SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
HUDSON DENNIS S III

(Last) (First) (Middle)
SEACOAST BANKING CORP. OF FLORIDA
P.O. BOX 9012

(Street)
STUART FL 34995

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
SEACOAST BANKING CORP OF FLORIDA [ SBCF ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
Chairman & CEO
3. Date of Earliest Transaction (Month/Day/Year)
02/02/2007
4. If Amendment, Date of Original Filed (Month/Day/Year)
02/06/2007
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 02/02/2007 A(1) 2,685 A $23.27 2,685 D(1)
Common Stock 02/02/2007 A(2) 1,353 A $0.00(3) 1,353 D(3)
Common Stock 48,753 D(4)
Common Stock 24,000 D(5)
Common Stock 1,121,778 I Held by Sherwood Pertners, Ltd., a family partnership
Common Stock 24,200 I Held by spouse
Common Stock 10,900 D(6)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock-settled Stock Appreciation Rights(2) $26.72 05/16/2008(7) 05/16/2016 Common Stock 27,600 27,600 D
Common Stock Right to Buy(8) $7.7273(9) 05/20/2001 05/20/2007 Common Stock 19,800 19,800 D
Common Stock Right to Buy(8) $8.7879(10) 07/01/1999 06/30/2008 Common Stock 72,600 72,600 D
Common Stock Right to Buy(2) $17.08 11/17/2004(11) 11/17/2013 Common Stock 75,000 75,000 D
Common Stock Right to Buy(2) $22.4 12/21/2005(11) 12/21/2014 Common Stock 30,000 30,000 D
Explanation of Responses:
1. Represents Restricted Stock Awards purchased under the Company's 2000 Long-Term Incentive Plan at fair market value. The restricted stock is subject to a one year holding period.
2. Granted pursuant to Seacoast Banking Corporation of Florida's 2000 Long-Term Incentive Plan
3. Represents a time-based restricted stock award granted on 2/2/2007 under Seacoast?s 2000 Long-Term Incentive Plan which shall vest in 25% increments beginning on the second anniversary of the date of grant, and each anniversary thereafter, subject to continued employment.
4. Shares held in Trust
5. 17,500 shares represent a performance based restricted stock award granted under Seacoast's 2000 Long-Term Incentive Plan which shall vest, subject to continued employment, over a 5-year performance period beginning January 1, 2004. Another 6,500 shares represent a restricted stock award granted under Seacoast's 2000 Long-Term Incentive Plan which shall vest, subject to continued employment, over a 5-year performance period beginning January 1, 2005. Both restricted stock awards vest based on achievement of EPS targets compared to the prior fiscal year. 38% EPS growth = 25% vesting; 50% EPS growth = 50% vesting, 75% EPS growth = 75% vesting; 85% EPS growth = 100% vesting. Notwithstanding the above schedule, 100% of the performance based awards shall vest on the fifth anniversary of the grant date if the Company achieves an ROE of at least 16.5% for 3 consecutive quarters during the performance period, regardless of whether the EPS targets are met.
6. 7,000 shares represent unvested shares in a time-based restricted stock award granted under Seacoast's 2000 Long-Term Incentive Plan which shall vest in 3,500 shares increments on each anniversary of the data of grant (11/17/03), subject to continued employment. Another 3,900 shares represent unvested shares in a time-based restricted stock award granted under seacoast's 2000 Long-Term Incentive Plan which shall vest, subject to continued employment, in 1,300 shares increments on each anniversary of the date of grant (12/21/04).
7. Represents stock-settled stock appreciation rights granted on 5/16/2006 which will vest over five years in 25% increments beginning on the second anniversary of the date of grant and each of the following three anniversaries thereafter, subject to continued employment
8. Granted pursuant to Seacoast Banking Corporation of Florida's 1996 Long-Term Incentive Plan
9. The Form 4 filing software only allows for numbers to be expressed up to four decimal places. The actual price of the stock options is $7.72727.
10. The Form 4 filing software only allows for numbers to be expressed up to four decimal places. The actual price of the stock options is $8.787879.
11. Vests over 5 years at the rate of 20% on the first anniversary of the date of grant (date specified above) and then at the rate of 20% on each of the following four anniversaries thereafter, subject to continue employment.
Remarks:
Sharon Mehl as power of attorney for Dennis S. Hudson III 03/08/2007
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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