Document:

EX-4.3

 Exhibit 4.3 

SUPPLEMENTAL INDENTURE NO. 1 

This Supplemental Indenture No. 1 (this “Supplemental Indenture”), dated as of December 18, 2019, is made by and among
William Lyon Homes, Inc., a California corporation (the “Issuer”), the guarantors party hereto (the “Guarantors”) and U.S. Bank National Association, as trustee (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
the Issuer, the Guarantors and the Trustee are party to that certain Indenture, dated as of July 9, 2019 (as supplemented from time to time, the “Indenture”), providing for the issuance of the Issuer’s 6.625% Senior Notes
due 2027 (the “Securities”); 
 WHEREAS, Section 9.02 of the Indenture provides, inter alia, that, in certain
circumstances, the Issuer, the Guarantors and the Trustee may amend the Indenture or the Securities with the written consent of the Holders of at least a majority in principal amount of the Securities then outstanding (including consents obtained in
connection with a tender offer or exchange for the Securities) (the “Requisite Consents”); 
 WHEREAS, on November 5,
2019, William Lyon Homes (the “Parent”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Taylor Morrison Home Corporation, a Delaware corporation (“TMHC”), and a wholly
owned subsidiary of TMHC, pursuant to which a wholly owned subsidiary of TMHC will be merged with and into the Parent (the “Merger”), with the Parent surviving the Merger as a wholly owned subsidiary of TMHC; 

WHEREAS, Taylor Morrison Communities, Inc. (the “Offeror”), a Delaware corporation and indirect subsidiary of TMHC, has
solicited consents (the “Consents”) to certain amendments to the Indenture and the Securities (the “Proposed Amendments”), upon the terms and subject to the conditions set forth in that certain offering memorandum
and consent solicitation statement, dated December 5, 2019 (the “Offering Memorandum”) and that certain Consent Solicitation Statement, dated December 5, 2019 (the “Consent Solicitation Statement”); 

WHEREAS, the holders of more than 99.4% in aggregate principal amount of the Securities outstanding (excluding any Securities owned by the
Issuer or its affiliates) have validly delivered Consents and not validly revoked their Consents to the adoption of all of the Proposed Amendments effected by this Supplemental Indenture in accordance with the provisions of the Indenture, and
evidence of such Consents has been provided by the Offeror to the Trustee; 
 WHEREAS, the Issuer, the Guarantors and the Trustee are
authorized to execute and deliver this Supplemental Indenture; 
 WHEREAS, the Offeror having received the Requisite Consents from the
outstanding Securities pursuant to Section 9.02 of the Indenture, the Issuer desires to amend the Indenture and the Securities (the “Amendment”); 

  
 1 

 WHEREAS, in accordance with Section 11.04 of the Indenture, the Issuer has delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel with respect to this Supplemental Indenture on the date hereof; and 

WHEREAS, pursuant to Sections 9.02 and 9.05 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby
acknowledged, in order to effect the Amendment, the parties mutually covenant and agree as follows: 
 ARTICLE I 

Defined Terms 

Section 1.1 Capitalized Terms. Capitalized terms used herein without being defined herein shall have the meanings assigned to them
in the Indenture. 
 Section 1.2 Certain Definitions, etc. Any definitions used exclusively in the provisions of the Indenture
or Securities that are deleted pursuant to the amendments set forth under this Supplemental Indenture, and any definitions used exclusively within such definitions, are hereby deleted in their entirety from the Indenture and the Securities, and all
textual references in the Indenture and the Securities exclusively relating to paragraphs, Sections, Articles or other terms or provisions of the Indenture that have been otherwise deleted pursuant to this Supplemental Indenture are hereby deleted
in their entirety. Any of the terms or provisions present in the Securities that relate to any of the provisions of the Indenture amended by Articles II through VI of this Supplemental Indenture shall also be amended so as to be consistent with the
amendments made in this Supplemental Indenture. 
 ARTICLE II 

Amendments to Article 3—Redemption 

Section 2.1 The first sentence of Section 3.03 of the Indenture is hereby amended by replacing “30 days” with “three
Business Days”. 
 ARTICLE III 

Amendments to Article 4—Covenants 

Section 3.1 Section 4.02 of the Indenture is hereby deleted and amended and restated to read in its entirety as set forth below: 

“SECTION 4.02. [Intentionally omitted].” 

Section 3.2 Section 4.03 of the Indenture is hereby deleted and amended and restated to read in its entirety as set forth below: 

“SECTION 4.03. [Intentionally omitted].” 

