Business Context and Reporting Period
Company: OceanFirst Financial Corp.
Filing Type: Form 8-K (Current Report)
Date of Report: September 17, 2008
Reporting Period: Event date of September 17, 2008
This filing reports the entry into material definitive agreements by OceanFirst Bank, a subsidiary of OceanFirst Financial Corp., regarding executive and director compensation.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on contractual agreements and does not contain financial performance data.
Material Changes
On September 17, 2008, OceanFirst Bank revised its Executive and Director Deferred Compensation Agreements. Additionally, the bank executed revised Executive Supplemental Retirement Income Agreements for the following officers:
- John R. Garbarino, President
- Vito R. Nardelli, Executive Vice President
- Michael J. Fitzpatrick, Executive Vice President
- John K. Kelly, First Senior Vice President
These revisions were made to ensure compliance with Section 409A of the Internal Revenue Code.
Guidance, Outlook, and Risks
The filing contains no management commentary, financial guidance, outlook, or discussion of risks and contingencies beyond the regulatory compliance requirement for the compensation agreements.
Investor Verification Checklist
- Verify the specific terms of the revised Deferred Compensation Agreements filed as Exhibits 99.1 and 99.2.
- Review the Supplemental Retirement Income Agreements for the named executives (Exhibits 99.3 through 99.6) to understand potential future liabilities.
- Confirm that the revisions fully satisfy Section 409A of the Internal Revenue Code to avoid potential tax penalties.