OceanFirst (NASDAQ: OCFC) CEO exercises options, withholds 55,172 shares for tax
Rhea-AI Filing Summary
OCEANFIRST FINANCIAL CORP Chairman and CEO Christopher Maher reported option exercises and related share withholdings. He exercised stock options covering 59,677 shares at $17.28 per share, receiving an equal number of common shares and increasing his direct holdings to 399,830 shares before tax actions.
To cover taxes and/or exercise costs, 55,172 common shares were disposed of at $19.71 per share through a tax-withholding disposition, leaving 344,658 shares held directly. He also reports additional indirect common stock holdings through a 401(k) plan, an ESOP, and his spouse, and continuing stock option positions. Footnotes state that increases in beneficial ownership result from exempt acquisitions under Rule 16b-3(c) and that totals include unvested restricted stock.
Positive
- None.
Negative
- None.
Insights
CEO exercised options and withheld shares for taxes, a routine equity-compensation event.
The filing shows Christopher Maher, Chairman and CEO of OCEANFIRST FINANCIAL CORP, exercising options for 59,677 shares at $17.28 and receiving common stock. This is coded as an exempt acquisition under Rule 16b-3(c), a standard mechanism for board-approved equity awards.
A separate transaction disposes of 55,172 shares at $19.71 via tax-withholding, not an open-market sale. After these moves, he continues to hold 344,658 common shares directly, plus indirect stakes through a 401(k), ESOP, and spouse. Overall, this looks like routine compensation management rather than a directional bet on the stock, so the informational impact is limited.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option (right to buy) | 59,677 | $17.28 | $1.03M |
| Exercise | Common Stock | 59,677 | $17.28 | $1.03M |
| Tax Withholding | Common Stock | 55,172 | $19.71 | $1.09M |
| 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 | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- Total includes shares of restricted Common stock that have not yet vested. This form reflects increases in beneficial ownership resulting from exempt acquisitions pursuant to Rule 16b-3(c).
