SEACOAST BANKING CORPORATION OF FLORIDA (NASDAQ:SBCF) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On February 3, 2017, the Bank entered into a Transition Agreement with Stephen A. Fowle, current Chief Financial Officer of Seacoast Banking Corporation of Florida’s (“Seacoast” or the “Company”) and its principal subsidiary, Seacoast National Bank (the “Bank”) (the “Transition Agreement”). The Transition Agreement provides that Mr. Fowle’s employment with the Company and the Bank will terminate on March 31, 2017. The agreement further provides that Mr. Fowle will be entitled to certain severance benefits upon the execution of a mutual release of claims against the Bank and its affiliates. to the terms of the Transition Agreement, Mr. Fowle will be entitled to receive a payment in the amount of $165,000 no later than 15 days following the effective date of the release. Mr. Fowle will be entitled to receive an additional payment in the amount of $82,500 on October 1, 2017 in the event Mr. Fowle has not obtained new employment. Subject to certain exceptions, Mr. Fowle will not be entitled to such additional payment in the event he has obtained new employment on or before such date. The Bank will make a lump sum payment to Mr. Fowle equal to 18 months of certain COBRA insurance premiums. In addition, certain of Mr. Fowle’s unvested and outstanding shares of restricted stock will vest and certain unvested and outstanding performance options will vest and become exercisable. The Transition Agreement requires Mr. Fowle be subject to certain restrictive covenants, which include non-solicitation of Bank customers and employees, and non-disclosure of confidential and proprietary information about the Bank, its employees, customers and clients.
About SEACOAST BANKING CORPORATION OF FLORIDA (NASDAQ:SBCF)
Seacoast Banking Corporation of Florida is a bank holding company. The Company’s principal subsidiary is Seacoast National Bank, a national banking association. The Company and its subsidiaries offer an array of deposit accounts and retail banking services, engage in consumer and commercial lending and provide a range of trust and asset management services, as well as securities and annuity products. The Company, through its bank subsidiary, provides a range of community banking services to commercial, small business and retail customers, offering a range of transaction and savings deposit products, treasury management services, brokerage, and secured and unsecured loan products, including revolving credit facilities, letters of credit and similar financial guarantees, and asset based financing. It also provides trust and investment management services to retirement plans, corporations and individuals. It also offers Internet and mobile banking to business and retail customers. SEACOAST BANKING CORPORATION OF FLORIDA (NASDAQ:SBCF) Recent Trading Information
SEACOAST BANKING CORPORATION OF FLORIDA (NASDAQ:SBCF) closed its last trading session up +0.50 at 22.58 with 254,792 shares trading hands.