Document:

EX-10.1

Exhibit 10.1

to 8-K dated March 18, 2010

SEACOAST BANKING CORPORATION OF FLORIDA

LONG-TERM RESTRICTED STOCK AWARD AGREEMENT

Non-transferable

G R A N T T O

Dennis S. Hudson, III

(“Grantee”)

16,553 shares of Seacoast Banking Corporation of Florida (the “Company”) common stock,

$0.10 par value (the “Shares”)

pursuant to and subject to the provisions of the Seacoast Banking Corporation of Florida 2000
Long-Term Incentive Plan (the “Plan”) and to the terms and conditions set forth on the
following pages of this award agreement (this “Agreement”). Capitalized terms used herein
and not otherwise defined shall have the meanings assigned to such terms in the Plan.

Unless vesting is accelerated in accordance with Section 4 of the Agreement, the Shares shall vest
(become non-forfeitable) on the later of the Company’s full repayment the aggregate financial
assistance it received under the United States Treasury’s Capital Purchase Program (the
“CPP”) or the second anniversary of the date of grant (the “Grant Date”), provided that
Grantee is employed by the Company or a subsidiary on such date.

By accepting this award, Grantee shall be deemed to have agreed to the terms and conditions of this
Agreement and the Plan.

IN WITNESS WHEREOF, Seacoast Banking Corporation of Florida, acting by and through its duly
authorized officers, has caused this Agreement to be executed as of March 18, 2010.

SEACOAST BANKING CORPORATION OF FLORIDA

By:

Its Authorized Officer

Accepted by Grantee:

TERMS AND CONDITIONS

1. Restrictions. The Shares are subject to each of the following restrictions.
“Restricted Shares” mean those Shares that are subject to the restrictions imposed hereunder which
restrictions have not then expired or terminated. Restricted Shares may not be sold, transferred,
exchanged, assigned, pledged, hypothecated or otherwise encumbered. If Grantee’s employment with
the Company or any subsidiary terminates for any reason other than as set forth in Section 4
hereof, then Grantee shall forfeit all of Grantee’s right, title and interest in and to the
Restricted Shares as of the date, and such Restricted Shares shall revert to the Company
immediately following the event of forfeiture. The restrictions imposed under this Section shall
apply to all shares of Stock or other securities issued with respect to Restricted Shares hereunder
in connection with any merger, reorganization, consolidation, recapitalization, stock dividend or
other change in corporate structure affecting the Stock.

2. Vesting. All of the Restricted Shares shall vest on the later of the date the Company
has fully repaid the aggregate financial assistance it received under the CPP or the second
anniversary of the Grant Date (the “Vesting Date”), provided that on the Vesting Date, the Grantee
is an active employee of the Company or a subsidiary and has been in the continuous employment of
the Company or a subsidiary from the Grant Date through the Vesting Date. In no event shall the
Restricted Shares vest, and Grantee shall forfeit the Restricted Shares, if Grantee shall not have
continued to perform substantial services for the Company before the Vesting Date, other than due
to the Grantee’s death or Disability, or a change in control event (as defined in 26 CFR 1.280G–1,
Q&A– 27 through Q&A–29 or as defined in 26 CFR 1.409A–3(i)(5)(i)) with respect to the Company
before the Vesting Date. If Grantee is not an active employee of the Company or a subsidiary on
the Vesting Date, Grantee forfeits all rights to any Restricted Shares that would otherwise vest on
the Vesting Date; provided, however, Restricted Shares may vest prior to the Vesting Date in
accordance with the provisions of Section 4.

3. Clawback. The Shares subject to this Agreement will be cancelled or forfeited or
subject to recovery by the Company if (a) the Committee determines that (1) Grantee received the
Restricted Shares based on materially inaccurate financial statements (which includes, but is not
limited to, statements of earnings, revenues, or gains) or any other

materially inaccurate performance metric criteria, (2) Grantee knowingly engaged in providing
inaccurate information (including knowingly failing to timely correct inaccurate information)
relating to financial statements or performance metrics, or (3) Grantee materially violated any
risk limits established or revised by senior management, a business head and/or risk management, or
any balance sheet or working or regulatory capital guidance provided by a business head, or (b)
Grantee’s employment is terminated on account of misconduct (as defined below). For purposes of
this Agreement, “misconduct” means the Grantee’s engaging in any conduct that (a) is in competition
with the Company’s business operations, (b) that breaches any obligation that the Grantee owes to
the Company or Grantee’s duty of loyalty to the Company, (c) is materially injurious to the
Company, monetarily or otherwise, or (d) is otherwise determined by the Committee, in its sole
discretion, to constitute misconduct.

