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OCFC > SEC Filings for OCFC > Form 8-K on 20-Jun-2013All Recent SEC Filings

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Form 8-K for OCEANFIRST FINANCIAL CORP


20-Jun-2013

Change in Directors or Principal Officers, Financial Statements and Exh


ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

On February 27, 2013, OceanFirst Financial Corp. (the "Company") announced that Christopher D. Maher joined the Company and OceanFirst Bank (the "Bank") as President and Chief Operating Officer. Mr. Maher commenced service to the Company and the Bank on March 25, 2013.

On February 22, 2013, Mr. Maher entered into an employment agreement with each of the Company and the Bank. Mr. Maher's employment agreement with the Company provided for the parties to enter into, within 90 days of the Effective Date, a Supplemental Executive Retirement Plan Agreement (the "SERP Agreement"). On June 18, 2013, Mr. Maher entered into the SERP Agreement with the Bank. The following is a summary of the terms of the SERP Agreement, which is attached as Exhibit 10.32 and this summary is qualified by reference to and the defined terms of the SERP Agreement.

The SERP Agreement provides for the Bank to establish an Account Balance on its books and to credit the applicable Annual Credit Amount set forth on Schedule A to the SERP Agreement. The Account Balance will be credited within 60 days after the end of each Plan Year of Mr. Maher's employment with the Bank, prior to his 65th birthday. The sum of the Account Balance plus any applicable Credit Amount due will be paid in full upon the earlier of March 15, 2032, his resignation for Good Reason or his Termination without Cause. If Mr. Maher's employment terminates for Cause prior to his 65th birthday, no payment shall be made under the SERP Agreement. If he resigns without Good Reason, Mr. Maher shall be paid the Account Balance, less contributions for the preceding five years and less any earnings on those forfeited contributions. There is also provision for payment in the event of a Change of Control prior to Mr. Maher's 65th birthday. If Mr. Maher dies during employment with the Bank prior to his 65th birthday, his beneficiary will receive the sum of the Account Balance, including credit for the Plan Year of his death, payable no later than March 15 of the following year.




ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) EXHIBITS

10.32 Supplemental Executive Retirement Account Agreement between Christopher D. Maher and OceanFirst Bank dated June 18, 2013

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