Form 4: OceanFirst Financial Corp Executive Vice President Michele Estep Sells Shares to Cover Taxes

Michele Estep, EVP & CAO of OceanFirst Bank, sold 6,867 shares of OceanFirst Financial Corp stock on March 5, 2024, to cover taxes associated with vesting restricted stock.

Summary

• On March 5, 2024, Michele B Estep, EVP & CAO of OceanFirst Bank, sold 6,867 shares of OceanFirst Financial Corp (OCFC) common stock at a price of $14.94 per share.
• The sale was executed to cover taxes associated with vesting restricted stock.
• Following the transaction, Estep directly owns 155,456 shares of OCFC common stock and indirectly owns 2,939 shares through an ESOP.
• Estep also holds options to purchase 7,503 shares at $20.79 (exercisable from March 26, 2017, expiring March 26, 2025), 7,875 shares at $22.69 (exercisable from March 1, 2018, expiring March 1, 2026), 50,335 shares at $25.20 (exercisable from March 1, 2020, expiring March 1, 2029), and 76,790 shares at $20.44 (exercisable from March 1, 2021, expiring February 28, 2030).

Sentiment

Score: 5

Explanation: The sentiment is neutral as the filing simply reports a stock sale by an executive for tax purposes, which is a routine transaction.

Industry Context

Form 4 filings are a routine part of the financial industry, providing transparency into the transactions of company insiders. This filing indicates that an executive sold shares, which is a common occurrence for tax purposes related to vesting equity.

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