Document:

EX-4.1

 Exhibit 4.1 
 SPECTRA ENERGY CAPITAL, LLC, 
 AS ISSUER, 

SPECTRA ENERGY CORP, 
 AS GUARANTOR, 
 AND 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 
 AS TRUSTEE 
 Sixteenth Supplemental Indenture 

Dated as of February 28, 2013 
 $650,000,000 3.30% Senior Notes due 2023 
  

 TABLE OF CONTENTS1 
  

					
	 	  	Page	 
	 ARTICLE 1 NOTES
	  	 	2	  
	 SECTION 1.01 Establishment
	  	 	2	  
	 SECTION 1.02 Definitions
	  	 	2	  
	 SECTION 1.03 Payment of Principal and Interest
	  	 	2	  
	 SECTION 1.04 Denominations
	  	 	3	  
	 SECTION 1.05 Global Securities
	  	 	3	  
	 SECTION 1.06 Guarantee of the Notes
	  	 	4	  
	 SECTION 1.07 Redemption at the Option of Spectra Capital
	  	 	4	  
	 SECTION 1.08 Defeasance
	  	 	6	  
	 SECTION 1.09 Modification of Guarantee
	  	 	6	  
	 SECTION 1.10 Amendment to Section 101 of the Original Indenture
	  	 	7	  
	 SECTION 1.11 Paying Agent
	  	 	7	  
		
	 ARTICLE 2 MISCELLANEOUS PROVISIONS
	  	 	7	  
	 SECTION 2.01 Recitals
	  	 	7	  
	 SECTION 2.02 Ratification and Incorporation of Original Indenture
	  	 	7	  
	 SECTION 2.03 Executed in Counterparts
	  	 	7	  
	 SECTION 2.04 Governing Law
	  	 	7	  
		
	 Exhibit A – Form of Note
	  	 	A-1	  
	 Exhibit B – Certificate of Authentication
	  	 	B-1	  

  

	1 	 This Table of Contents does not constitute part of the Indenture or have any bearing upon the interpretation of any of its terms and provisions.

  
 i 

 THIS SIXTEENTH SUPPLEMENTAL INDENTURE is made as of the 28th day of February, 2013, by and
among Spectra Energy Capital, LLC, a Delaware limited liability company (formerly known as Duke Capital LLC and successor to Duke Capital Corporation), as issuer (“Spectra Capital”), Spectra Energy Corp, a Delaware corporation, as
guarantor (“Spectra Energy”), and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.) (successor to JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank)), a
national banking association, as trustee (the “Trustee”). 
 W I T N E S S E T H: 

WHEREAS, Spectra Capital has heretofore entered into a Senior Indenture, dated as of April 1, 1998, with the Trustee, as amended and
supplemented to the date hereof with applicability to the Notes (as defined below), including by the Twelfth Supplemental Indenture dated December 14, 2007 (the “Twelfth Supplemental Indenture”), whereby Spectra Energy entered into a
Guarantee for the benefit of the Holders and the Trustee (as so amended and supplemented, the “Original Indenture”); 

WHEREAS, the Original Indenture is incorporated herein by this reference and the Original Indenture, as amended and supplemented to the
date hereof with applicability to the Notes, including by this Sixteenth Supplemental Indenture, is herein called the “Indenture”; 
 WHEREAS, under the Indenture, a new series of Securities may at any time be established in accordance with the provisions of the Indenture and the terms of such series may be described by a supplemental
indenture executed by the parties hereto; 
 WHEREAS, Spectra Capital hereby proposes to create under the Indenture a new series
of Securities, and Spectra Energy hereby proposes to Guarantee such Securities in accordance with the terms of the Indenture; 

WHEREAS, additional Securities of other series hereafter established, except as may be limited in the Indenture as at the time
supplemented and modified, may be issued from time to time pursuant to the Indenture as at the time supplemented and modified; and 
 WHEREAS, all conditions necessary to authorize the execution and delivery of this Sixteenth Supplemental Indenture and to make it a valid and binding obligation of Spectra Capital and Spectra Energy have
been done or performed. 
 NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 

  
 1 

 ARTICLE 1 
 NOTES 
 SECTION 1.01 Establishment. 

There is hereby established a new series of Securities to be issued under the Indenture, to be entitled the “3.30% Senior Notes due
2023” (the “Notes”). There is to be authenticated and delivered $650,000,000 aggregate principal amount of Notes, and no further Notes shall be authenticated and delivered except as provided by Section 304, 305, 306, 906 or 1106
or the last paragraph of Section 301 of the Original Indenture; provided that any additional Notes authenticated and delivered as provided in the last paragraph of Section 301 of the Original Indenture shall be fungible with the
original Notes for United States federal income tax purposes. The Notes shall be issued in fully registered form without coupons. 
 The Notes, together with the endorsement of the Guarantee thereon, shall be in substantially the form set forth in Exhibit A hereto, and the form of the Trustee’s Certificate of Authentication
for the Notes shall be in substantially the form set forth in Exhibit B hereto. 
 The Notes shall be dated the date of
authentication thereof. 
 SECTION 1.02 Definitions. 
 The following defined terms used herein with respect to the Notes shall, unless the context otherwise requires, have the meanings specified below. Capitalized terms used herein for which no definition is
provided herein shall have the meanings set forth in the Original Indenture. 
 “Interest Payment Dates” means each
March 15 and September 15, commencing September 15, 2013. 
 “Original Issue Date” means
February 28, 2013. 
 “Regular Record Date” means, with respect to each Interest Payment Date, the close of
business on the March 1 and September 1, as applicable, immediately preceding such Interest Payment Date (whether or not a Business Day). 
 “Stated Maturity” means March 15, 2023. 
 SECTION 1.03 Payment of
Principal and Interest. 
 The principal of the Notes shall be due at the Stated Maturity (unless earlier redeemed). The unpaid
principal amount of the Notes shall bear interest at the rate of 3.30% per annum until paid or duly provided for, and such interest will accrue from the Original Issue Date or from the most recent Interest Payment Date to which interest has
been paid or duly provided for. Interest shall be paid semi-annually in arrears on each Interest Payment Date to the Person or Persons in whose name the Notes are registered on the Regular Record Date for such Interest Payment Date, even if such
Notes are canceled after such Regular Record Date and on or before such Interest Payment Date. Any such interest that is not so punctually paid or duly provided for shall 

  
 2 

 
forthwith cease to be payable to the Holders on such Regular Record Date and may either be paid to the Person or Persons in whose name the Notes are registered at the close of business on a
Special Record Date for the payment of such defaulted interest to be fixed by the Trustee (“Special Record Date”), notice whereof shall be given to Holders of the Notes not less than ten days prior to such Special Record Date, or be paid
at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Original
Indenture. 
 Payments of interest on the Notes shall include interest accrued to but excluding the respective Interest Payment
Dates. Interest payments for the Notes shall be computed and paid on the basis of a 360-day year of twelve 30-day months. In the event that any date on which interest is payable on the Notes is not a Business Day, then payment of the interest
payable on such date shall be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay) with the same force and effect as if made on the date the payment was originally payable.
“Business Day” means a day other than (i) a Saturday or a Sunday, (ii) a day on which banking institutions in The City of New York are authorized or obligated by law or executive order to remain closed or (iii) a day on
which the Corporate Trust Office is closed for business. 
 Payment of principal of, premium, if any, and interest on the Notes
shall be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments of principal of, premium, if any, and interest on Notes represented by a Global
Security (as defined below) shall be made by wire transfer of immediately available funds to the Holder of such Global Security; provided that, in the case of payments of principal and premium, if any, such Global Security is first
surrendered to the Paying Agent. If any of the Notes are no longer represented by a Global Security, payments of principal, premium, if any, and interest on such Notes shall be made at the office of the Paying Agent maintained for such purpose;
provided that (i) in the case of payments of principal and premium, if any, such Notes are first surrendered to the Paying Agent; and (ii) payments of interest may be made, at the option of Spectra Capital, (A) by check mailed
to the address of the Person entitled thereto as such address shall appear in the Security Register or (B) by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the
Trustee at least 16 days prior to the date for payment by the Person entitled thereto. 
 SECTION 1.04 Denominations.

