Form 4: Seacoast Banking Corp of Florida: CEO Charles Shaffer Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Charles Shaffer, CEO of Seacoast Banking Corporation of Florida, reports changes in beneficial ownership of company stock due to vesting of restricted stock units and other transactions.
Summary
- Charles M. Shaffer, the Chairman, President, and CEO of Seacoast Banking Corporation of Florida, filed a Form 4 on January 3, 2025, reporting changes in his beneficial ownership of the company's stock.
- The transactions include the vesting of performance-based restricted stock units (PSUs) on December 31, 2024, which resulted in the disposition of 2,214 shares to cover tax withholding obligations at a price of $27.53 per share.
- Shaffer also holds unvested time-based restricted stock awards granted on April 1st of 2022, 2023 and 2024 which vest over 3 years in one-third increments.
- He also owns shares in the Company's Employee Stock Purchase Plan and share equivalents held in the Company's Retirement Savings Plan as of December 31, 2024.
- Shaffer also has rights to buy common stock granted pursuant to the Company's Amended and Restated 2013 Incentive Plan, vesting over 3 years.
Sentiment
Score: 5
Explanation: This is a routine regulatory filing related to executive compensation and stock ownership. It doesn't inherently indicate positive or negative sentiment.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. Investors monitor these filings to gain insights into management's perspective on the company's stock and future prospects.
Stakeholder Impact
- The filing provides transparency to shareholders regarding the CEO's stock ownership and transactions.
- The vesting of stock options and restricted stock units can incentivize management to improve company performance, potentially benefiting shareholders.
Key Dates
| Date | Description |
|---|---|
| 04/01/2022 | Date of grant for an unvested time-based restricted stock award, vesting over 3 years in one-third increments beginning April 1, 2023. |
| 04/01/2023 | Date of grant for an unvested time-based restricted stock award, vesting over 3 years in one-third increments beginning April 1, 2024. |
| 04/01/2024 | Date of grant for an unvested time-based restricted stock award, vesting over 3 years in one-third increments beginning April 1, 2025. |
| 12/31/2024 | Date of vesting for performance-based restricted stock units (PSUs) and the date of the transaction reported in the Form 4. |
| 12/31/2024 | Date of share equivalents held in Company's Retirement Savings Plan. |
| 01/03/2025 | Date of filing the Form 4. |
| 04/03/2027 | Expiration date for rights to buy common stock at $28.69. |
| 04/02/2028 | Expiration date for rights to buy common stock at $31.15. |
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