SEC Contract Filing

Filing Date: 2024-02-27

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<DIV><FONT size="1" style="font-size:1pt;color:white">1 LEGAL02/43472938v3 AMENDED EXECUTIVE EMPLOYMENT AGREEMENT THIS AMENDED EXECUTIVE EMPLOYMENT AGREEMENT (this &#8220;Agreement&#8221;) is made and entered into as of the ___ day of ________, 2023 (the &#8220;Effective Date&#8221;), by and among Seacoast National Bank (&#8220;Seacoast&#8221;), and Juliette P. Kleffel (&#8220;Employee&#8221;). WHEREAS, Employee is an executive employee of Seacoast, and the expertise and experience of Employee in the financial institutions industry are valuable to Seacoast; WHEREAS, Employee and Seacoast are party to an Employment Agreement, dated as of April 19, 2021 (the &#8220;Prior Agreement&#8221;) and now desire to amend and restate the Prior Agreement; WHEREAS, Employee is a key employee with high-profile relationships with the community on behalf of Seacoast; has access to valuable confidential information and trade secrets regarding Seacoast and its banking customers; has substantial relationships with Seacoast customers; and through Employee&#8217;s employment at the bank has access to considerable goodwill associated with the Seacoast name and business relationships; WHEREAS, Seacoast believes that it is in its best interests to retain Employee&#8217;s services to manage Seacoast and enhance its shareholder value; WHEREAS, in addition, the Board of Directors of the Seacoast (the &#8220;Seacoast Board&#8221;) has determined that it is essential and in the best interest of Seacoast to retain the services of Employee in the event of a threat or occurrence of a Change of Control (as hereinafter defined) and to ensure Employee&#8217;s continued dedication and efforts in such event without undue concern for Employee&#8217;s personal financial and employment security; WHEREAS, in order to induce Employee to remain in the employ of Seacoast, Seacoast desires to enter into this Agreement with Employee to provide Employee with certain benefits in the event Employee&#8217;s employment is terminated, including termination as a result of, or in connection with, a Change of Control; and WHEREAS, in consideration for the benefits provided to Employee hereunder and as an inducement to Seacoast providing such benefits, Employee agrees that it is reasonable and fair to enter into certain restrictive covenants as hereinafter set forth; NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. Effective Date. This Agreement shall be deemed to be effective on the &#8220;Effective Date&#8221; set forth in the introductory paragraph above. 2. Term of Agreement. This Agreement shall commence on the Effective Date and shall end on the second (2nd) anniversary thereof (hereinafter referred to as the &#8220;Initial Term&#8221;), provided that the Initial Term shall be extended automatically for an additional one (1) year term (each, an &#8220;Additional Term&#8221; and, together with the Initial Term, the &#8220;Term&#8221;) on the last day of the Initial Term or each Additional Term hereof unless either party hereto gives written 15th December </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white">2 LEGAL02/43472938v3 notice to the other party not to so extend no later than 90 days prior to the expiration of the Initial Term or any subsequent Additional Term, as the case may be, in which case no further extension shall occur and the Term shall end at the expiration of the Initial Term or the Additional Term during which such notice not to so extend was given. Notwithstanding any notice by the Company not to extend, the Term shall not expire prior to the first (1st) anniversary of the occurrence of a Change of Control. 3. Employment and Duties. (a) Termination of Prior Agreements. In consideration of Employee&#8217;s compensation as described in this Agreement, Seacoast and Employee agree that any prior oral or written agreements as to the subject matter herein are terminated as of the Effective Date, and that no additional payments are due under any prior agreement. Nothing in this Agreement affects or diminishes any equity award or deferred compensation held by the Employee, which remain subject to terms of the grant documents and the applicable plans under which such equity awards were granted, or such compensation was deferred. (b) General. As of the Effective Date, the Bank shall employ Employee as its Chief Operating Officer. Employee shall perform such duties and responsibilities and maintain such authority as is consistent with that title and status, as determined by the CEO in his sole discretion. Such duties and responsibilities shall be carried out in a manner consistent with applicable regulatory requirements and sound business practices. (c) Services. Employee shall perform Employee&#8217;s duties faithfully and shall devote Employee&#8217;s full business time, attention and energies to the business of Seacoast, and, while employed by Seacoast, Employee shall not engage in any other business activity that is in conflict with Employee&#8217;s duties and obligations to Seacoast. (d) Outside Enterprises. While employed by Seaco