X0306 4 2018-01-31 true 0001017793 SUN BANCORP INC /NJ/ SNBC 0001351139 KALANI NEELESH C/O SUN BANCORP, INC. 350 FELLOWSHIP ROAD, SUITE 101 MOUNT LAUREL NJ 08054 false true false false SVP/Chief Accounting Officer Common Stock 2018-01-31 4 D false 4362.1149 D 0.00 D Common Stock 2018-01-31 5 A false E 1.05 A 2732.157 I 401 (k) Common Stock 2018-01-31 4 D false 2732.157 D 0.00 I 401 (k) Incentive Stock Option (right to buy) 22.25 2018-01-31 4 D false 1000.00 D 2013-02-17 2021-02-17 Common Stock 1000.00 0.00 D Incentive Stock Option (right to buy) 18.50 2018-01-31 4 D false 825.00 D 2017-03-02 2025-03-02 Common Stock 825.00 0.00 D Incentive Stock Option (right to buy) 17.85 2018-01-31 4 D false 592.00 D 2014-03-01 2023-03-01 Common Stock 592.00 0.00 D Incentive Stock Option (right to buy) 16.80 2018-01-31 4 D false 703.00 D 2015-03-03 2024-03-03 Common Stock 703.00 0.00 D Incentive Stock Option (right to buy) 14.25 2018-01-31 4 D false 400.00 D 2013-03-01 2022-03-01 Common Stock 400.00 0.00 D Non-Qualified Option (right to buy) 21.08 2018-01-31 4 D false 1373.00 D 2018-03-01 2026-03-01 Common Stock 1373.00 0.00 D On January 31, 2018 , pursuant to the Agreement and Plan of Merger, dated as of June 30, 2017 (the "Merger Agreement"), by and among Sun Bancorp, Inc. ("Sun"), Mercury Sub Corp. ("Merger Sub") and OceanFirst Financial Corp. ("Ocean"), Merger Sub merged with and into Sun (the "Merger"), with Sun as the surviving corporation in the Merger. Under the terms and conditions of the Merger Agreement, at the effective time of the Merger, each share of Sun common stock was converted into the right to receive either $24.99 in cash (the "Cash Consideration") or .9289 shares of Ocean common stock, at the election of the holder and subject to procedures applicable to oversubscription and undersubscription for Cash Consideration set forth in the Merger Agreement. Various dates and prices. Pursuant to the Merger Agreement, each option granted by Sun to purchase shares of Sun common stock, whether vested or unvested, that was outstanding and unexercised immediately prior to the effective time of the Merger was assumed and converted into an option to purchase from Ocean, on the same terms and conditions as were applicable under the Sun stock option immediately prior to the effective time of the Merger, a number of shares of Ocean common stock determined by multiplying (x) the number of shares of Sun common stock subject to the Sun option by (y) .9289, at a per share exercise price equal to the quotient obtained by dividing (i) the per share exercise price for each share of Sun common stock subject to the Sun option by (ii) .9289. Neelesh Kalani 2018-01-31