 The Notes shall be issued in denominations of $2,000 or any integral multiples of $1,000 above such amount. 

SECTION 1.05 Global Securities. 
 The Notes shall initially be issued in the form of one or more Global Securities registered in the name of the Depositary (which initially shall be The Depository Trust Company) or its nominee (the
“Global Securities”). Except under the limited circumstances described below, Notes represented by such Global Security or Global Securities shall not be exchangeable for, 

  
 3 

 
and shall not otherwise be issuable as, Notes in definitive form. The Global Securities described above may not be transferred except by the Depositary to a nominee of the Depositary or by a
nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depository or any such nominee to a successor Depositary or its nominee. 
 A Global Security shall be exchangeable for Notes registered in the names of persons other than the Depositary or its nominee only if (i) the Depositary notifies Spectra Capital that it is unwilling
or unable to continue as a Depositary for such Global Security and no successor Depositary shall have been appointed by Spectra Capital within 90 days of receipt by Spectra Capital of such notification, or if at any time the Depositary ceases to be
a clearing agency registered under the Exchange Act at a time when the Depositary is required to be so registered to act as such Depositary and no successor Depositary shall have been appointed by Spectra Capital within 90 days after it becomes
aware of such cessation or (ii) subject to the Depositary’s procedures, Spectra Capital in its sole discretion determines that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the
preceding sentence shall be exchangeable for Notes registered in such names as the Depositary shall direct. 
 SECTION 1.06
Guarantee of the Notes. 
 The Guarantor hereby agrees that the Guarantee set forth in Section 102 of the Twelfth
Supplemental Indenture shall apply with respect to the Notes as if the Notes were listed on Schedule A to the Twelfth Supplemental Indenture and constituted “Notes” thereunder. The Guarantor agrees that Sections 103 and 106 of the Twelfth
Supplemental Indenture shall be for the benefit of the Notes. 
 SECTION 1.07 Redemption at the Option of Spectra Capital.

 The Notes shall be redeemable, in whole at any time or in part from time to time, at the option of Spectra Capital on any
date prior to December 15, 2022, at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the Remaining Scheduled Payments thereon, discounted
to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points, plus accrued and unpaid interest on the principal amount being redeemed to such Redemption Date.

 The Notes shall be redeemable, in whole at any time or in part from time to time, at the option of Spectra Capital on any
date on or after December 15, 2022 at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest on the principal amount being redeemed to such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to
maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be
calculated on the third Business Day preceding such Redemption Date. 
 “Comparable Treasury Issue” means the United
States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes. 

  
 4 

 “Comparable Treasury Price” means, with respect to any Redemption Date,
(i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (ii) if an Independent Investment Banker obtains fewer than four
such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Independent Investment Banker”
means one of the Reference Treasury Dealers appointed by Spectra Capital. 
 “Reference Treasury Dealer” means each of
Morgan Stanley & Co. LLC (or its affiliates and its successors), Deutsche Bank Securities Inc. (or its affiliates and its successors), RBS Securities Inc. (or its affiliates and its successors) and one other nationally recognized investment
banking firm that is a primary U.S. government securities dealer (a “Primary Treasury Dealer”) specified from time to time by SunTrust Robinson Humphrey, Inc.; provided, however, that if any of the foregoing shall cease to be a
nationally recognized investment banking firm that is a Primary Treasury Dealer, Spectra Capital shall substitute therefor another nationally recognized investment banking firm that is such a dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to an Independent Investment Banker by such
Reference Treasury Dealer as of 3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

“Remaining Scheduled Payments” means, with respect to each Note to be redeemed, the remaining scheduled payments of the
principal thereof and interest thereon that would be due after the related Redemption Date but for such redemption; provided, however, that, if such Redemption Date is not an Interest Payment Date with respect to such Note, the amount of the
next succeeding scheduled interest payment thereon will be reduced (solely for the purpose of the definition of “Remaining Scheduled Payments”) by the amount of interest accrued thereon to such Redemption Date. 

Notwithstanding Section 1104 of the Original Indenture, the notice of redemption with respect to the foregoing redemption need not
set forth the Redemption Price but only the manner of ascertainment thereof. 
 In the event that any Redemption Date is not a
Business Day, then payment of the Redemption Price shall be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay) with the same force and effect as if made on such Redemption Date.

  
 5 

 Spectra Capital shall notify the Trustee of the Redemption Price with respect to the
foregoing redemption promptly after the calculation thereof. The Trustee shall not be responsible for calculating said Redemption Price. 
 If less than all of the Notes are to be redeemed, the Trustee shall select the Notes or portions of Notes to be redeemed by such method as the Trustee shall deem fair and appropriate. The Trustee may
select for redemption Notes and portions of Notes in amounts of whole multiples of $1,000. 
 The Notes shall not have a sinking
fund. 
 SECTION 1.08 Defeasance. 
 In addition to the conditions set forth in Section 1304 of the Original Indenture, the application of Section 1302 or 1303 of the Original Indenture with respect to the Notes shall be subject to
the condition that (a) in the event of Covenant Defeasance of the Notes pursuant to Section 1303 of the Original Indenture, Spectra Capital shall have delivered to the Trustee an Opinion of Counsel from a nationally recognized counsel
acceptable to the Trustee or a private letter ruling issued by the United States Internal Revenue Service to the effect that the Holders of the Notes will not recognize income, gain or loss for United States Federal income tax purposes as a result
of Spectra Capital’s exercise of its option under Section 1303 of the Original Indenture and will be subject to United States Federal income tax on the same amount and in the same manner and at the same times as would have been the case if
such option had not been exercised; and (b) in the event of Defeasance of the Notes pursuant to Section 1302 of the Original Indenture, Spectra Capital shall have delivered to the Trustee an Opinion of Counsel from a nationally recognized
counsel acceptable to the Trustee to the effect referred to in clause (a) with respect to such Defeasance, which opinion is based on (i) a private letter ruling issued by the United States Internal Revenue Service addressed to Spectra
Capital, (ii) a published ruling of the United States Internal Revenue Service pertaining to a comparable form of transaction or (iii) a change in the applicable United States Federal income tax law (including regulations) after the date
hereof. 
 SECTION 1.09 Modification of Guarantee. 
 Clause (1) of Section 902 of the Original Indenture is hereby amended and restated in relation solely to the Notes to read as follows: 

“(1) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security,
or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the principal of an Original Issue Discount Security or any other Security which would be due and
payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502 or change the coin or currency in which any Security or any premium or interest thereon is payable, or impair the right to institute suit for the
enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or change the obligations of Spectra Energy under the Guarantee in any manner adverse to the Holders, or”.

  
 6 

 SECTION 1.10 Amendment to Section 101 of the Original Indenture. 

The definition of “Subsidiary” in Section 101 of the Original Indenture is hereby amended and restated in relation solely
to the Notes to read as follows: 
 ““Subsidiary” means, as to any Person, a corporation or other entity of which
more than 50% of the outstanding shares of capital stock or other ownership interests having ordinary voting power (other than capital stock or other ownership interests having such power only by reason of contingency) is at the time owned, directly
or indirectly through one or more intermediaries, or both, by such Person.” 
 SECTION 1.11 Paying Agent. 

The Trustee shall initially serve as Paying Agent with respect to the Notes, with the Place of Payment initially being the office of The
Bank of New York Mellon, 101 Barclay Street, New York, New York. 
 ARTICLE 2 

MISCELLANEOUS PROVISIONS 
 SECTION 2.01 Recitals. 
 The recitals in this Sixteenth Supplemental Indenture are
made by Spectra Capital and Spectra Energy only and not by the Trustee, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Sixteenth Supplemental Indenture.
All of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of the Notes and of this Sixteenth Supplemental Indenture as fully and with
like effect as if set forth herein in full. 
 SECTION 2.02 Ratification and Incorporation of Original Indenture. 

As supplemented hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture and this Sixteenth
Supplemental Indenture shall be read, taken and construed as one and the same instrument. 
 SECTION 2.03 Executed in
Counterparts. 
 This Sixteenth Supplemental Indenture may be executed in several counterparts, each of which shall be deemed to
be an original, and such counterparts shall together constitute but one and the same instrument. 
 SECTION 2.04 Governing Law.