  
 2 

 Section 3.3 Section 4.04 of the Indenture is hereby deleted and amended and restated to
read in its entirety as set forth below: 
 “SECTION 4.04. [Intentionally omitted].” 

Section 3.4 Section 4.05 of the Indenture is hereby deleted and amended and restated to read in its entirety as set forth below: 

“SECTION 4.05. [Intentionally omitted].” 

Section 3.5 Section 4.06 of the Indenture is hereby deleted and amended and restated to read in its entirety as set forth below: 

“SECTION 4.06. [Intentionally omitted].” 

Section 3.6 Section 4.07 of the Indenture is hereby deleted and amended and restated to read in its entirety as set forth below: 

“SECTION 4.07. [Intentionally omitted].” 

Section 3.7 Section 4.08 of the Indenture is hereby deleted and amended and restated to read in its entirety as set forth below: 

“SECTION 4.08. [Intentionally omitted].” 

Section 3.8 Section 4.09 of the Indenture is hereby deleted and amended and restated to read in its entirety as set forth below: 

“SECTION 4.09. [Intentionally omitted].” 

Section 3.9 Section 4.10 of the Indenture is hereby deleted and amended and restated to read in its entirety as set forth below: 

“SECTION 4.10. [Intentionally omitted].” 

Section 3.10 Section 4.11 of the Indenture is hereby deleted and amended and restated to read in its entirety as set forth below: 

“SECTION 4.11. [Intentionally omitted].” 

Section 3.11 Section 4.12 of the Indenture is hereby deleted and amended and restated to read in its entirety as set forth below: 

“SECTION 4.12. [Intentionally omitted].” 

Section 3.12 Section 4.13 of the Indenture is hereby deleted and amended and restated to read in its entirety as set forth below: 

“SECTION 4.13. [Intentionally omitted].” 

  
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 Section 3.13 Section 4.15 of the Indenture is hereby deleted and amended and restated
to read in its entirety as set forth below: 
 “SECTION 4.15. [Intentionally omitted].” 

ARTICLE IV 
 Amendments
to Article 5—Successor Company 
 Section 4.1 Section 5.01(a) of the Indenture is hereby deleted and amended and restated to
read in its entirety as set forth below: 
 “SECTION 5.01. (a) Neither the Parent nor the Company will, directly or indirectly, in a
single transaction or a series of related transactions, (x) consolidate or merge with or into any Person, or sell, lease, transfer, convey or otherwise dispose of or assign all or substantially all of the assets of the Parent or the Parent and
the Restricted Subsidiaries (taken as a whole) or the Company or the Company and the Restricted Subsidiaries that are Subsidiaries of the Company (taken as a whole), as the case may be, to any Person or (y) adopt a Plan of Liquidation unless,
in either case, either (a) the Parent or the Company, as the case may be, will be the surviving or continuing Person or (b) the Person formed by or surviving such consolidation or merger or to which such sale, lease, conveyance or other
disposition shall be made (or, in the case of a Plan of Liquidation, any Person to which assets are transferred) (collectively, the “Successor”) is a corporation or limited liability company organized and existing under the laws of any
State of the United States of America or the District of Columbia, and the Successor expressly assumes, by supplemental indenture in form and substance satisfactory to the Trustee, all of the obligations of the Company or the Parent, as the case may
be, under the Securities or the Parent’s Security Guarantee, as applicable, and this Indenture; provided that, in the case of the Company, at any time the Successor is a limited liability company, there shall be a
co-issuer of the Securities that is a corporation organized and existing under the laws of any State of the United States of America or the District of Columbia.” 

ARTICLE V 
 Amendments to
Article 6—Defaults and Remedies 
 Section 5.1 Section 6.01(4) of the Indenture is hereby deleted and amended and restated to
read in its entirety as set forth below: 
 “(4) [Intentionally omitted];” 

Section 5.2 Section 6.01(5) of the Indenture is hereby deleted and amended and restated to read in its entirety as set forth below: 

“(5) [Intentionally omitted];” 

Section 5.3 Section 6.01(6) of the Indenture is hereby deleted and amended and restated to read in its entirety as set forth below: 

“(6) [Intentionally omitted];” 

  
 4 

 Section 5.4 Section 6.01(7) of the Indenture is hereby deleted and amended and restated
to read in its entirety as set forth below: 
 “(7) the Parent or the Company pursuant to or within the meaning of any Bankruptcy Law:

 (A) commences a voluntary case; 

(B) consents to the entry of an order for relief against it in an involuntary case; 

(C) consents to the appointment of a Custodian of it or for all or substantially all of its assets; or 

(D) makes a general assignment for the benefit of its creditors.” 

