OCEANFIRST FINANCIAL CORP. (NASDAQ:OCFC) Files An 8-K Entry into a Material Definitive Agreement

ME Staff 8-k
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OCEANFIRST FINANCIAL CORP. (NASDAQ:OCFC) Files An 8-K Entry into a Material Definitive Agreement

Item 1.01

Entry into a Material Definitive Agreement
On March 29, 2017, John R. Garbarino, a member of the Registrants
Board of Directors, and former Chairman, President and Chief
Executive Officer, notified the Registrant that, in order to
devote more time to his personal business and family, he will not
be standing for reelection at the Companys 2017 annual
stockholders meeting.
Notwithstanding the foregoing, the Registrants Board of Directors
and management believe that it is in the best interest of the
Registrant that Mr. Garbarino be available to the Registrant for
consultation and advice from time to time. Accordingly, the
Registrant and Mr. Garbarino have entered into an agreement to
govern such arrangement (the Agreement).
to the Agreement, Mr. Garbarino, effective at the end of his
current term as a member of the Board of Directors, shall be
appointed Director Emeritus, with all rights, benefits and
obligations appurtenant to such position. Such appointment shall
be for a term of at least five (5) years, subject to Mr.
Garbarinos satisfaction of his obligations as a Director Emeritus
and under the Agreement. During his term as Director Emeritus,
Mr. Garbarinos service shall be considered continuing service
with the Registrant, and
1.
all awards of restricted stock shall continue to vest, and
2.
all options to purchase shares of the Registrants stock
shall continue to vest and become exercisable,
in each case accordance with their existing terms. In the event
that Mr. Garbarino shall cease to serve as a Director Emeritus,
such cessation shall be deemed a Retirement, and, to the terms of
the plans and grant agreements governing Mr. Garbarinos stock
options or restricted stock awards, such options may be exercised
for (i) three years from the date of such retirement, or (ii) the
remaining term of such options, whichever period is less, and
such restricted stock awards shall immediately vest.
The foregoing description of the Agreement is qualified in its
entirety by reference to the full text of the Agreement, a copy
of which is filed as Exhibit 10.36 to this Current Report on Form
8-K and is incorporated herein by reference.
Item 5.02
Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
(b) Please see Item 1.01
Item 9.01
Financial Statements and Exhibits
(d) Exhibits. The following is filed as an Exhibit to this
Current Report on Form 8-K:
10.36 Agreement by and between John R. Garbarino and the
Registrant


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.

OCEANFIRST FINANCIAL CORP. (NASDAQ:OCFC) Recent Trading Information

OCEANFIRST FINANCIAL CORP. (NASDAQ:OCFC) closed its last trading session up +0.35 at 28.16 with 85,648 shares trading hands.