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OCEANFIRST FINANCIAL CORP·4

Mar 3, 5:06 PM ET

ESTEP MICHELE B 4

Research Summary

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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.