SEACOAST NATIONAL BANK 2006 KEY MANAGEMENT INCENTIVE PLAN KEY MANAGER I

Exhibit 10.29

SEACOAST NATIONAL BANK
2006 KEY MANAGEMENT INCENTIVE PLAN
KEY MANAGER I

OBJECTIVE

To motivate and reward outstanding performance while reinforcing and supporting the bank’s strategic plans and financial goals.

PLAN TYPE

Target attainment with pool funding. Payouts are annual.

PLAN ADMINISTRATOR

Chief Executive Officer (CEO), Seacoast National Bank.

PLAN FUNDING

The plan will be funded when specific corporate performance thresholds have been attained. No partial funding will be made for performance below threshold. Plan funding will be significantly increased as higher levels of corporate performance are attained. Plan funding will be determined annually by the CEO and approved by the Board of Directors.

During the plan year corporate performance will be reviewed with the bank’s Executive Management Group, and based on quarterly EPS performance, the funding accrual may be adjusted:

PARTICIPANTS

Key Manager I (KM1) — Senior Executive Managers in grade 42 and 43.

PERFORMANCE MEASURES

Individual performance will be reviewed for incentive consideration using corporate performance goals (EPS) and individual MBO goals.

Documentation of individual performance and recommendations for incentive payouts will be completed using the MBO portion (Specific Factors) of the performance appraisal.

PERFORMANCE PERIOD

January 1, 2006 to December 31, 2006

AWARD DETERMINATION

Pool Calculation:

Once the plan is funded, incentive pools will be established for each group based on a percentage of the annual salaries for eligible participants.

% of Total Base Salaries (KM1)

At the discretion of the Plan Administrator and Board of Directors, should year-end performance results fall between the Target and Targe