Form 4: OceanFirst Financial Corp Executive Brian Schaeffer Reports Sale of Shares to Cover Taxes
SEC Form 4 Filing
Brian Schaeffer, EVP & CIO of OceanFirst Bank, sold 1,747 shares of OceanFirst Financial Corp stock on March 5, 2024, to cover tax obligations related to vesting restricted stock.
Summary
- On March 5, 2024, Brian Schaeffer, the EVP & CIO of OceanFirst Bank, sold 1,747 shares of OceanFirst Financial Corp (OCFC) common stock.
- The sale price was $14.84 per share.
- The transaction was executed to cover associated taxes related to vesting restricted stock.
- Following the transaction, Schaeffer directly owns 45,368 shares of OCFC common stock and indirectly owns 2,450 shares through an ESOP.
- Schaeffer also holds options to purchase 1,151 shares of common stock at an exercise price of $22.69, which were granted on January 31, 2018, and expire on March 1, 2026.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing a routine stock sale for tax purposes. It doesn't inherently convey positive or negative sentiment.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This particular filing indicates a sale of shares to cover tax obligations, which is a common practice.
Stakeholder Impact
- The sale of shares by an executive could have a minor impact on shareholder sentiment, but is unlikely to be significant given the stated reason for the sale.
Key Dates
| Date | Description |
|---|---|
| 01/31/2018 | Date of grant for stock options with an exercise price of $22.69. |
| 03/01/2026 | Expiration date of stock options. |
| 03/05/2024 | Date of the stock sale transaction. |
| 03/07/2024 | Date of signature for the Form 4 filing. |
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