SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
DANSBURY ARTHUR B
(Last) (First) (Middle)
226 LANDIS AVE
(Street)
VINELAND NJ 08360
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
SUN BANCORP INC /NJ/ [ SNBC ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Executive Vice President & COO
3. Date of Earliest Transaction (Month/Day/Year)
03/22/2011
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/22/2011 P 667 A $3 12,907 D
Common Stock 03/22/2011(10) A V 123 A (10) 13,513 I 401(k)
Common Stock 15,753 I Stock Plan(1)
Common Stock 8,686 I Stock Plan '09(2)
Common Stock 17,200 I Stock Plan 12-2009(3)
Common Stock 2,811 I by IRA
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Incentive Stock Option (right to buy) $3.54 12/17/2011(4) 12/17/2019 Common Stock 28,248 28,248 D
Incentive Stock Option (right to buy) $4.32 03/01/2012(5) 03/01/2021 Common Stock 12,500 12,500 D
Incentive Stock Option (right to buy) $4.73 12/31/2013(6) 03/02/2021 Common Stock 150,790 150,790 D
Incentive Stock Option (right to buy) $5.32 04/02/2002 04/02/2011 Common Stock 7,755 7,755 D
Incentive Stock Option (right to buy) $8.09 07/24/2002(7) 01/24/2012 Common Stock 56,709 56,709 D
Incentive Stock Option (right to buy) $14.7 07/19/2008(8) 07/19/2017 Common Stock 20,413 20,413 D
Non-Qualified Stock Option (right to buy) $3.54 12/17/2011(4) 12/17/2019 Common Stock 4,752 4,752 D
Non-Qualified Stock Option (right to buy) $8.09 07/24/2002(7) 01/23/2012 Common Stock 31,932 31,932 D
Non-Qualified Stock Option (right to buy) $14.7 07/19/2008(9) 07/19/2017 Common Stock 1,635 1,635 D
Explanation of Responses:
1. 11,025 and 4,728 shares shall be 100% earned and non-forfeitable as of October 18, 2011 and March 20, 2012, respectively.
2. Stock awards shall be 100% earned and non-forfeitable as of February 19, 2013, provided, however, such awards shall not be deemed vested prior to such time that is permissible in accordance with Section 111(b) of the Emergency Economic Stabilization Act of 2008 (12 USC 5221), as amended, and regulations promulgated thereunder.
3. Shares shall be 100% earned and non-forfeitable as of the date that is 2 years from December 17, 2009.
4. All options are first exercisable as of the date that is 2 years from December 17, 2009.
5. 20% is first earned and exercisable on March 1, 2012, and 20% annually thereafter.
6. Awarded and administered as per the approved 2010 Performance Equity Plan. Maximum options that become earned and exercisable if Board established long-term performance objectives are achieved by 12/31/2013.
7. First exercisable at the rate of 20% as of 6 mos from the date of grant and 20% on each of the next 4 anniversaries of the first vesting event.
8. First exercisable at the rate of 33 1/3% as of one year from the date of grant and 33 1/3% on each of the next 2 anniversaries of the first vesting event.
9. 494 options are first exercisble as of one year from the date of grant and 495 options on each of the next 2 anniversaries of the first vesting event.
10. Various
Remarks:
/s/ Arthur B. Dansbury 03/22/2011
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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