Form 4: OceanFirst Financial Corp Executive Michele Estep Reports Stock Disposal for Tax Obligations
SEC Form 4
Michele Estep, SEVP & CAO of OceanFirst Bank, reports disposing of shares to cover tax liabilities related to vesting restricted stock, while still holding a significant amount of common stock and stock options.
Summary
- On March 5, 2025, Michele Estep, SEVP & CAO of OceanFirst Bank, disposed of 6,973 shares of OceanFirst Financial Corp common stock at a price of $18.01 per share to cover tax liabilities associated with the vesting of restricted stock.
- Following the transaction, Estep directly owns 164,777 shares of common stock and indirectly owns 3,468 shares through an ESOP.
- Estep also holds multiple stock options to purchase common stock at various exercise prices and expiration dates.
Sentiment
Score: 6
Explanation: The sentiment is neutral. The filing reflects a routine transaction for tax purposes and doesn't necessarily indicate a positive or negative outlook for the company.
Positives
- Estep continues to hold a substantial number of shares and stock options, indicating continued alignment with the company's success.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders.
Stakeholder Impact
- The transaction has a minimal impact on shareholders as it is a standard procedure for covering tax obligations.
Key Dates
| Date | Description |
|---|---|
| 03/26/2017 | Date stock options became exercisable at $20.79. |
| 03/01/2018 | Date stock options became exercisable at $22.69. |
| 03/01/2020 | Date stock options became exercisable at $25.2. |
| 03/01/2021 | Date stock options became exercisable at $20.44. |
| 03/05/2025 | Date of the reported transaction (stock disposal). |
| 03/06/2025 | Date of signature for the Form 4 filing. |
| 03/26/2025 | Expiration date for stock options exercisable at $20.79. |
| 03/01/2026 | Expiration date for stock options exercisable at $22.69. |
| 03/01/2029 | Expiration date for stock options exercisable at $25.2. |
| 02/28/2030 | Expiration date for stock options exercisable at $20.44. |
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