| 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*
(Street)
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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)
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3. Date of Earliest Transaction
(Month/Day/Year) 02/12/2007 | ||||||||||||||||||||||||||
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4. If Amendment, Date of Original Filed
(Month/Day/Year) 02/13/2007 |
6. Individual or Joint/Group Filing (Check Applicable Line)
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| Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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| 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 | 02/12/2007 | M | 19,800 | A | $7.7273(1) | 68,553 | D(2) | |||
| Common Stock | 1,353 | D(3) | ||||||||
| Common Stock | 2,685 | 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) | ||||||||
| Common Stock | 62,301 | D(7) | ||||||||
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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| 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 | ||||||||
| Common Stock Right to Buy(8) | $7.7273(1) | 02/12/2007 | X | 19,800 | 05/20/2001 | 05/20/2007 | Common Stock | 19,800 | $7.7273(1) | 0 | D | ||||
| Stock-settled Stock Appreciation Rights(9) | $26.72 | 05/16/2008(10) | 05/16/2016 | Common Stock | 27,600 | 27,600 | D | ||||||||
| Common Stock Right to Buy(8) | $8.7879(11) | 07/01/1999 | 06/30/2008 | Common Stock | 72,600 | 72,600 | D | ||||||||
| Common Stock Right to Buy(9) | $17.08 | 11/17/2004(12) | 11/17/2013 | Common Stock | 75,000 | 75,000 | D | ||||||||
| Common Stock Right to Buy(9) | $22.4 | 12/21/2005(12) | 12/21/2014 | Common Stock | 30,000 | 30,000 | D | ||||||||
| Explanation of Responses: |
| 1. 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. |
| 2. Shares held in Trust |
| 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. 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. |
| 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. Shares held jointly with spouse |
| 8. Granted pursuant to Seacoast Banking Corporation of Florida's 1996 Long-Term Incentive Plan |
| 9. Granted pursuant to Seacoast Banking Corporation of Florida's 2000 Long-Term Incentive Plan |
| 10. 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 |
| 11. 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. |
| 12. 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 | 03/09/2007 | |
| ** 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). | ||
| Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. | ||