 This Sixteenth Supplemental Indenture, the Notes, the Guarantee and, with respect to the Notes and the Guarantee, the
Original Indenture, shall be governed by and construed in accordance with the laws of the State of New York. 

  
 7 

 IN WITNESS WHEREOF, each party hereto has caused this instrument to be signed in its name
and behalf by its duly authorized officers, all as of the day and year first above written. 
  

			
	SPECTRA ENERGY CAPITAL, LLC, as Issuer
		
	By:	 	/s/ Guy G. Buckley
		 	Name: Guy G. Buckley
		 	Title: Vice President and Treasurer
	
	SPECTRA ENERGY CORP, as Guarantor
		
	By:	 	/s/ Guy G. Buckley
		 	Name: Guy G. Buckley
		 	Title: Treasurer
	
	 THE BANK OF NEW YORK MELLON
 TRUST COMPANY, N.A., as Trustee

		
	By:	 	/s/ R. Tarnas
		 	Name: R. Tarnas
		 	Title: Vice President

  
 8 

 EXHIBIT A  
 FORM OF FACE OF 
 3.30% SENIOR NOTE DUE 2023  

[IF THE NOTE IS TO BE A GLOBAL SECURITY, INSERT—THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY
OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK), A NEW YORK CORPORATION (“DTC”), SHALL ACT AS THE DEPOSITARY
UNTIL A SUCCESSOR SHALL BE APPOINTED BY THE COMPANY AND THE REGISTRAR. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

 

			
	 No.
                            
	  	CUSIP No.                     

 SPECTRA ENERGY CAPITAL, LLC 

3.30% SENIOR NOTE DUE 2023 
 Principal Amount: $                     
 Interest Payment Dates: March 15 and September 15, commencing September 15, 2013 

  
 A-1

 Regular Record Date: Close of business on the March 1 and September 1 (whether or not a Business
Day) immediately preceding the relevant Interest Payment Date. 
 Original Issue Date: February 28, 2013 

Stated Maturity: March 15, 2023 
 Interest
Rate: 3.30% per annum 
 Authorized Denomination: $2,000 and any integral multiples of $1,000 above such amount 

Spectra Energy Capital, LLC, a Delaware limited liability company (the “Company,” which term includes any successor Person under the Indenture
referred to on the reverse hereof), for value received, hereby promises to pay to             , or registered assigns, the principal sum of
            DOLLARS ($            ) [, or such other principal amount as shall be set forth in the Schedule of Increases or
Decreases attached hereto]* on the Stated Maturity shown above and to pay interest thereon from the Original Issue Date shown above, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in
arrears on each Interest Payment Date as specified above, commencing September 15, 2013 and on the Stated Maturity at the rate per annum shown above (the “Interest Rate”) until the principal hereof is paid or made available for
payment and on any overdue principal and on any overdue installment of interest. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name
this 3.30% Senior Note due 2023 (this “Security”) is registered on the Regular Record Date as specified above next preceding such Interest Payment Date. Except as otherwise provided in the Indenture, any such interest not so punctually
paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security is registered at the close of business on a Special Record Date for the payment
of such Defaulted Interest to be fixed by the Trustee referred to on the reverse hereof, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Indenture.

 Payments of interest on this Security will include interest accrued to but excluding the respective Interest Payment Dates. Interest payments
on this Security shall be computed and paid on the basis of a 360-day year of twelve 30-day months. In the event that any date on which interest is payable on this Security is not a Business Day, then payment of the interest payable on such date
will be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay) with the same force and effect as if made on the date the payment was originally payable. “Business Day”
means a day other than (i) a Saturday or a Sunday, (ii) a day on which banking institutions in The City of New York are authorized or obligated by law or executive order to remain closed or (iii) a day on which the Corporate Trust
Office is closed for business. 
  

	*	Insert in Global Securities. 

  
 A-2

 Payments of principal of, premium, if any, and interest on the Securities shall be made in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments of principal of, premium, if any, and interest on the Securities of this series represented by a Global Security
shall be made by wire transfer of immediately available funds to the Holder of such Global Security, provided that, in the case of payments of principal and premium, if any, such Global Security is first surrendered to the Paying Agent. If any of
the Securities of this series are no longer represented by a Global Security, payments of principal, premium, if any, and interest on such Securities shall be made at the office of the Paying Agent maintained for such purpose; provided that
(i) in the case of payments of principal and premium, if any, such Securities are first surrendered to the Paying Agent; and (ii) payments of interest may be made, at the option of the Company, (A) by check mailed to the address of
the Person entitled thereto as such address shall appear in the Security Register or (B) by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least 16
days prior to the date for payment by the Person entitled thereto. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET
FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 
 Unless the
certificate of authentication hereon has been executed by the Trustee by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-3

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its seal. 

 

							
	Dated:	 		 	SPECTRA ENERGY CAPITAL, LLC
				
	[Seal]	 		 	By:	 	 
		 		 	Name:	 	
		 		 	Title:	 	
		 		 		 	
	Attest:	 		 		 	
				
	 	 		 		 	

 ENDORSEMENT OF GUARANTEE 
 Spectra Energy Corp (which term includes any successor Person under the Indenture referred to herein) has fully and unconditionally guaranteed, to the extent set forth in the Indenture and subject to the
provisions in the Indenture, (a) the due and punctual payment of the principal of, premium, if any, and interest on all the Securities of this series, whether at Stated Maturity, by declaration of acceleration, call for redemption or otherwise,
the due and punctual payment of interest on overdue principal of, premium, if any, and interest on all the Securities of this series, if any, if lawful, and the due and punctual performance of all other obligations of the Company to the Holders or
the Trustee in accordance with the terms of the Indenture; and (b) in case of any extension of time of payment or renewal of any Securities of this series or any such other obligations, that the same will be promptly paid in full when due or
performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by declaration of acceleration, call for redemption or otherwise. 

 

			
	SPECTRA ENERGY CORP
		
	By:	 	 
	Name:	 	
	Title:	 	

 CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	 THE BANK OF NEW YORK MELLON
 TRUST COMPANY, N.A., as Trustee

		
	 By:
	 	 
		 	         Authorized Officer

  
 A-4

 FORM OF REVERSE SIDE OF SECURITY 

This Security is one of a duly authorized issue of Securities of the Company (the “Securities”), issued and issuable in one or more series
under a Senior Indenture, dated as of April 1, 1998, as amended and supplemented with applicability to the Securities of this series by the Twelfth Supplemental Indenture thereto dated as of December 14, 2007 and the Sixteenth Supplemental
Indenture thereto dated as of February 28, 2013, and as may be further amended and supplemented (as so amended and supplemented, the “Indenture”), among the Company (formerly known as Duke Capital LLC and successor to Duke Capital
Corporation), as Issuer, Spectra Energy Corp (“Spectra Energy”), as Guarantor, and The Bank of New York Mellon Trust Company, N.A. (successor to JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank)), as Trustee (the
“Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and
immunities thereunder of the Company, Spectra Energy, the Trustee and the Holders of the Securities issued thereunder and of the terms upon which said Securities are, and are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof as 3.30% Senior Notes due 2023 initially limited in the aggregate principal amount of up to $650,000,000. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the
Indenture. 
 The Securities of this series shall be redeemable, in whole at any time or in part from time to time, at the option of the Company
on any date prior to December 15, 2022, at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Securities of this series to be redeemed and (ii) the sum of the present values of the Remaining Scheduled
Payments thereon discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points, plus accrued and unpaid interest on the principal amount being
redeemed to such Redemption Date. 
 The Securities shall be redeemable in whole at any time or in part from time to time, at the option of the
Company on any date on or after December 15, 2022 at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest on the principal amount being redeemed to such Redemption Date.

 “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to
maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be
calculated on the third Business Day preceding such Redemption Date. 
 “Comparable Treasury Issue” means the United States Treasury
security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Securities of this series to be redeemed that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities of this series. 

