X0306 4 2018-01-31 true 0001017793 SUN BANCORP INC /NJ/ SNBC 0001577826 ESTEP MICHELE B C/O SUN BANCORP, INC. 350 FELLOWSHIP ROAD, SUITE 101 MOUNT LAUREL NJ 08054 false true false true EVP/Chief Administrative Offic of Sun National Bank Common Stock 2018-01-31 4 D false 23552.00 D 0.00 D Common Stock 2018-01-31 4 D false 3291.583 D 0.00 I 401 (k) Incentive Stock Option (right to buy) 21.60 2018-01-31 4 D false 4000.00 D 2012-03-01 2021-03-01 Common Stock 4000.00 0.00 D Incentive Stock Option (right to buy) 17.70 2018-01-31 4 D false 4411.00 D 2010-12-17 2019-12-17 Common Stock 4411.00 0.00 D Incentive Stock Option (right to buy) 17.70 2018-01-31 4 D false 1590.00 D 2010-12-17 2019-12-17 Common Stock 1590.00 0.00 D Incentive Stock Option (right to buy) 14.25 2018-01-31 4 D false 1907.00 D 2013-03-01 2022-03-01 Common Stock 1907.00 0.00 D Non-Qualified Stock Option (right to buy) 59.70 2018-01-31 4 D false 1103.00 D 2009-03-31 2018-03-31 Common Stock 1103.00 0.00 D Non-Qualified Stock Option (right to buy) 21.08 2018-01-31 4 D false 8478.00 D 2017-12-19 2026-03-01 Common Stock 8478.00 0.00 D Non-Qualified Stock Option (right to buy) 19.31 2018-01-31 4 D false 8077.00 D 2017-03-26 2025-03-26 Common Stock 8077.00 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. 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. Michele B. Estep 2018-01-31