Business Context and Reporting Period
This Form 8-K filing by OceanFirst Financial Corp. covers the date of December 20, 2010. The report details a corporate governance event involving the amendment of an executive compensation agreement for the company's Chief Executive Officer.
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 a contractual amendment and does not contain financial statement data.
Material Changes
On December 20, 2010, OceanFirst Bank (a subsidiary of OceanFirst Financial Corp.) and John R. Garbarino, Chief Executive Officer, amended their Executive Supplemental Retirement Income Agreement. The original agreement was effective as of May 1, 1996, and previously amended on January 1, 2005. The material change introduced in this amendment makes a portion of the payments due to Mr. Garbarino contingent upon his performance, with exceptions for limited circumstances.
Guidance, Outlook, and Risks
The filing contains no management commentary regarding future guidance, outlook, or general business risks. The primary contingency noted is the new performance-based condition attached to the CEO's supplemental retirement income.
Key Facts for Investor Verification
- Verify the specific performance metrics defined in the amendment to the Executive Supplemental Retirement Income Agreement.
- Confirm the "limited circumstances" under which the performance contingency does not apply.
- Review the full text of Exhibit 99.1 for detailed terms of the amendment dated December 20, 2010.