Stock grants and forfeiture for OceanFirst (OCFC) senior executive
Rhea-AI Filing Summary
OCEANFIRST FINANCIAL CORP senior executive Steven James Tsimbinos reported equity compensation changes and a forfeiture of unvested shares. On February 27, 2026, he acquired 13,844 and 20,765 shares of common stock as restricted share awards, with vesting tied to time and performance conditions under Rule 16b-3(c).
One grant vests in four equal annual installments beginning March 1, 2027, and another can vest on March 1, 2029 at approximately 33% to 100% based on performance from January 1, 2026 through December 31, 2028. On March 1, 2026, he disposed of 17,075 unvested performance-based restricted shares back to the issuer for failure to meet performance conditions. The filing also updates his stock option and indirect plan holdings.
Positive
- None.
Negative
- None.
Insights
Routine equity awards offset by forfeiture of prior performance shares.
The transactions show restricted stock awards to a senior executive alongside forfeiture of earlier performance-based shares. Two grants totaling 34,609 shares are structured with multi-year vesting and, for one grant, explicit performance hurdles over the 2026–2028 period.
The 17,075-share forfeiture reflects performance criteria from a 2023 award not being met, so those unvested shares return to the issuer at no cost. Overall beneficial ownership increases because new awards exceed forfeited shares, but all awards are unvested and contingent on future service and results.
The filing also restates stock option and plan-related holdings, clarifying current equity exposure but not implying any open-market buying or selling. These changes are typical of long-term incentive programs and do not, by themselves, signal a change in company outlook.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Common Stock | 17,075 | $0.00 | -- |
| Grant/Award | Common Stock | 13,844 | $0.00 | -- |
| Grant/Award | Common Stock | 20,765 | $0.00 | -- |
| holding | Stock Option (right to buy) | -- | -- | -- |
| holding | Stock Option (right to buy) | -- | -- | -- |
| holding | Stock Option (right to buy) | -- | -- | -- |
| holding | Stock Option (right to buy) | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- 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. 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. 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. This form reflects increases in beneficial ownership resulting from exempt acquisitions pursuant to Rule 16b-3(c).