  
 A-5

 “Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of
the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (ii) if an Independent Investment Banker obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such quotations. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers
appointed by the Company. 
 “Reference Treasury Dealer” means each of Morgan Stanley & Co. LLC (or its affiliates and its
successors), Deutsche Bank Securities Inc. (or its affiliates and its successors), RBS Securities Inc. (or its affiliates and its successors) and one other nationally recognized investment banking firm that is a primary U.S. government securities
dealer (a “Primary Treasury Dealer”) specified from time to time by SunTrust Robinson Humphrey, Inc.; provided, however, that if any of the foregoing shall cease to be a nationally recognized investment banking firm that is a
Primary Treasury Dealer, the Company shall substitute therefor another nationally recognized investment banking firm that is such a dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as
determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to an Independent Investment Banker by such Reference
Treasury Dealer as of 3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 “Remaining Scheduled
Payments” means, with respect to each Security of this series to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related Redemption Date but for such redemption;
provided, however, that, if such Redemption Date is not an Interest Payment Date with respect to such Security, the amount of the next succeeding scheduled interest payment thereon will be reduced (solely for the purpose of the definition of
“Remaining Scheduled Payments”) by the amount of interest accrued thereon to such Redemption Date. 
 Notwithstanding
Section 1104 of the Indenture, the notice of redemption with respect to the foregoing redemption need not set forth the Redemption Price but only the manner of ascertainment thereof. 
 In the event that any Redemption Date is not a Business Day, then payment of the Redemption Price will be made on the next succeeding day that is a Business Day (and without any interest or payment in
respect of any such delay) with the same force and effect as if made on such Redemption Date. 
 The Company shall notify the Trustee of the
Redemption Price with respect to the foregoing redemption promptly after the calculation thereof. The Trustee shall not be responsible for calculating said Redemption Price. 

  
 A-6

 Notice of any redemption by the Company will be mailed at least 30 days but not more than 60 days before any
Redemption Date to each Holder of Securities of this series to be redeemed. If less than all the Securities of this series are to be redeemed at the option of the Company, the Trustee shall select, in such manner as it shall deem fair and
appropriate, the Securities of this series to be redeemed. The Trustee may select for redemption Securities of this series in amounts of whole multiples of $1,000. 
 In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof
upon the cancellation hereof. 
 The Securities of this series shall not have a sinking fund. 

If an Event of Default with respect to the Securities of this series shall occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. 
 The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of all series affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of all series affected thereby (voting as one class). The Indenture contains provisions permitting the Holders of not less than
a majority in principal amount of the Outstanding Securities of all series with respect to which a default under the Indenture shall have occurred and be continuing (voting as one class), on behalf of the Holders of the Securities of all such
series, to waive, with certain exceptions, such default under the Indenture and its consequences. The Indenture also permits the Holders of not less than a majority in principal amount of the Securities of each series at the time Outstanding, on
behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture affecting such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon
such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than a majority in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such
request and shall have failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any
payment of principal hereof or any premium or interest hereon or after the respective due dates expressed herein. 

  
 A-7

 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register,
upon surrender of this Security for registration of transfer at the office or agency of the Company for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar
and duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series, of authorized denominations and of like tenor and for the same aggregate principal amount, will be issued to
the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection
therewith. 
 The Indenture contains provisions for defeasance at any time of the entire indebtedness of the Securities of this series and for
covenant defeasance at any time of certain covenants in the Indenture upon compliance with certain conditions set forth in the Indenture. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiples of $1,000 above
such amount. As provided in the Indenture and subject to the limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series of a different authorized denomination, as
requested by the Holder surrendering the same upon surrender of the Security or Securities to be exchanged at the office or agency of the Company. 
 This Security shall be governed by, and construed in accordance with, the internal laws of the State of New York. 
 Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Securities of this series as a
convenience to the Holders thereof. No representation is made as to the accuracy of such numbers as printed thereon and reliance may be placed only on the other identification numbers printed thereon. 

  
 A-8

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

  

													
	 TEN COM —        
	  	as tenants in common	  	 	UNIF GIFT MIN ACT —	  	  	Custodian
		  		  				  	 	  		  	 
		  		  				  	(Cust)	  		  	(Minor)
	 TEN ENT —
	  	as tenants by the entireties	  				  		  		  	
				
	 JT TEN —
	  	as joint tenants with rights of survivorship and not as tenants in common	  				  	under Uniform Gifts to Minors Act (State)

 Additional abbreviations may also be used though not on the above list. 

 
  

ASSIGNMENT 
 FOR VALUE
RECEIVED, the undersigned hereby sell(s) and transfer(s) unto (please insert Social Security or other identifying number of assignee)
                    [PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF ASSIGNEE] the within Security and all rights
thereunder, hereby irrevocably constituting and appointing                     agent to transfer said Security on the books of the Company, with full
power of substitution in the premises. 
 Dated:
                                         
                    
 NOTICE: The signature
to this assignment must correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement, or any change whatever. 

 

			
	 Signature Guarantee:
	  	 

 SIGNATURE GUARANTEE 
 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership or participation in the Security
Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended. 

  
 A-9

 [TO BE ATTACHED TO GLOBAL CERTIFICATES] 

SCHEDULE OF INCREASES OR DECREASES 
 The following increases or decreases in this Global Certificate have been made: 
  

									
	 Date
	 	 Amount of decrease in
principal amount of
Security
evidenced by the
Global Certificate
	 	 Amount of increase in
principal amount of
Security
evidenced by the Global
Certificate
	  	Principal amount of
Security evidenced by the
Global Certificate
following such decrease
or
increase	  	Signature of authorized
officer of Trustee or
Custodial Agent

  
 A-10

 EXHIBIT B 
 CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated therein
referred to in the within-mentioned Indenture. 
  

			
	THE BANK OF NEW YORK MELLON
	TRUST COMPANY, N.A., as Trustee
		
	By:	 	 
		 	Authorized Officer

  
 B-1EX-10.30

 EXHIBIT 10.30 
 OCEANFIRST FINANCIAL CORP. 
 EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is entered into as of February 22, 2013, by and between OceanFirst Financial Corp.
(the “Holding Company”), a corporation organized under the laws of Delaware, with its principal administrative office at 975 Hooper Avenue, Toms River, New Jersey 08753, and Christopher D. Maher (the “Executive”). The term
“Bank” refers to OceanFirst Bank, the wholly-owned subsidiary of the Holding Company or any successor thereto. 

WHEREAS, Executive has agreed to serve in the employ of the Holding Company or an affiliate thereof; and 

WHEREAS, the Holding Company recognizes the substantial contribution Executive will make to the Holding Company and wishes to protect his
position therewith for the period provided in this Agreement. 
 NOW, THEREFORE, in consideration of the contribution and
responsibilities of Executive, and upon the other terms and conditions hereinafter provided, the parties hereto agree as follows: 
  

	1.	POSITION AND RESPONSIBILITIES. 

During the period of Executive’s employment hereunder, Executive agrees to serve as President and Chief Operating Officer of the
Holding Company. The Executive shall render administrative and management services to the Holding Company such as are customarily performed by persons in a similar executive capacity. During said period, Executive also agrees to serve, if elected,
as an officer and director of any subsidiary of the Holding Company. 
  

	2.	TERMS. 

 (a) The initial term of
Executive’s employment under this Agreement shall commence as of March 25, 2013, or such other date as mutually agreed by the parties (the “Effective Date”) and shall continue through December 31, 2014. Effective as of
January 1, 2015, and continuing each year thereafter, the disinterested members of the board of directors of the Holding Company (the “Board”) may extend the Agreement an additional period unless the Executive elects not to extend the
term of this Agreement by giving written notice to the Holding Company. The Board will review the Agreement and Executive’s performance annually for purposes of determining whether to extend the Agreement and the rationale and results thereof
shall be included in the minutes of the Board’s meeting. The Board shall give notice to the Executive as soon as possible after such review as to whether the Agreement is to be extended. 

