ESTEP MICHELE B 4
4 · OCEANFIRST FINANCIAL CORP · Filed Mar 3, 2026
Research Summary
AI-generated summary of this filing
OCFC Michele Estep (SEVP & CAO) Receives Awards; Forfeits 17,075
What Happened Michele B. Estep, Senior EVP & Chief Administrative Officer at OceanFirst Bank (OceanFirst Financial Corp, OCFC), received two grants of restricted common shares on Feb 27, 2026 totaling 34,609 shares (13,844 and 20,765 shares), each reported at $0.00 per share. On Mar 1, 2026 she had a disposition to the issuer of 17,075 shares reported at $0.00 — this represents a forfeiture of unvested performance-based restricted shares awarded on Feb 28, 2023 for failure to meet performance conditions. No cash proceeds were reported.
Key Details
- Transactions: Grants (A) of 13,844 and 20,765 restricted shares on 2026-02-27; Disposition to issuer (D) of 17,075 shares on 2026-03-01. All reported at $0.00 per share (no cash proceeds).
- Vesting notes:
- Footnote F1: 13,844 (and other restricted shares) vest in four equal annual installments beginning Mar 1, 2027.
- Footnote F2: 20,765 (and other restricted shares) vest on Mar 1, 2029 at ~33%–100% depending on performance for 2026–2028, or are forfeited if threshold performance not met.
- Footnote F3: 17,075 shares were forfeited for failing to satisfy prior performance conditions (originally awarded 2/28/2023).
- Exempt acquisition: Footnote F4 notes increases in beneficial ownership result from exempt acquisitions under Rule 16b-3(c).
- Shares owned after transaction: Not specified in the filing.
- Filing timeliness: Form filed 2026-03-03; filing appears timely (within required two business days of the reported transactions).
Context
- These transactions are grant awards of restricted stock (A) and a forfeiture (D) of unvested, performance-based restricted stock. Awards reported at $0.00 reflect issuance/award accounting rather than open-market purchases or sales; forfeitures return shares to the issuer and do not reflect a sale for cash.
- For retail investors, new restricted grants do not signal an immediate market buy (shares are subject to vesting/performance conditions). The forfeiture simply indicates certain performance targets from a prior award were not met.
Insider Transaction Report
Form 4
ESTEP MICHELE B
Other
Transactions
- Award
Common Stock
[F1]2026-02-27+13,844→ 178,621 total - Award
Common Stock
[F2]2026-02-27+20,765→ 199,386 total - Disposition to Issuer
Common Stock
[F3]2026-03-01−17,075→ 182,311 total
Holdings
- 3,980(indirect: By ESOP)
Common Stock
[F4] - 50,335
Stock Option (right to buy)
Exercise: $25.20From: 2020-03-01Exp: 2029-03-01→ Common Stock (50,335 underlying) - 76,790
Stock Option (right to buy)
Exercise: $20.44From: 2021-03-01Exp: 2030-02-28→ Common Stock (76,790 underlying)
Footnotes (4)
- [F1]Restricted shares awarded. Such shares vest in four equal annual installments beginning on March 1, 2027. Total includes other restricted shares that vest in the future.
- [F2]Restricted shares awarded. Such shares vest on March 1, 2029 at approximately 33% to 100% depending on the attainment of defined performance criteria for the three year period from January 1, 2026 through December 31, 2028, or are forfeited if threshold performance is not met. Total includes other unvested restricted shares that vest in the future.
- [F3]Represents forfeiture of unvested performance based restricted shares, originally awarded on February 28, 2023, for failure to satisfy performance conditions. Total includes other unvested shares that vest in the future.
- [F4]This form reflects increases in beneficial ownership resulting from exempt acquisitions pursuant to Rule 16b-3(c).
Signature
/s/ Steven J. Tsimbinos, Power of Attorney|2026-03-03