4. Termination and Interruption of Employment. The Grantee’s right to vest in the
Restricted Shares, is conditioned upon the Grantee’s continuous employment with the Company, except
as otherwise provided below.

If the Grantee’s continuous employment with the Company terminates or is interrupted for any reason
not stated below, vesting of the Restricted Shares will cease immediately; the Restricted Shares
will be canceled and the Grantee shall have no further rights of any kind with respect to the
Restricted Shares. If Grantee’s continuous employment with the Company terminates or is
interrupted for a reason stated below, Grantee’s rights with respect to the Restricted Shares will
be affected as provided below. For purposes of this Agreement, employment with the Company shall
include working for a subsidiary that is a member of the “controlled group” of the Company. For
these purposes, “controlled group” has the meaning set forth in Treas. Reg. § 1.409A-1(h)(3).

(a) Disability. The Restricted Shares will continue to vest during the Grantee’s
approved disability leave. If the Grantee’s approved disability leave results in his or her
involuntary termination of employment with the Company by reason of Disability, the Grantee’s
unvested Restricted Shares shall vest on the Grantee’s termination date. Vested Shares will be
distributed to the Grantee (less any Shares withheld for the payment of taxes) as soon as is
reasonably practicable after the Company has fully repaid the aggregate financial assistance it
received under the CPP.

(b) Death. If the Grantee’s employment terminates by reason of Grantee’s death,
Grantee’s unvested Restricted Shares will vest. Vested Shares will be distributed to Grantee’s
estate (less any Shares withheld for the payment of taxes) as soon as is reasonably practicable
after the Company has fully repaid the aggregate financial assistance it received under the CPP.

(c) The Company is Acquired by Another Entity (Change in Control). If the Grantee’s
employer is acquired by another entity in a transaction that is described in Treas. Reg.
§1,409A-3(i)(5)(i) (a “Change in Control”) the Grantee’s employment will not be deemed to have
terminated in connection with the Change in Control and the Restricted Shares will continue to vest
on schedule. If the employment of the Grantee terminates for any reason on or after the Change in
Control, then such applicable provisions of this Section 4 will apply.

5. Delivery of Shares. The Restricted Shares will be registered in the name of Grantee as
of the Grant Date and will be held by the Company during the Restriction period in certificated or
uncertificated form. If a certificate for Restricted Shares is issued during the Restriction period
with respect to such Shares, such certificate shall be registered in the name of Grantee and shall
bear a legend in substantially the following form:

“This certificate and the shares of stock represented hereby are subject to the terms and
conditions (including forfeiture and restrictions against transfer) contained in a Long-Term
Restricted Stock Agreement between the registered owner of the shares represented hereby and
Seacoast Banking Corporation of Florida. Release from such terms and conditions shall be made only
in accordance with the provisions of such Agreement, copies of which are on file in the offices of
Seacoast National Banking Corporation of Florida.”

Stock certificates for the Shares, without the first above legend, shall be delivered to Grantee or
Grantee’s designee upon request of Grantee after the expiration of the Restriction period, but
delivery may be postponed for such period as may be required for the Company with reasonable
diligence to comply if deemed advisable by the Company, with registration requirements under the
Securities Act of 1933, listing requirements under the rules of any stock exchange, and
requirements under any other law or regulation applicable to the issuance or transfer of the
Shares.

