SEC Form 4 · accession 0001209191-16-104516
SEACOAST BANKING CORP OF FLORIDA · SBCF
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Charles K Cross Jr.
Other
Period of report
Feb 29, 2016
Accepted (ET)
Mar 2, 2016 · 4:36 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000730708
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Feb 29, 2016 | A | 26,801 | $0.00 | A | 26,801 | D | |
| Common StockF2 | holding | — | — | — | 1,464 | D | ||
| Common Stock | holding | — | — | — | 2,508 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Common Stock Right to BuyF3,F4 | $14.82 | Feb 29, 2016 | A | 24,561 | A | — | Feb 28, 2024 | Common Stock | 24,561 | 24,561 | D |
| Common Stock Right to BuyF3,F5 | $12.63 | holding | — | — | — | — | Jan 29, 2023 | Common Stock | 9,875 | 9,875 | D |
| Common Stock Right to BuyF3,F6 | $10.54 | holding | — | — | — | Apr 29, 2015 | Apr 29, 2024 | Common Stock | 25,000 | 25,000 | D |
| Common Stock Right to BuyF3,F7 | $11.00 | holding | — | — | — | Jun 28, 2014 | Jun 28, 2023 | Common Stock | 2,400 | 2,400 | D |
Explanation of responses
- F1Represents shares subject to performance-based restricted stock units ("PSUs") granted on June 28, 2013 and on August 1, 2014, that were subject to performance requirements over a period ending December 31, 2015. On Feb. 29, 2016, the Company's Compensation Committee certified the number of shares attained based on the performance criteria. These shares now vest in one-third increments each year on Dec. 31, 2016, 2017 and 2018, provided the recipient remains in continuous service with the Company on each such vesting date.
- F2Represents an unvested time-based restricted stock award granted on 4/1/2013 under Seacoast's 2000 Long-Term Incentive Plan which shall vest in 25 percent increments beginning on the second anniversary of the date of the grant, and each of three anniversaries thereafter, subject to continued employment.
- F3Granted pursuant to Seacoast Banking Corporation of Florida's 2013 Incentive Plan
- F4Two tiered vesting. First, performance vesting must be met which requires that: 1) the market price of Seacoast common stock increase to 120% or more of the exercise price; and 2) Seacoast's Tier 1 Capital must be equal to or greater than the regulatory standard. Once performance criteria is met, option shall vest in equal installments at the end of each month over the next 48 months, provided that Optionee remains in Continuous Service on each applicable vesting date.
- F5Two tiered vesting. Performance criteria met and time-based vesting began on 7/1/15. Option vests in equal installments at the end of each month over the next 48 months, provided that Optionee remains in Continuous Service on each applicable vesting date.
- F6Vests over 3 years in one-third increments each anniversary of the date of grant beginning on the first anniversary of the date of grant (the date indicated), subject to continued employment.
- F7Vests over 5 years at the rate of 20 percent on the first anniversary of the date of grant (the date indicated) and then at the rate of 20% on each of the following four anniversaries thereafter, subject to continued employment.