Form 4: OceanFirst Financial Corp Chairman and CEO Christopher Maher Sells Shares to Cover Taxes
SEC Form 4
Christopher Maher, Chairman and CEO of OceanFirst Financial Corp, sold 10,713 shares of common stock on March 5, 2024, to cover taxes associated with vesting restricted stock.
Summary
- Christopher Maher, the Chairman and CEO of OceanFirst Financial Corp, reported a transaction involving the sale of 10,713 shares of common stock on March 5, 2024.
- The sale was executed at a price of $14.9 per share.
- The purpose of the sale was to cover taxes associated with the vesting of restricted stock.
- Following the transaction, Maher directly owns 328,362 shares of OceanFirst Financial Corp.
- Maher also indirectly owns shares through a 401(k) plan (20,959 shares), an ESOP (5,177 shares), and his spouse (5,000 shares).
- Maher also holds various stock options with exercise prices ranging from $17.28 to $29.01, and expiration dates ranging from 2024 to 2030.
Sentiment
Score: 5
Explanation: The document is a standard Form 4 filing, indicating an insider stock sale for tax purposes. It doesn't inherently convey positive or negative sentiment, hence a neutral score.
Industry Context
Insider transactions are routinely monitored by investors as they can provide insights into management's perspective on the company's valuation and future prospects. However, sales to cover tax obligations are common and don't necessarily indicate a negative outlook.
Stakeholder Impact
- The stock sale may have a minor, temporary impact on shareholders due to the increased supply of shares in the market.
Key Dates
| Date | Description |
|---|---|
| 03/01/2015 | Date first exercisable for some stock options. |
| 03/01/2016 | Date first exercisable for some stock options. |
| 03/01/2017 | Date first exercisable for some stock options. |
| 03/01/2018 | Date first exercisable for some stock options. |
| 03/01/2019 | Date first exercisable for some stock options. |
| 03/01/2020 | Date first exercisable for some stock options. |
| 03/01/2021 | Date first exercisable for some stock options. |
| 03/05/2024 | Date of stock sale transaction. |
| 03/07/2024 | Date of signature on the report. |
| 03/19/2024 | Expiration date for some stock options. |
| 03/18/2025 | Expiration date for some stock options. |
| 03/16/2026 | Expiration date for some stock options. |
| 03/15/2027 | Expiration date for some stock options. |
| 01/24/2028 | Expiration date for some stock options. |
| 03/01/2029 | Expiration date for some stock options. |
| 03/01/2030 | Expiration date for some stock options. |
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