Business Context and Reporting Period
This Form 8-K filing by OceanFirst Financial Corp. covers the period of August 1, 2016, with the report dated August 2, 2016. The filing addresses corporate governance matters specifically regarding the extension of employment and change in control agreements for key executives.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is limited to personnel and contractual updates and contains no financial performance data.
Material Changes
The material change reported is the automatic one-year extension of employment and change in control agreements effective August 1, 2016. No financial or operational changes were reported in this document.
Management Commentary and Agreements
- Christopher D. Maher (President and CEO) and Michael Fitzpatrick (EVP and CFO): Employment agreement terms extended to expire on July 31, 2019.
- Joseph J. Lebel III (EVP and Chief Lending Officer) and Joseph R. Iantosca (EVP and Chief Administrative Officer): Employment agreement terms extended to expire on July 31, 2018.
- Steven J. Tsimbinos (EVP, General Counsel, and Corporate Secretary): Change in control agreement term extended to expire on July 31, 2018.
- All other terms of the agreements remain unchanged and in full force.
Key Facts for Investor Verification
- Verify the specific compensation terms and severance provisions within the extended employment agreements, as this filing only confirms the duration extension.
- Confirm the expiration dates for the leadership team to assess potential future succession planning needs.
- Note that this filing contains no financial results; investors should refer to the most recent 10-Q or 10-K for financial performance.