(b) During the period of Executive’s employment hereunder, except for periods of absence occasioned by illness, reasonable vacation
periods, and reasonable leaves of absence, 

 
Executive shall devote substantially all his business time, attention, skill, and efforts to the faithful performance of his duties hereunder including activities and services related to the
organization, operation and management of the Holding Company and its direct or indirect subsidiaries (“Subsidiaries”) and participation in community and civic organizations; provided, however, that, with the approval of the Board, as
evidenced by a resolution of such Board, from time to time, Executive may serve, or continue to serve, on the boards of directors of, and hold any other offices or positions in, companies or organizations, which, in such Board’s judgment, will
not present any conflict of interest with the Holding Company or its Subsidiaries, or materially affect the performance of Executive’s duties pursuant to this Agreement. 
 (c) Notwithstanding anything herein contained to the contrary, Executive’s employment with the Holding Company may be terminated by the Holding Company or Executive during the term of this Agreement,
subject to the terms and conditions of this Agreement. Moreover, in the event the Executive is terminated or suspended from his position with the Bank, Executive shall not perform, in any respect, directly or indirectly, during the pendency of his
temporary or permanent suspension or termination from the Bank, duties and responsibilities formerly performed at the Bank as part of his duties and responsibilities as President and Chief Operating Officer of the Holding Company. 

 

	3.	COMPENSATION AND REIMBURSEMENT. 

(a) The Executive shall be entitled to a salary from the Holding Company or its Subsidiaries of $375,000 per year (“Base
Salary”). Base Salary shall include any amounts of compensation deferred by Executive under any qualified or unqualified plan maintained by the Holding Company and its Subsidiaries. Such Base Salary shall be payable bi-weekly. The Committee or
the Board may increase Executive’s Base Salary and any increased Base Salary shall become the “Base Salary” for purposes of this Agreement. In addition to the Base Salary provided in this Section 3(a), the Holding Company shall
also provide Executive, at no premium cost to Executive, with all such other benefits as provided uniformly to permanent full-time employees of the Holding Company and its Subsidiaries. 

(b) The Executive shall be entitled to participate in any employee benefit plans, arrangements and perquisites substantially equivalent
to those in which Executive was participating or otherwise deriving benefit from immediately prior to the beginning of the term of this Agreement, and the Holding Company and its Subsidiaries will not, without Executive’s prior written consent,
make any changes in such plans, arrangements or perquisites which would materially adversely affect Executive’s rights or benefits thereunder, except to the extent that such changes are made applicable to all Holding Company and Bank employees
eligible to participate in such plans, arrangements and perquisites on a non-discriminatory basis. Without limiting the generality of the foregoing provisions of this Subsection (b), Executive shall be entitled to participate in or receive benefits
under any employee benefit plans including, but not limited to, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident plans, medical coverage or any other employee benefit plan or arrangement made
available by the Holding Company and its Subsidiaries in the future to its senior executives and key management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements.
Executive shall be entitled to incentive compensation and bonuses as provided in any plan of the Holding Company and its 

  
 2 

 
Subsidiaries in which Executive is eligible to participate. Nothing paid to the Executive under any such plan or arrangement will be deemed to be in lieu of other compensation to which the
Executive is entitled under this Agreement. 
 (c) During the term of this Agreement, the Holding Company will purchase or lease
for Executive a mutually agreed upon automobile for Executive’s business and ancillary personal use subject to the Holding Company’s vehicle policy. The Holding Company shall cover all repairs and operating expenses of such vehicle,
including the cost of liability, comprehensive and collision insurance in such amounts as the Holding Company deems appropriate. Executive acknowledges that he may recognize taxable income in connection with this use of such vehicle and that these
amounts will be reflected on Executive’s W-2 as required by law. 
 (d) Subject to reasonable documentation, the Holding
Company will reimburse Executive for actual, reasonable relocation expenses incurred within twelve (12) months from the Effective Date in connection with the relocation of his residence from Randolph, NJ to a mutually agreeable location within
commutable distance (under 40 minutes) of the Holding Company’s headquarters in Toms River, NJ. These reimbursable relocation expenses shall include: (i) the real estate commission in connection with the sale of his Randolph, NJ residence;
(ii) closing costs on the primary residence Executive purchases in the Toms River, NJ area; (iii) moving expenses; and (iv) temporary housing expenses not to exceed $1,200 per month or more than six (6) months in duration. The
total amount of relocation expenses under this Subsection 3(d) shall not exceed $75,000 (plus a tax gross-up for federal, state and local income taxes for expenses that are not deductible by Executive on his personal federal income tax return). If
within twelve (12) months of being reimbursed, Executive resigns from the Holding Company without “Good Reason” as defined in Section 4(a) hereof or his employment is terminated for “Cause” as defined in Section 7
hereof, the Executive will, upon such resignation or termination, repay the Holding Company any and all such relocation expenses previously paid the Executive, including any tax gross-ups. 

(e) Beginning with 2013, and on a yearly basis thereafter, Executive will be eligible to participate in the Holding Company’s annual
incentive program under the OceanFirst Financial Corp. 2011 Cash Incentive Compensation Plan with targets tied to varying performance levels of the Holding Company, the Bank and the Executive, all as determined by the Compensation Committee. The
final terms and conditions of the Executive’s participation in the annual incentive program for 2013 will be set forth in a separate document to be presented to Executive within ninety (90) days after the Effective Date and shall reflect a
target bonus for Executive equal to 45% of his Base Salary (prorated for actual dates of employment during 2013), with a threshold bonus of 50% of the target bonus and a maximum bonus equal to 150% of the target bonus. 

(f) Within ninety (90) days after the Effective Date, Executive shall be granted awards of 22,500 nonqualified stock options under
the OceanFirst Financial Corp. 2011 Stock Incentive Plan covering shares of Holding Company stock and a number of restricted shares with a compensation expense equal to the compensation expense of such stock options as determined by the Holding
Company. Any such awards shall be subject to the terms and conditions of the OceanFirst Financial Corp. 2011 Stock Incentive Plan and such other terms and conditions as may be set forth in the applicable Award Agreements as determined by the

  
 3 

 
Compensation Committee. Such restricted shares and options described shall vest in five equal annual installments with the first installment vesting no later than the first anniversary of the
award date. 
 (g) Within ninety (90) days of the Effective Date, the Holding Company and the Executive shall enter into a
mutually agreeable Supplemental Executive Retirement Plan Agreement (the “SERP”) that provides for the Holding Company or the Bank to establish a bookkeeping account that shall be utilized solely as a device for the measurement and
determination of the amounts to be paid to Executive, or his designated beneficiary, if appropriate, pursuant to the terms of the SERP. Within sixty (60) days following the close of each calendar year during the term of this Agreement, the
Holding Company or Bank will credit to such account an amount set opposite the completed calendar year according to Schedule A attached hereto. If the Executive continues to be employed by the Holding Company or the Bank until the Executive’s
65th birthday, the account balance, adjusted for credited earnings and losses, shall be paid to Executive no later than March 15 following the calendar year in which the Executive’s retirement occurs. If the Executive’s employment
with the Holding Company and all of its Subsidiaries terminates before the Executive’s 65th birthday, the contributions to the account for the preceding five (5) years, adjusted for credited earnings and losses on such contributions, shall
be forfeited unless the termination occurred on account of the Executive’s death, a Termination without Cause, or a resignation for Good Reason. In the event of the Executive’s death, Termination without Cause, or resignation for Good
Reason, the balance in the account at the time of such event, adjusted for earnings and loses, shall be paid to the Executive or his designated beneficiaries no later than March 15 following the calendar year in which the Executive’s
termination of employment or death occurs. 
 (h) In addition to the Base Salary provided for by paragraph (a) of this
Section 3 and other compensation provided for by this Section 3, the Holding Company shall pay or reimburse Executive for all reasonable travel and other reasonable expenses incurred in the performance of Executive’s obligations under
this Agreement and may provide such additional compensation in such form and such amounts as the Board may from time to time determine. 
 (i) Notwithstanding any other provisions of this Agreement, in addition to any clawback or forfeiture provisions required by law and applicable to the Holding Company or any of its Subsidiaries, the
compensation provided under this Agreement or under any incentive compensation plan in which the Executive participates shall be subject to the terms of: (i) the Holding Company’s recoupment policy as in effect on the Effective Date or any
other policy adopted thereafter by the Board of Directors of the Holding Company or the Compensation Committee thereof in order to comply with any applicable law, regulation, order, stock exchange listing requirement, including, without limitation,
the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations thereunder (or any policy of the Holding Company adopted pursuant to any such law, government regulation, order or stock exchange listing requirement); and
(ii) any clawback or forfeiture provisions in the Holding Company’s incentive compensation plans in which the Executive participates or the award agreements with respect to the Executive’s awards thereunder. 

