Letter Agreement Amending Executive Compensation for EESA Compliance – CenterState Banks of Florida, Inc.
This agreement is between CenterState Banks of Florida, Inc. and one of its executive officers. It amends all compensation, bonus, incentive, and benefit plans between the company (and its subsidiaries) and the executive to ensure compliance with Section 111(b) of the Emergency Economic Stabilization Act of 2008, as required by the U.S. Treasury's Capital Purchase Program. The amendment remains in effect as long as the Treasury holds any debt or equity securities of the company acquired under the program.
Exhibit 10.3
Form of Letter Agreement
CenterState Banks of Florida, Inc.
42745 U.S. Highway 27
Davenport, FL 33837
Gentlemen:
I understand that CenterState Banks of Florida, Inc. (the “Company”) intends to apply under the provisions of the United States Department of the Treasury’s (the “Treasury”) Capital Purchase Program under the Emergency Economic Stabilization Act of 2008 (“EESA”). I hereby agree that each compensation, bonus, incentive and other benefit plan, arrangement and agreement (including golden parachute, severance and employment agreements) between the Company and/or any of its subsidiaries and me is hereby amended for the period that the Treasury owns any debt or equity securities of the Company acquired pursuant to the Securities Purchase Agreement between the Treasury and the Company or the stock purchase warrant issued pursuant to the Agreement, in order to comply with Section 111(b) of EESA as implemented by guidance or regulation thereunder.
| Sincerely, |
|
|
| Signature of Executive Officer |
|
|
| Name of Executive Officer |
| Date: , 2008 |
