Form 4: OceanFirst Financial Awards SEVP & CIO Restricted Stock

OceanFirst Financial Corp. granted its SEVP & CIO, Brian Schaeffer, restricted stock awards totaling 25,609 shares, aligning executive incentives with long-term company performance.

Summary

• Brian Schaeffer, SEVP & CIO of OceanFirst Bank, received two restricted stock awards from OceanFirst Financial Corp. (OCFC) on February 27, 2026.
• The first award consists of 10,244 shares of common stock, which will vest in four equal annual installments beginning on March 1, 2027.
• The second award comprises 15,365 shares of common stock, vesting on March 1, 2029, contingent upon the attainment of defined performance criteria over the three-year period from January 1, 2026, through December 31, 2028.
• If threshold performance criteria are not met for the second award, the shares will be forfeited.
• Following these transactions, Schaeffer's direct beneficial ownership increased to 75,040 shares (including the first award) and 90,405 shares (including the second award), with an additional 3,400 shares indirectly owned via an ESOP.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, as it signifies a commitment to retaining key executive talent and aligning their financial interests with the company's long-term performance through equity awards.

Positives

• Granting of restricted stock awards to a key executive (SEVP & CIO) aligns management's interests with long-term shareholder value.
• Performance-based vesting for a significant portion of the award (15,365 shares) incentivizes the achievement of specific company goals.

Risks

• The 15,365 performance-based restricted shares are subject to forfeiture if defined performance criteria for the period January 1, 2026, through December 31, 2028, are not met.

Future Outlook

The future outlook involves the vesting of restricted shares for Brian Schaeffer, with 10,244 shares vesting annually starting March 1, 2027, and 15,365 shares vesting on March 1, 2029, contingent on performance criteria met between January 1, 2026, and December 31, 2028.

Industry Context

StockSavvy.ai notes that the granting of restricted stock awards, particularly those tied to performance metrics, is a common practice in the financial services industry to retain key executives and align their incentives with long-term shareholder value creation. This practice is consistent with broader industry trends aimed at strengthening corporate governance and executive accountability.

Stakeholder Impact

• Shareholders: Increased alignment of executive incentives with shareholder interests, potentially leading to better long-term performance.
• Employees: May signal confidence in the company's future and a commitment to executive retention.

Next Steps

• Vesting of 10,244 restricted shares in four equal annual installments beginning March 1, 2027.
• Evaluation of performance criteria for the 15,365 restricted shares during the period January 1, 2026, through December 31, 2028.
• Vesting of 15,365 performance-based restricted shares on March 1, 2029, if performance criteria are met.

Key Dates

Keywords

OceanFirst Financial, OCFC, Brian Schaeffer, Restricted Stock, Insider Trading, Executive Compensation, Performance Shares, SEC Form 4, Financial Services, Banking