  
 4 

	4.	PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION. 

 (a) Upon the occurrence of an Event of Termination (as herein defined) during the Executive’s term of employment under this Agreement, the provisions of this Section shall apply. As used in this
Agreement, an “Event of Termination” shall mean and include any one or more of the following: (i) the termination by the Holding Company of Executive’s full-time employment hereunder for any reason other than termination governed
by Section 5(a) hereof, or for Cause, as defined in Section 7 hereof; or (ii) Executive’s resignation from the Holding Company’s employ for “Good Reason,” which shall mean without Executive’s consent
(A) a material reduction of Executive’s authority, duties or responsibilities with respect to the Holding Company or its Subsidiaries, including the failure to elect or reelect or to appoint or reappoint Executive as President and Chief
Operating Officer; (B) a material reduction of Executive’s salary; or (C) a material change the geographic location at which the Executive must perform his services to the Holding Company; (D) a material breach of this Agreement;
or (E) if, by July 31, 2014, the Company has not extended this Agreement to a term ending no earlier than July 31, 2015. Upon the occurrence of any event described in clauses (A) through (E) above constituting “Good
Reason,” Executive shall have the right to elect to terminate his employment by resignation within six months after initial existence of the event giving rise to said right to resign; provided that within 30 days after the initial existence of
the basis for resignation Executive has provided the Holding Company written notice of the circumstances providing the basis for resigning on account of “Good Reason” and the Holding Company has failed to remedy such circumstances within
30 days after receiving such notice. A resignation by Executive without complying with the notice and opportunity to remedy provisions in this Agreement shall not constitute a resignation for “Good Reason” for any purpose of this
Agreement. 
 (b) Upon the occurrence of an Event of Termination, on the Date of Termination, as defined in Section 8, the
Holding Company shall be obligated to pay Executive, or, in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, an amount equal to the greater of: (i) the amount of the remaining payments that
the Executive would have earned if he had continued his employment with the Bank during the remaining term of this Agreement at the Executive’s Base Salary at the Date of Termination; or (ii) the Executive’s annual Base Salary at the
Date of Termination. Such payment shall be made in a lump sum within five business days of the Date of Termination, subject to delayed payment pursuant to Section 22 hereof, if applicable. Such payment shall not be reduced in the event the
Executive obtains other employment following termination of employment. 
 (c) Upon the occurrence of an Event of Termination,
the Holding Company will cause to be continued life, medical, dental and disability coverage substantially equivalent to the coverage maintained by the Holding Company or its Subsidiaries for Executive prior to his termination at no premium cost to
the Executive. Such coverage shall cease upon the later of (i) the expiration of the remaining term of this Agreement or (ii) the end of the month of the first anniversary of the Executive’s Date of Termination. If the provision of
any of the benefits covered by this Section 4(c) would trigger the 20% excise tax and interest penalties under Section 409A of the Code, then the benefit(s) that would trigger such tax and interest penalties shall not be provided
(collectively the “Excluded Benefits”), and in lieu of the Excluded Benefits the Holding Company will pay to the Executive, in a lump sum within thirty business days following termination of employment or thirty business days after such
determination, should it 

  
 5 

 
occur after termination of employment, a cash amount equal to the cost to the Holding Company of providing the Excluded Benefits. Such lump sum payment will be subject to delayed payment pursuant
to Section 22 hereof, if applicable. 
  

	5.	CHANGE IN CONTROL. 

 (a) For
purposes of this Agreement, a “Change in Control” of the Holding Company or the Bank shall mean an event of a nature that; (i) would be required to be reported in response to Item 5.01 of the current report on Form 8-K, as in
effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); or (ii) results in a Change in Control of the Bank or the Holding Company within the meaning of the Home
Owners’ Loan Act of 1933, as amended, the Federal Deposit Insurance Act, or the Rules and Regulations promulgated by the Office of the Comptroller of the Currency or its predecessor agency (collectively, the “OCC”), as in effect on
the date hereof (provided, that in applying the definition of change in control as set forth under the rules and regulations of the OCC, the Board shall substitute its judgment for that of the OCC); or (iii) without limitation such a Change in
Control shall be deemed to have occurred at such time as (A) any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of voting securities of the Bank or the Holding Company representing 20% or more of the Bank’s or the Holding Company’s outstanding voting securities or right to acquire such securities except for any
voting securities of the Bank purchased by the Holding Company and any voting securities purchased by any employee benefit plan of the Holding Company or its Subsidiaries; or (B) individuals who constitute the Board on the date hereof (the
“Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a vote of at least three-quarters of the directors
comprising the Incumbent Board, or whose nomination for election by the Company’s stockholders was approved by a Nominating Committee solely composed of members which are Incumbent Board members, shall be, for purposes of this clause (B),
considered as though he were a member of the Incumbent Board; or (C) a plan of reorganization, merger, consolidation, sale of all or substantially all the assets of the Bank or the Holding Company or similar transaction occurs or is effectuated
in which the Bank or Holding Company is not the resulting entity; provided, however, that such an event listed above will be deemed to have occurred or to have been effectuated upon the receipt of all required federal regulatory approvals not
including the lapse of any statutory waiting periods; or (D) a proxy statement has been distributed soliciting proxies from stockholders of the Holding Company, by someone other than the current management of the Holding Company, seeking
stockholder approval of a plan of reorganization, merger or consolidation of the Holding Company or Bank with one or more corporations as a result of which the outstanding shares of the class of securities then subject to such plan or transaction
are exchanged for or converted into cash or property or securities not issued by the Bank or the Holding Company shall be distributed; or (E) a tender offer is made for 20% or more of the voting securities of the Bank or Holding Company then
outstanding. 
 (b) If a Change in Control has occurred pursuant to Section 5(a) or the Board has determined that a Change
in Control has occurred, Executive shall be entitled to the benefits provided in paragraphs (c) and, (d), of this Section 5 upon his subsequent termination of employment at any time during the term of this Agreement due to
(i) Executive’s dismissal unless such termination is because of his death or Termination for Cause, or (ii) Executive’s resignation for “Good Reason” as defined in Section 4(a). 

  
 6 

 (c) Upon the Executive’s entitlement to benefits pursuant to Section 5(b), the
Holding Company shall pay Executive, or in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, as severance pay or liquidated damages, or both, a sum equal to the greater of: (i) the payments
due for the remaining term of the Agreement; or (ii) three (3) times Executive’s average annual compensation for the five (5) preceding taxable years or such lesser number of years in the event that Executive shall have been
employed by the Holding Company for less than five (5) years. Such annual compensation shall include Base Salary, commissions; bonuses, contributions on behalf of Executive to any pension and profit sharing plan, severance payments, directors
or committee fees and fringe benefits paid or to be paid to the Executive during such years. Such payment shall be made in a lump sum within five business days of the date Executive becomes entitled to benefits pursuant to Section 5(b), subject
to delayed payment pursuant to Section 22 hereof if applicable. Any such payment may also be delayed where the Bank reasonably anticipates that the making of the payment will violate Federal securities laws or other applicable law; provided
that the payment is made at the earliest date at which the Bank reasonably anticipates that the making of the payment will not cause such violation. Such payments shall not be reduced in the event Executive obtains other employment following
termination of employment. 
 (d) Upon the Executive’s entitlement to benefits pursuant to Section 5(b), the Company
will cause to be continued life, medical, dental and disability coverage substantially equivalent to the coverage maintained by the Bank for Executive at no premium cost to Executive prior to his severance. Such coverage and payments shall cease
upon the expiration of thirty-six (36) months following the Change in Control. If the provision of any of the benefits covered by this Section 5(d) would trigger the 20% excise tax and interest penalties under Section 409A of the
Code, then the benefit(s) that would trigger such tax and interest penalties shall not be provided (collectively the “Excluded Benefits”), and in lieu of the Excluded Benefits the Holding Company will pay to the Executive, in a lump sum
within thirty business days following termination of employment or thirty business days after such determination, should it occur after termination of employment, a cash amount equal to the cost to the Holding Company of providing the Excluded
Benefits. Such cash payment will be subject to delayed payment pursuant to Section 22 hereof, if applicable. 
  

