SEC Form 4 · accession 0001209191-16-104519
SEACOAST BANKING CORP OF FLORIDA · SBCF
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Stephen A Fowle
Officer — EVP & Chief Financial Officer
Period of report
Feb 29, 2016
Accepted (ET)
Mar 2, 2016 · 4:39 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 | holding | — | — | — | 51,078 | 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 BuyF2,F3 | $14.82 | Feb 29, 2016 | A | 14,170 | A | — | Feb 28, 2024 | Common Stock | 14,170 | 14,170 | D |
Explanation of responses
- F1Represents unvested shares in a time-based restricted stock award granted under Seacoast's 2013 Long-Term Incentive Plan on May 12, 2015 ("Grant Date"). As long as Mr. Fowle remains employed by the Company, one-third of these shares shall vest on March 15, 2016, and the remaining shares shall vest in equal increments on March 15, 2017 and March 15, 2018.
- F2Granted pursuant to Seacoast Banking Corporation of Florida's 2013 Incentive Plan
- F3Two 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.