SEACOAST BANKING CORP OF FLORIDA
For the period ended Dec 31, 2024. Filed Apr 7, 2025.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Dec 31, 2024 · Filed Apr 7, 2025
Contents
Executive Compensation Program Highlights
The Compensation and Governance Committee (“CGC”) is committed to aligning our compensation strategies with our evolving business strategy, good governance and effective risk management practices, and our efforts to generate superior long-term returns for our shareholders. To this end, we emphasize pay-for-performance in executive compensation programs. We believe that our executive compensation strategy strongly aligns our CEO and other executives’ pay with our long-term shareholder interests. The CGC uses a peer group analysis to inform its design of the compensation structure and its compensation decisions. The following table summarizes the primary elements of our executive compensation for 2024:
| Pay Element | Purpose | Determination | 2024 Results |
|---|---|---|---|
| Base Salary | Recognize performance of job responsibilities and attract and retain individuals with superior talent. | Reflects the CGC’s assessment of the executive’s experience, skills and value to Seacoast. | Salary increases for our NEOs, including our CEO, were 5% or less in 2024, except for Ms. Kleffel whose salary was increased by 16% in recognition of her promotion to COO effective December 18, 2023. |
| Annual Short-Term Incentive Awards | Recognize achievement of our short-term business strategy objectives and individual executive performance. Incorporates both quantitative and qualitative goals. | Reflects the individual executive’s performance against pre-established individual goals, as well as relative bank performance. In 2024, these goals included return on average tangible assets, customer acquisition, and earnings per share. Qualitative goals were primarily related to achieving the Company’s strategic objectives. The final amount is determined by the CGC’s qualitative assessment of overall performance. | Individual and Company performance were evaluated in Q1 2025, with corresponding payout determinations approved in March 2025, reflecting Company performance in 2024, as well as subjective adjustments based on the achievement of individual goals and performance. Short-term incentive awards were paid out in the form of cash in April 2025. |
| Performance Stock Units (“PSUs”) | Align compensation with our business strategy and long-term shareholder value while providing a strong retention element. | The number of PSUs granted is determined by the CGC after consideration of each executive’s performance scorecard for the prior year. The number of PSUs that may be earned is based on the level of achievement of goals established by the CGC for a three-year performance period. In addition, PSUs only vest upon completion of a one-year continued service requirement following the close of the performance period. Value realized upon vesting varies based on stock price at the vesting date. | PSUs granted in 2024 vest based on the level of achievement of goals relating to average annual EPS growth and average annual return on average tangible common equity over a three-year period (2024-2026) relative to a peer group. PSUs for which performance goals are met will vest on December 31, 2027, subject to the grantee’s continued service. |
| Restricted Stock Awards (“RSAs”) | Provide a strong retention element and align executive and shareholder interests. | The amount of RSAs granted is determined by the CGC after consideration of each executive’s performance scorecard for the prior year. The realized value of RSAs is based on stock price at the vesting date. | RSAs granted in 2024 vest in equal annual installments over three years. |
Please refer to the Compensation Discussion and Analysisand The Executive Compensation Tablesin this proxy statement for additional details about our compensation programs.
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