	6.	CHANGE OF CONTROL RELATED PROVISIONS. 

 Notwithstanding the provisions of Section 5, in the event that: 
 (a) the
aggregate payments or benefits to be made or afforded to Executive, which are deemed to be parachute payments as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) or any successor thereof, (the
“Termination Benefits”) would be deemed to include an “excess parachute payment” under Section 280G of the Code; and 
 (b) if such Termination Benefits were reduced to an amount (the “Non-Triggering Amount”), the value of which is one dollar ($1.00) less than an amount equal to three (3) times
Executive’s “base amount,” as determined in accordance with said Section 280G and the Non-Triggering 

  
 7 

 
Amount less the product of the marginal rate of any applicable state and federal income tax and the Non Triggering Amount would be greater than the aggregate value of the Termination Benefits
(without such reduction) minus (i) the amount of tax required to be paid by the Executive thereon by Section 4999 of the Code and further minus (ii) the product of the Termination Benefits and the marginal rate of any applicable state
and federal income tax, then the Termination Benefits shall be reduced to the Non-Triggering Amount. The allocation of the reduction required hereby among the Termination Benefits shall be determined by the Holding Company. 

 

	7.	TERMINATION FOR CAUSE. 

 The term
“Termination for Cause” shall mean termination because of a material loss to the Holding Company or one of its Subsidiaries caused by the Executive’s intentional failure to perform stated duties, personal dishonesty, willful violation
of any law, rule, regulation (other than traffic violations or similar offenses), final cease and desist order or material breach of any provision of this Agreement. For purposes of this Section, no act, or the failure to act, on Executive’s
part shall be “willful” unless done, or omitted to be done, not in good faith and without reasonable belief that the action or omission was in the best interest of the Holding Company or its Subsidiaries. Notwithstanding the foregoing,
Executive shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to him a Notice of Termination which shall include a copy of a resolution duly adopted by the affirmative vote of not less than
three-fourths of the members of the Board at a meeting of the Board called and held for that purpose (after reasonable notice to Executive and an opportunity for him, together with counsel, to be heard before the Board), finding that in the good
faith opinion of the Board, Executive was guilty of conduct justifying Termination for Cause and specifying the particulars thereof in detail. The Executive shall not have the right to receive compensation or other benefits for any period after
Termination for Cause. During the period beginning on the date of the Notice of Termination for Cause pursuant to Section 8 hereof through the Date of Termination, stock options and related limited rights granted to Executive under any stock
option plan shall not be exercisable nor shall any unvested awards granted to Executive under any stock benefit plan of the Holding Company or its Subsidiaries vest. At the Date of Termination, such stock options and related limited rights and such
unvested awards shall become null and void and shall not be exercisable by or delivered to Executive at any time subsequent to such Date of Termination for Cause. 
  

	8.	NOTICE. 

 (a) Any purported
termination by the Holding Company or by Executive shall be communicated by Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the
specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s. employment under the provision so indicated.

  
 8 

 (b) “Date of Termination” shall mean the date specified in the Notice of
Termination (which, in the case of a Termination for Cause, shall not be less than thirty (30) days from the date such Notice of Termination is given). 
 (c) If, within thirty (30) days after any Notice of Termination is given, the party receiving such Notice of Termination notifies the other party that a dispute exists concerning the termination,
except upon the occurrence of a Change in Control and voluntary termination by the Executive in which case the Date of Termination shall be the date specified in the Notice, the Date of Termination shall be the date on which the dispute is finally
determined, either by mutual written agreement of the parties, by a binding arbitration award, or by a final judgment, order or decree of a court of competent jurisdiction (the time for appeal therefrom having expired and no appeal having been
perfected) and provided further that the Date of Termination shall be extended by a notice of dispute only if such notice is given in good faith and the party giving such notice pursues the resolution of such dispute with reasonable diligence.
Notwithstanding the pendency of any such dispute, the Holding Company will continue to pay Executive his full compensation in effect when the notice giving rise to the dispute was given (including, but not limited to, Base Salary) and continue him
as a participant in all compensation, benefit and insurance plans in which he was participating when the notice of dispute was given, until the dispute is finally resolved in accordance with this Agreement. Amounts paid under this Section are in
addition to all other amounts due under this Agreement and shall not be offset against or reduce any other amounts due under this Agreement. 
  

	9.	POST-TERMINATION OBLIGATIONS. 

All payments and benefits to Executive under this Agreement shall be subject to Executive’s compliance with this Section 9 for
one (1) full year after the earlier of the expiration of this Agreement or termination of Executive’s employment with the Holding Company. Executive shall, upon reasonable notice, furnish such information and assistance to the Holding
Company as may reasonably be required by the Holding Company in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become, a party. 

 

	10.	NON-COMPETITION, NON-DISCLOSURE AND NON-SOLICITATION. 

 (a) Upon any termination of Executive’s employment hereunder pursuant to Section 4 hereof, Executive agrees not to compete with the Holding Company or its Subsidiaries for a period of one
(1) year following such termination in any city, town or county in which the Executive’s normal business office is located and the Holding Company or any of its Subsidiaries has an office or has filed an application for regulatory approval
to establish an office, determined as of the effective date of such termination, except as agreed to pursuant to a resolution duly adopted by the Board. Executive agrees that during such period and within said cities, towns and counties, Executive
shall not work for or advise, consult or otherwise serve with, directly or indirectly, any entity whose business materially competes with the depository, lending or other business activities of the Holding Company or its Subsidiaries. The parties
hereto, recognizing that irreparable injury will result to the Holding Company or its Subsidiaries, its business and property in the event of Executive’s breach of this Subsection 10(a) agree that in the event of any such breach by Executive,
the Holding Company or its Subsidiaries will be entitled, in addition to any other remedies and damages available, to an injunction to restrain the 

  
 9 

 
violation hereof by Executive, Executive’s partners, agents, servants, employees and all persons acting for or under the direction of Executive. Executive represents and admits that in the
event of the termination of his employment pursuant to Section 7 hereof, Executive’s experience and capabilities are such that Executive can obtain employment in a business engaged in other lines and/or of a different nature than the
Holding Company or its Subsidiaries, and that the enforcement of a remedy by way of injunction will not prevent Executive from earning a livelihood. Nothing herein will be construed as prohibiting the Holding Company or its Subsidiaries from
pursuing any other remedies available to the Holding Company or its Subsidiaries for such breach or threatened breach, including the recovery of damages from Executive. 
 (b) Executive recognizes and acknowledges that the knowledge of the business activities and plans for business activities of the Holding Company and its Subsidiaries as it may exist from time to time, is
a valuable, special and unique asset of the business of the Holding Company and its Subsidiaries. Executive will not, during or after the term of his employment, disclose any knowledge of the past, present, planned or considered business activities
of the Holding Company and its Subsidiaries thereof to any person, firm, corporation, or other entity for any reason or purpose whatsoever unless expressly authorized by the Board of Directors or required by law. Notwithstanding the foregoing,
Executive may disclose any knowledge of banking, financial and/or economic principles, concepts or ideas which are not solely and exclusively derived from the business plans and- activities of the Holding Company. In the event of a breach or
threatened breach by the Executive of the provisions of this Section, the Holding Company will be entitled to an injunction restraining Executive from disclosing, in whole or in part, the knowledge of the past, present, planned or considered
business activities of the Holding Company or its Subsidiaries or from rendering any services to any person, firm, corporation, other entity to whom such knowledge, in whole or in part, has been disclosed or is threatened to be disclosed. Nothing
herein will be construed as prohibiting the Holding Company from pursuing any other remedies available to the Holding Company for such breach or threatened breach, including the recovery of damages from Executive. 

(c) During the term of this Agreement and for a period of twelve (12) months from and after the date that Executive is (for any
reason) no longer employed by the Holding Company or for a period of twelve (12) months from the date of entry by a court of competent jurisdiction of a final judgment enforcing this covenant in the event of a breach by Executive, whichever is
longer, Executive covenants and agrees that he will not, directly or indirectly, either as a principal, agent, employee, employer, stockholder, co-partner or in any other individual or representative capacity whatsoever: (i) solicit, or assist
any other person or business entity in soliciting, any depositors, borrowers or other customers of the Holding Company or its Subsidiaries to make deposits in or to become customers of any other financial institution offering banking and financial
products and services substantially similar to those offered by the Holding Company or its Subsidiaries on any date on which the conduct at issue occurs; or (ii) induce any individuals to terminate their employment with the Holding Company or
any of its Subsidiaries if those individuals provide, or have provided during all or part of the covenant period described in this Section 10, accounting, credit, lending, information technology, account management or personal banking services
for the Holding Company or any of its Subsidiaries or any other types of services that give those individuals significant contact with or knowledge of the customer base of the Holding Company or any of its Subsidiaries. 