6. Voting and Dividend Rights. Grantee, as beneficial owner of the Shares, shall have full
voting and dividend rights with respect to the Shares during and after the Restricted Period, or
until the Shares are forfeited. If Grantee forfeits any rights he may have under this Agreement,
Grantee shall no longer have any rights as a stockholder with respect to the Restricted Shares or
any interest therein and Grantee shall no longer be entitled to vote or receive dividends on such
stock. In the event that for any reason Grantee shall have received dividends upon such stock
after such forfeiture, Grantee shall repay to the Company any amount equal to such dividends.

7. Changes in Capital Structure. In the event of a corporate event or transaction involving
the Company (including, without limitation, any stock dividend, stock split, extraordinary cash
dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination
or exchange of shares), the Committee may adjust this award to preserve the benefits or potential
benefits of this award. Without limiting the foregoing, in the event of a subdivision of the
outstanding Stock (stock-split), a declaration of a dividend payable in Stock, or a combination or
consolidation of the outstanding Stock into a lesser number of shares, the Shares then subject to
this Agreement shall automatically be adjusted proportionately. All such adjustments shall conform
to the requirements of Section 409A of the Code, to the extent applicable, and with respect to
Awards intended to qualify as “performance-based compensation” under Section 162(m) of the Code,
such adjustments or substitutes shall be made only to the extent that the Committee determines that
such adjustments or substitutions may be made without causing the Company to be denied a tax
deduction on account of Section 162(m) of the Code.

8. No Right of Continued Employment. Nothing in this Agreement shall interfere with or
limit in any way the right of the Company or any subsidiary to terminate Grantee’s employment at
any time, nor confer upon Grantee any right to continue in the employ of the Company or any
subsidiary.

9. Nondisclosure of Confidential Information. Grantee recognizes and acknowledges that
Grantee will have access to certain trade secrets and other valuable, proprietary and confidential
information (individually and collectively “Confidential Information”) of the Company and its
affiliates and that such information constitutes valuable, special and unique property of the
Company and such other entities. Grantee will not disclose or directly or indirectly use in any
manner such Confidential Information for the benefit of anyone other than the Company during
Grantee’s employment and for a period of two years after such employment terminates. To the extent
any Confidential Information is required to be disclosed under applicable law or to any
governmental authority, Grantee shall use his or her best efforts to protect and preserve their
confidentiality and prevent their further disclosure or dissemination. In the event of a breach or
threatened breach by Grantee of the provisions of this paragraph, the Company or the employing
corporation shall be entitled to an injunction or temporary restraining order restraining Grantee
from disclosing, in whole or in part, such Confidential Information. Nothing herein is intended to
or shall be construed as limiting or prohibiting the Company or the employing affiliate corporation
from pursuing any legal, equitable or other remedies available to it for such breach or threatened
breach, including, without limitation, the recovery of damages. The parties acknowledge and agree
that this Agreement is not intended to, and does not, alter either the Company’s rights or
Grantee’s obligations under any state or federal statutory or common law regarding trade secrets
and unfair trade practices.

10. Payment of Taxes. Upon issuance of the Shares hereunder, Grantee may make an election
to be taxed upon such award under Section 83(b) of the Code. To effect such election, Grantee may
file an appropriate election with Internal Revenue Service within 30 days after award of the Shares
and otherwise in accordance with applicable Treasury Regulations. The Company has the authority and
the right to deduct or withhold, or require Grantee to remit to the Company, an amount sufficient
to satisfy federal, state, and local taxes (including Grantee’s FICA obligation) required by law to
be withheld with respect to any taxable event arising as a result of the grant or vesting of the
Shares. The withholding requirement may be satisfied, in whole or in part, at the election of the
Secretary, by withholding from the Award shares having a Fair Market Value on the date of
withholding equal to the minimum amount (and not any greater amount) required to be withheld for
tax purposes, all in accordance with such procedures as the Secretary establishes. The obligations
of the Company under this Agreement will be conditional on such payment or arrangements, and the
Company, and, where applicable, its subsidiaries will, to the extent permitted by law, have the
right to deduct any such taxes from any payment of any kind otherwise due to Grantee.

