Form 4: OceanFirst Financial Corp Executive VP Sells Shares to Cover Taxes
SEC Form 4
Steven James Tsimbinos, Executive VP and Corporate Secretary of OceanFirst Financial Corp, sold 4,687 shares of common stock at $14.79 to cover taxes associated with vesting restricted stock.
Summary
- Steven James Tsimbinos, an Executive VP and Corporate Secretary at OceanFirst Financial Corp, reported a transaction on March 5, 2024.
- He sold 4,687 shares of common stock at a price of $14.79 per share.
- The sale was to cover associated taxes on vesting restricted stock.
- Following the transaction, Tsimbinos directly owns 179,557 shares of common stock.
- He also indirectly owns 8,949 shares through a 401(k) and 6,353 shares through an ESOP.
- Tsimbinos also holds options to purchase a total of 218,790 shares of common stock at various exercise prices and expiration dates.
Sentiment
Score: 5
Explanation: The sentiment is neutral as it simply reports a transaction. The sale is for tax purposes, which is a common practice.
Industry Context
Form 4 filings are standard disclosures required by the SEC when corporate insiders buy or sell their company's stock. They provide transparency into the transactions of individuals with access to non-public information.
Stakeholder Impact
- The sale of shares by an executive could have a minor negative impact on shareholder sentiment, although sales for tax purposes are generally understood.
Key Dates
| Date | Description |
|---|---|
| 03/01/2015 | Date first exercisable for 13,125 stock options at $17.75, expiring 03/19/2024 |
| 03/01/2016 | Date first exercisable for 13,125 stock options at $17.37, expiring 03/18/2025 |
| 03/01/2017 | Date first exercisable for 15,000 stock options at $17.28, expiring 03/16/2026 |
| 03/01/2018 | Date first exercisable for 37,500 stock options at $29.01, expiring 03/15/2027 |
| 03/01/2019 | Date first exercisable for 12,915 stock options at $27.4, expiring 01/24/2028 |
| 03/01/2020 | Date first exercisable for 50,335 stock options at $25.2, expiring 03/01/2029 |
| 03/01/2021 | Date first exercisable for 76,790 stock options at $20.44, expiring 02/28/2030 |
| 03/05/2024 | Date of transaction: Sale of 4,687 shares of common stock at $14.79. |
| 03/07/2024 | Date of signature for the Form 4 filing. |
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