OCEANFIRST FINANCIAL CORP. (NASDAQ:OCFC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

OCEANFIRST FINANCIAL CORP. (NASDAQ:OCFC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) and (e) On June 6, 2019, OceanFirst Financial Corp. (the “Company”), OceanFirst Bank, N.A. (the “Bank”) accepted the request of Joseph R. Iantosca, Executive Vice President and Chief Information Officer, to retire from the Company and the Bank effective as of July 1, 2019, following a distinguished 15-year career at the Bank. The Bank has asked Mr. Iantosca to be available as a resource during this transition. Mr. Iantosca has agreed to serve as a consultant through July 31, 2021. Anthony Giordano, Senior Operations Officer, will serve as interim Chief Information Officer. The Company intends to utilize an executive search firm in connection with hiring a new Chief Information Officer.
On June 6, 2019, the Company, the Bank and Mr. Iantosca entered into an Employment Separation Agreement and Release of Claims (the “Agreement”). to the Agreement, provided Mr. Iantosca re-executes the Agreement on July 1, 2019 (the “Effective Date”) and does not revoke the Agreement within seven days after the Effective Date, Mr. Iantosca will receive the following payments, reduced by applicable taxes and deductions: (i) accrued and unpaid salary through the Effective Date; (ii) a lump sum payment of $150,000; (iii) bi-weekly payments of $13,461 from the Effective Date through December 31, 2019; and (iv) a lump sum payment of $404,167 on January 2, 2020. In addition, the Bank will pay for COBRA coverage for Mr. Iantosca and his dependents for up to 18 months following the Effective Date and the 21,734 shares of restricted stock awarded to Mr. Iantosca more than 12 months prior to the Effective Date shall become fully vested (and any applicable performance conditions waived).
Under the Agreement, Mr. Iantosca agreed to a release of claims against the Company and the Bank and reaffirmed the confidentiality, noncompetition and nonsolicitation provisions in the Confidentiality and Employee Restriction Agreement between him and the Company. At the request of the Chief Executive Officer, Mr. Iantosca will provide up to 20 hours per week on average of consulting services through December 31, 2019 and as he is reasonably available through July 31, 2021 for no additional compensation.
A copy of the Agreement is attached hereto as Exhibit 10.1, and this description is qualified by reference to the full text of the Agreement.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
OCEANFIRST FINANCIAL CORP Exhibit
EX-10.1 2 exhibit101-joei.htm EXHIBIT 10.1 Exhibit Exhibit 10.1EMPLOYMENT SEPARATIONAGREEMENT AND RELEASE OF CLAIMSThis Employment Separation Agreement and Release of Claims (“Separation Agreement”) is entered into by and among Joseph R. Iantosca (“you”) and OceanFirst Financial Corp. (the “Company”) and OceanFirst Bank,…
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About OCEANFIRST FINANCIAL CORP. (NASDAQ:OCFC)

OceanFirst Financial Corp. is a holding company for OceanFirst Bank (the Bank). The Company is a savings and loan holding company. The Bank’s principal business is attracting retail and business deposits in the communities surrounding its branch offices and investing those deposits primarily in loans, consisting of single-family, owner-occupied residential mortgage loans, and commercial real estate and other commercial loans. The Bank also invests in other types of loans, including residential construction and consumer loans. In addition, the Bank invests in mortgage-backed securities (MBS), securities issued by the United States Government and agencies thereof, corporate securities and other investments permitted by applicable law and regulations. The Bank’s revenues are derived principally from interest on its loans, interest on its investment and MBS. The Bank also receives income from fees and service charges on loan and deposit products, wealth management services and others.

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