, each based on the above graph. 

  

	 	•	 	Performance will be treated on an absolute basis (i.e., if the applicable MIP Earnings Target is a loss of $100, then MIP Adjusted EBITDA of a loss of $90 would be deemed the achievement of 110% of MIP Earnings Target).

  
 - 3 - 

 The following sets forth a sample calculation if a participant has a salary of $70,000 and a
bonus target of 20%, and the MIP Adjusted EBITDA is 110% of the MIP Earnings Target: 
  

			
	 Salary
	  	$70,000
	 Bonus Target
	  	20%, or $14,000
	 MIP Adjusted EBITDA as a % of MIP Earnings Target
	  	110%
	 % of Bonus Target Earned
	  	150%
	 Earned Bonus in $
	  	$21,000
		  	  

 The maximum amount payable to any participant with respect to an award under the Plan in any fiscal year is
$4,000,000. 
 NO SEPARATE INCENTIVE COMPONENTS FOR PARTICIPANTS 

In your prior employment or otherwise, you may have participated in an incentive program that included other subjective or critical performance
measures such as: 
  

			
	 •  Market Share
	  	 •  Sale of assets at an attractive price

		
	 •  Number or type of customers
	  	 •  Health and safety improvements

		
	 •  Quality
	  	 •  New sales/promotion tracking system

		
	 •  Customer satisfaction
	  	 •  New financial control system

		
	 •  New product introduction
	  	 •  Improved distribution system

 AEP believes that everyone in the Company should be motivated to perform in the best interests of the Company
and that additional, subjective performance measures are not necessary or appropriate for MIP purposes. 
 However, officers of the Company
and the Administrator are authorized under the Plan to reduce the earned bonus of any individual within a business unit whose activities during the period has been counterproductive to the efforts of the business unit or who has not, for
other reasons, added to the profit making goals of this Plan. 
 If you have any questions concerning this Plan, contact your manager or
your Human Resources Manager. 

  
 - 4 - 

 ADMINISTRATIVE GUIDELINES 

1. Base Salary for Bonus Calculations. A participant’s annual Base Salary in effect for fiscal 20    , as reflected in the
Company’s payroll records on October 31, 20     will be used to calculate the earned bonus. For purposes of clarity, no changes in annual Base Salary for fiscal 20    , whether implemented on or
prior to October 31, 20    , will be used to calculate the earned bonus. 
 2. Eligibility. Except as specified in paragraph
5 below, a participant must be an active employee as of October 31, 20    (or a participant who voluntarily terminates employment must be an active employee on the bonus payout date) to be eligible to receive payment for an
earned bonus under the Plan. 
 3. Pro Rata Bonus Eligibility. Eligibility for a pro rata bonus is detailed in paragraphs 4, 5, and 6 below. A pro
rata bonus will apply changes in bonus targets and changes in performance goals on a pro rata basis. A pro rata bonus will be earned only for all or none of a fiscal quarter. Further, a pro rata bonus will be earned only if the applicable
performance goal is satisfied for the applicable fiscal year. 
 4. New Hires, Transfers or Promotions During the Plan Period. For all pro rata
matters in this paragraph, (i) effective dates as of the first through the fifteenth of the first month in the fiscal quarter will result in the participant being eligible for the Plan for the full fiscal quarter and (ii) effective dates
on or after the sixteenth day of the first month in the fiscal quarter will result in the participant being eligible for the Plan in the next full fiscal quarter. 

For New Hires or participants added to the Plan in the first through third fiscal quarters, the effective date will be the date of hire.
Fourth fiscal quarter New Hires are not eligible to be a participant in the Plan. For Promotions and Transfers, the effective date will be the date of promotion or transfer. 

5. Termination During the Plan Period. If a participant’s employment is terminated due to a voluntary termination, no bonus will be earned by or
paid to the participant. 
 If a participant’s employment is terminated due to an involuntary termination (including, but not limited
to, due to unsatisfactory performance or cause as determined by officers of the Company or the Administrator) other than due to job elimination or reorganization (as determined by officers of the Company or the Administrator) or due to death or
disability (as set forth in paragraph 6 below), no bonus will be earned by or paid to the participant. For purposes of this Plan, “cause” for termination includes achieving business results at the expense of violations of laws, regulations
or Company policies and procedures. 
 If a participant’s employment is terminated due to an involuntary termination due to job
elimination or reorganization (as determined by officers of the Company or the Administrator), the bonus will be earned and paid on a pro rata basis. If the termination date is on or prior to the fifteenth of the last month in the fiscal quarter,
the participant’s bonus will exclude such fiscal quarter. If the termination date is on the sixteenth through the last day of the last month of the fiscal quarter, the participant’s bonus will include such fiscal quarter. Bonus payments
for such terminated employees will be made approximately at the same time as they are made to other Plan participants who continue to work for the Company through the end of the fiscal year. 

  
 - 5 - 

 6. Death or Disability During the Plan Period. If a participant’s employment is terminated due to
death, the bonus will be earned and paid (to the estate of the participant) on a pro rata basis. If the termination date is on or prior to the fifteenth of the last month in the fiscal quarter, the participant’s bonus will exclude such fiscal
quarter. If the termination date is on the sixteenth through the last day of the last month of the fiscal quarter, the participant’s bonus will include such fiscal quarter. Bonus payments will be made approximately at the same time as they are
made to other Plan participants who continue to work for the Company through the end of the fiscal year. 
 A participant’s disability
of 30 calendar days or less will not have an impact on the participant’s eligibility to earn a bonus under the Plan. 
 If a
participant’s disability lasts more than 30 calendar days, then a bonus may be earned only for fiscal quarters in which the participant works more than 60 calendar days. 

7. Adding Participants to the Plan. New participants may be added to this Plan during the fiscal year as recommended by the appropriate Vice
President/Group Manager and with the approval of the CEO and/or CFO (although new officers of the Company may only be added to this Plan by the Administrator). The criteria for participation will be based on both similar job classification as the
list of current participants in this Plan and a responsibility level commensurate with the participant’s ability to influence goal outcomes. Approval will be required for both the addition of a participant to the Plan and the proposed
participant’s bonus target. 
 8. Timing of Payments. Financial results will need to be finalized as appropriate by the Company’s Vice
President, Controller (or other person having similar responsibilities) and the independent auditors before bonuses can be calculated and paid. Further, no payments will be made unless and until (i) for awards generally payable under the Plan,
the Administrator certifies in writing or resolves to approve payments generally in accordance with the Plan and (ii) for awards intended to qualify as performance-based compensation within the meaning of Section 162(m), the Committee
certifies in writing that the applicable performance goals were met for fiscal 2014. 
 Earned bonuses will be paid in local currency as
soon as possible after the end of fiscal 20    , but no later than January 15, 20    . 
 9. All Plan
Payments Subject to Discretion. Notwithstanding the attainment of financial results, all earned bonuses under the Plan are subject to reduction or elimination by the Administrator. For example, a reduction in any and all earned bonuses may be
made if earnings are achieved in ways that are considered undesirable (such as reducing budgeted advertising expenditures to the detriment of the business); see also, “—No Separate Incentive Components for Participants.” 

  
 - 6 -

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