Form 4: OceanFirst Financial Corp Executive Brian Schaeffer Reports Stock Transaction
SEC Form 4
Brian Schaeffer, SEVP & CIO of OceanFirst Bank, reports the withholding of shares to cover tax liabilities related to vesting restricted stock.
Summary
- Brian Schaeffer, the SEVP & CIO of OceanFirst Bank, filed a Form 4 on March 6, 2025, reporting a transaction involving OceanFirst Financial Corp (OCFC) stock.
- On March 5, 2025, 1,368 shares of common stock were withheld at a price of $18.01 to cover tax liabilities related to the vesting of restricted stock; no shares were sold.
- Following the transaction, Schaeffer directly owns 64,796 shares of common stock and indirectly owns 2,913 shares through an ESOP.
- Schaeffer also holds options to buy 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: 6
Explanation: The sentiment is neutral. It's a routine filing related to stock transactions. The withholding of shares for tax purposes is a normal part of executive compensation.
Positives
- The report indicates continued stock ownership by a key executive, suggesting confidence in the company's future.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing is typical for executives receiving and managing stock-based compensation.
Comparison to Industry Standards
- Executive compensation packages often include stock options and restricted stock units (RSUs) to align management's interests with those of shareholders.
- The vesting and subsequent tax obligations related to RSUs are a common occurrence, and the withholding of shares to cover these liabilities is a standard practice.
- Companies like JPMorgan Chase, Bank of America, and Wells Fargo also utilize similar compensation strategies for their executives.
Stakeholder Impact
- The transaction has a minimal direct impact on shareholders, as it primarily reflects internal management of stock-based compensation.
Key Dates
| Date | Description |
|---|---|
| 01/31/2018 | Date stock options were granted. |
| 03/01/2026 | Expiration date of stock options. |
| 03/05/2025 | Date of the stock transaction (withholding of shares). |
| 03/06/2025 | Date the Form 4 was filed. |
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