Schaeffer Brian 4

What Happened

Brian Schaeffer, Senior EVP & Chief Investment Officer of OceanFirst Bank (OceanFirst Financial Corp., OCFC), received two restricted stock awards on February 27, 2026 totaling 25,609 shares (10,244 shares and 15,365 shares). Both awards were granted at $0.00 (no cash paid). These are compensatory awards (not open-market purchases or sales).

Key Details

• Transaction date: 2026-02-27; filing date: 2026-03-03 (no late‑filing flag supplied in the provided data).
• Awards: 10,244 restricted shares (see F1) and 15,365 restricted shares (see F2). Combined = 25,609 shares; acquisition price $0.00; reported value $0.
• Vesting (per footnotes):
  • F1: Shares vest in four equal annual installments beginning March 1, 2027 (time‑based).
  • F2: Shares vest on March 1, 2029 subject to performance conditions for 2026–2028 (vesting ~33%–100% depending on performance; forfeited if threshold not met).
• Exemption: F3 indicates these are exempt acquisitions under Rule 16b‑3(c) (company awards to insiders as part of compensation).
• Shares owned after the transaction: not specified in the provided filing excerpt.

Context

Restricted stock awards are a form of compensation and do not indicate an open‑market buy or sell by the insider. Time‑based awards vest over multiple years; the larger award carries performance conditions that could reduce or eliminate vesting if targets aren’t met. Because the grants were at $0.00, there was no immediate cash outlay by Schaeffer. Rule 16b‑3(c) exemption is commonly used for company compensation awards to insiders and insulates the transaction from short‑swing profit liability under Section 16(b).