X0306 4 2018-01-31 true 0001017793 SUN BANCORP INC /NJ/ SNBC 0001228876 BROWN SIDNEY R C/O SUN BANCORP, INC. 350 FELLOWSHIP ROAD, SUITE 101 MOUNT LAUREL NJ 08054 true false false false Common Stock 2018-01-31 4 D false 463237.00 D 0.00 D Common Stock 2018-01-31 4 D false 6630.00 D 0.00 I by Daughter Common Stock 2018-01-31 4 D false 605.00 D 0.00 I by Spouse Common Stock 2018-01-31 4 D false 253168.00 D 0.00 I Four Bs Partnership Common Stock 2018-01-31 4 D false 37343.00 D 0.00 I Nat'l Distr. Centers Common Stock 2018-01-31 4 C false 19164.00 D 0.00 I National Freight Inc. Common Stock 2018-01-31 4 D false 4466.00 D 0.00 I NFI Intl. Ltd. Common Stock 2018-01-31 4 D false 73279.00 D 0.00 I NFI Road Rail, LLC Common Stock 2018-01-31 4 D false 542.00 D 0.00 I Sandra Brw Trust Common Stock 2018-01-31 4 D false 83608.00 D 0.00 I Sid & Sandy Brw Fdn. Common Stock 2018-01-31 4 D false 5461.00 D 0.00 I Son - Eric Common Stock 2018-01-31 4 C false 3780.00 D 0.00 I Son - Jacob Common Stock 2018-01-31 4 D false 2000.00 D 0.00 I SRB Trust 3/15/2004 Non-Qualified Stock Option (right to buy) 53.80 2018-01-31 4 D false 19470.00 D 2018-01-22 Common Stock 19470.00 0.00 D Non-Qualified Stock Option (right to buy) 25.50 2018-01-31 4 D false 22720.00 D 2020-09-24 Common Stock 22720.00 0.00 D Non-Qualified Stock Option (right to buy) 23.75 2018-01-31 4 D false 5584.00 D 2020-05-20 Common Stock 5584.00 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. Fully vested and exercisable. Sidney R. Brown 2018-01-31