11. Compliance with Emergency Economic Stabilization Act of 2008. Grantee acknowledges
that if Grantee and any Restricted Shares governed by this Agreement are subject to Section 111 of
the Emergency Economic Stabilization Act of 2008, as amended, and any regulations, determinations
or interpretations that may from time to time be promulgated thereunder (“EESA”), then any payment
of any kind provided for by this Agreement must comply with EESA, and that this Agreement shall be
interpreted or reformed to so comply. If the making of any payment pursuant to this Agreement
would violate EESA, or if the making of such payment may in the judgment of the Company violate the
terms of the Company’s participation in, the Troubled Asset Relief Program (“TARP”), the
TARP’s Capital Purchase Program (“CPP”), or any rules and regulations related thereto,
Grantee shall be deemed to have waived his right to such payment. If applicable, Grantee also
hereby grants to the U. S. Treasury (or other body of the U.S. government) and to the Company a
waiver releasing the U.S. Treasury (or other body) and the Company from any claims that Grantee may
otherwise have as a result of the issuance of any regulations, determinations or interpretations
that adversely modify the terms of the Restricted Shares or any benefits plans, arrangements and
agreements to eliminate any provisions that would not be in compliance with the executive
compensation and corporate governance requirements of Section 111 of EESA and any regulations,
determinations or interpretations that may from time to time be promulgated thereunder, or any
securities purchase agreement or other agreement entered into between the Company and the U.S.
Treasury (or other body) pursuant to EESA.

12. Amendment. The Committee may amend, modify or terminate this Agreement without approval
of Grantee; provided, however, that such amendment, modification or termination shall not, without
Grantee’s consent, reduce or diminish the value of this award determined as if it had been fully
vested (i.e., as if all restrictions on the Shares hereunder had expired) on the date of such
amendment or termination.

13. Plan Controls. The terms contained in the Plan are incorporated into and made a part of
this Agreement and this Agreement shall be governed by and construed in accordance with the Plan.
In the event of any actual or alleged conflict between the provisions of the Plan and the
provisions of this Agreement, the provisions of the Plan shall be controlling and determinative.

14. Severability. If any one or more of the provisions contained in this Agreement is
deemed to be invalid, illegal or unenforceable, the other provisions of this Agreement will be
construed and enforced as if the invalid, illegal or unenforceable provision had never been
included.

15. Notice. All notices hereunder shall be sufficiently made if personally delivered to
Grantee or sent by regular mail addressed (a) to Grantee at Grantee’s address as set forth in the
books and records of the Company or any subsidiary, or (b) to the Company or the Committee at the
principal office of the Company clearly marked “Attention: Salary and Benefits Committee.”

16. Holding Period on Shares. Unless and until Grantee has achieved applicable stock
ownership target imposed by the Company, Grantee shall retain the “Net Shares” (as defined below)
until such ownership target have been met or until termination of employment, if earlier. Net
Shares means Shares in excess of those sold or withheld to satisfy the minimum tax liability upon
vesting.EX-10.2

Exhibit 10.2

to 8-K dated March 18, 2010

SEACOAST BANKING CORPORATION OF FLORIDA

WAIVER

Reference is made to the Executive Employment Agreement, as amended, between Seacoast Banking
Corporation of Florida (the “Company”) and the undersigned, Dennis S. Hudson, III
(“Hudson”), dated January 18, 1994 (the “Employment Agreement”) and the Change of
Control Employment Agreement by and between the Company and Hudson, dated December 24, 2003 (the
“Change of Control Agreement” and together with the Employment Agreement, the
“Agreements”).

To advance the interests of the Company and its shareholders and for other good and valuable
consideration, Hudson hereby waives any and all rights he may have under the Agreements as a result
of changes to his compensation for 2010, including a decrease in his base salary.

Notwithstanding the foregoing, this Waiver shall be of no further force or effect upon the
earlier of (i) December 31, 2010 or (ii) when the United States no longer holds equity or debt
securities of the Company acquired through the Troubled Asset Relief Program. Further, except as
expressly waived and provided herein, the Agreements shall remain in full force and in effect
without change.

Agreed to and acknowledged

as of the 18 day of March, 2010:

/s/ Dennis S. Hudson, III

Dennis S. Hudson, III

Chairman and Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}]]