  
 10 

	11.	SOURCE OF PAYMENTS. 

 (a) All
payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Holding Company subject to Section 11(b). 
 (b) Notwithstanding any provision herein to the contrary, to the extent that payments and benefits, as provided by this Agreement, are paid to or received by Executive under the Employment Agreement dated
February 22, 2013 between Executive and the Bank (the “Bank Agreement”), such compensation payments and benefits paid by the Bank will be subtracted from any amount due simultaneously to Executive under similar provisions of this
Agreement. Payments pursuant to this Agreement and the Bank Agreement shall be allocated in proportion to the level of activity and the time expended on such activities by the Executive as determined by the Holding Company and the Bank on a
quarterly basis. 
  

	12.	EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS. 

 This Agreement contains the entire understanding between the parties hereto and supersedes any prior employment agreement between the Holding Company or any predecessor of the Holding Company and
Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to the Executive of a kind elsewhere provided. No provision of this Agreement shall be interpreted to mean that Executive is subject to
receiving fewer benefits provided under any other agreement or plan with the Holding Company or the Bank than those available to him without reference to this Agreement. 

 

	13.	NO ATTACHMENT. 

 (a) Except as
required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or
assignment by operation of law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void, and of no effect. 
 (b) This Agreement shall be binding upon, and inure to the benefit of, Executive and the Holding Company and their respective successors and assigns. 

 

	14.	MODIFICATION AND WAIVER. 

 (a)
This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto. 
 (b) No term or
condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such
written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future as
to any act other than that specifically waived. 

  
 11 

	15.	SEVERABILITY. 

 If, for any
reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part
thereof shall to the full extent consistent with law continue in full force and effect. 
  

	16.	HEADINGS FOR REFERENCE ONLY. 

The headings of sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or
interpretation of any of the provisions of this Agreement. 
  

	17.	GOVERNING LAW. 

 This Agreement
shall be governed by the laws of the State of Delaware, unless otherwise specified herein. 
  

	18.	ARBITRATION. 

 Any dispute or
controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three arbitrators sitting in a location selected by the Executive within fifty (50) miles from the location
of the Bank, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction; provided, however, that Executive shall be entitled to seek
specific performance of his right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement. 

In the event any dispute or controversy arising under or in connection with Executive’s termination is resolved in favor of the
Executive, whether by judgment, arbitration or settlement, Executive shall be entitled to the payment of all back-pay, including salary, bonuses and any other cash compensation, fringe benefits and any compensation and benefits due Executive under
this Agreement. 
  

	19.	PAYMENT OF LEGAL FEES. 

 All
reasonable legal fees paid or incurred by Executive pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Holding Company, if Executive is successful pursuant to a legal judgment,
arbitration or settlement. 
  

	20.	INDEMNIFICATION. 

 The Holding
Company shall provide Executive (including his heirs, executors and administrators) with coverage under a standard directors’ and officers’ liability insurance policy at its expense, and shall indemnify Executive (and his heirs, executors
and administrators) to the fullest extent permitted under Delaware law against all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit or proceeding in which he

  
 12 

 
may be involved by reason of his having been a director or officer of the Holding Company (whether or not he continues to be a director or officer at the time of incurring such expenses or
liabilities), such expenses and liabilities to include, but not be limited to, judgments, court costs and attorneys’ fees and the cost of reasonable settlements. 
  

	21.	SUCCESSOR TO THE HOLDING COMPANY. 

The Holding Company shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise,
to all or substantially all the business or assets of the Bank or the Holding Company, expressly and unconditionally to assume and agree to perform the Holding Company’s obligations under this Agreement, in the same manner and to the same
extent that the Holding Company would be required to perform if no such succession or assignment had taken place. 
  

	22.	APPLICATION OF SECTION 409A OF THE CODE. 

 (a) To the extent applicable, it is intended that this Agreement comply with the provisions of Section 409A of the Code, so as to prevent inclusion in gross income of any amounts payable or benefits
provided hereunder in a taxable year that is prior to the taxable year or years in which such amounts or benefits would otherwise actually be distributed, provided or otherwise made available to the Executive. This Agreement shall be construed,
administered, and governed in a manner consistent with this intent and the following provisions of this Section shall control over any contrary provisions of this Agreement. 
 (b) In the event Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code and delayed payment of any amount or commencement of any benefit under this
Agreement is required to avoid a prohibited distribution under Section 409A(a)(2) of the Code, then (i) amounts payable in connection with Executive’s termination of employment will be delayed and paid, with interest at the short term
applicable federal rate as in effect as of the termination date, in a single lump sum six months thereafter (or if earlier, the date of Executive’s death) and (ii) with respect to medical and welfare benefits, Executive shall be entitled
to bear the cost of such benefits for six months following such termination date, after which time the Holding Company shall continue to provide such benefits for the period they would otherwise have been provided, commencing from the six month
anniversary of the Executive’s termination date. 
 (c) Payments and benefits hereunder upon Executive’s termination
or severance of employment with the Holding Company that constitute deferred compensation under Code Section 409A payable shall be paid or provided only at the time of a termination of Executive’s employment which constitutes a
“separation from service” within the meaning of Code Section 409A (subject to a possible six-month delay pursuant to Subsection (b) above). 
 (d) For purposes of Code Section 409A, the right to a series of payments under this Agreement shall be treated as a right to a series of separate payments so that each payment hereunder is designated
as a separate payment for purposes of Code Section 409A. 
 (e) All reimbursements and in kind benefits provided under this
Agreement, including, but not limited to, payments under Sections 3, 19 and 20, shall be made or provided in 

  
 13 

 
accordance with the requirements of Code Section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during Executive’s lifetime
(or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement, or in kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in kind
benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to
reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit. 
 (f) References in this
Agreement to Code Section 409A include both that section of the Code itself and any guidance promulgated thereunder. 

  
 14 

 SIGNATURES 

IN WITNESS WHEREOF, OceanFirst Financial Corp. has caused this Agreement to be executed and its seal to be affixed
hereunto by its duly authorized officer and its directors, and Executive has signed this Agreement, on the
22nd day of February, 2013. 

 

									
	ATTEST:	 		 	OCEANFIRST FINANCIAL CORP.
				
	 /s/ Steven J. Tsimbinos
	 		 	By:	 	 /s/ John R. Garbarino

	Secretary	 		 	For Entire Board of Directors
				
	[SEAL]	 		 		 	
				
	WITNESS:	 		 		 	
			
	 /s/
	 		 	 /s/ Christopher D. Maher

		 		 	 Executive

  
 15 

 Schedule A 
  

									
	Calendar Year	 	Executive’s
Attained
Age During
Calendar Year	 	 	Credit
Amount	 
	2014	 	 	48	  	 	 	27,719	  
	2015	 	 	49	  	 	 	29,429	  
	2016	 	 	50	  	 	 	31,244	  
	2017	 	 	51	  	 	 	33,171	  
	2018	 	 	52	  	 	 	35,217	  
	2019	 	 	53	  	 	 	37,389	  
	2020	 	 	54	  	 	 	39,695	  
	2021	 	 	55	  	 	 	42,144	  
	2022	 	 	56	  	 	 	44,743	  
	2023	 	 	57	  	 	 	47,503	  
	2024	 	 	58	  	 	 	50,432	  
	2025	 	 	59	  	 	 	53,543	  
	2026	 	 	60	  	 	 	56,845	  
	2027	 	 	61	  	 	 	60,352	  
	2028	 	 	62	  	 	 	64,074	  
	2029	 	 	63	  	 	 	68,026	  
	2030	 	 	64	  	 	 	72,222	  
	2031	 	 	65	  	 	 	76,676	  
	2032	 	 	66	  	 	 	60,147

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