Section 5.5 Section 6.01(8) of the Indenture is hereby deleted and amended and restated to read in its entirety as set forth below: 

“(8) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(A) is for relief against the Parent or the Company as debtor in an involuntary case; 

(B) appoints a Custodian of the Parent or the Company or a Custodian for all or substantially all of the assets of the Parent or the Company;
or 
 (C) orders the liquidation of the Parent or the Company, and the order or decree remains unstayed and in effect for 60 days; or”

 Section 5.6 Section 6.01(9) of the Indenture is hereby deleted and amended and restated to read in its entirety as set forth below:

 “(9) the Security Guarantee of the Parent ceases to be in full force and effect (other than in accordance with the terms of such
Security Guarantee and this Indenture) or is declared null and void and unenforceable or found to be invalid or any Guarantor denies its liability under its Security Guarantee (other than by reason of release of a Guarantor from its Security
Guarantee in accordance with the terms of this Indenture and the Security Guarantee).” 
 ARTICLE VI 

Amendments to Article 9—Amendments 

Section 6.1 Section 9.06 of the Indenture is hereby deleted and amended and restated to read in its entirety as set forth below: 

“SECTION 9.06. [Intentionally omitted].” 

  
 5 

 ARTICLE VII 

Amendments to the Securities 

Section 7.1 The Securities are hereby amended by replacing Section 7 thereof in its entirety on the reverse side thereof and
inserting in replacement thereof: 
 “7. [Intentionally omitted].” 

ARTICLE VIII 

Effectiveness 

Section 8.1 Effectiveness. This Supplemental Indenture shall become a binding agreement between the parties hereto and effective
when executed by the parties hereto. Notwithstanding the foregoing, the amendments to the Indenture and the Securities set forth herein shall not become operative until (i) the Offeror or the Company notifies the Trustee that it has delivered
to The Depository Trust Company for the Holders the aggregate amount to be paid to Holders as consent payments under the Consent Solicitation Statement and the Offering Memorandum, upon the terms and subject to the conditions in the Consent
Solicitation Statement and the Offering Memorandum, as applicable, in respect of the Consents validly delivered and not revoked thereunder and (ii) the Securities that are validly tendered (and not validly withdrawn) have been accepted for
exchange by the Offeror in accordance with the terms of the Offering Memorandum. 
 ARTICLE IX 

Miscellaneous 

Section 9.1 Securities. Amendments to the Indenture pursuant to this Supplemental Indenture shall also apply to the Securities.

 Section 9.2 Incorporation. All provisions of this Supplemental Indenture shall be deemed to be incorporated in, and made a
part of, the Indenture, and the Indenture, as amended and supplemented by this Supplemental Indenture, shall be read, taken and construed as one and the same instrument. 

Section 9.3 Third Parties. Nothing in this Supplemental Indenture, express or implied, shall give to any Person, other than the
parties hereto and their successors under the Indenture and the Holders of the Securities, any benefit or any legal or equitable right, remedy or claim under the Indenture. 

Section 9.4 Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK. 
 Section 9.5 Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed
copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or electronic (including in “.pdf” or “tif” format)
transmissions shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by
facsimile or electronically (including in “.pdf” or “tif” format) shall be deemed to be their original signatures for all purposes. 

  
 6 

 Section 9.6 Effect of Headings. The Article and Section headings herein are for
convenience only and shall not affect the construction hereof. 
 Section 9.7 The Trustee. The Trustee shall not be responsible
in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Issuer. 

Section 9.8 Successors. All agreements of the Issuer in this Supplemental Indenture shall bind its successors, except as otherwise
provided in this Supplemental Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors. 

Section 9.9 Severability Clause. In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 9.10 Ratification of Indenture; Supplemental Indenture; Part of Indenture. Except as expressly amended hereby, the
Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of
Securities heretofore or hereafter authenticated and delivered shall be bound hereby. The Issuer hereby expressly reaffirms each of its obligations to indemnify the Trustee and hold the Trustee harmless pursuant to Section 7.07 of the Indenture
in connection with the Trustee’s execution and delivery of this Supplemental Indenture. 
 [Remainder of page intentionally left
blank.] 

  
 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first written above. 
  

			
	ISSUER
	
	WILLIAM LYON HOMES, INC.
		
	By:	 	 /s/ Matthew R. Zaist

		 	Name: Matthew R. Zaist
		 	Title: President and Chief Executive Officer
	
	TRUSTEE
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Donald T. Hurrelbrink

		 	Name: Donald T. Hurrelbrink
		 	Title: Vice President
	
	GUARANTORS
	
	WILLIAM LYON HOMES
	WILLIAM LYON SOUTHWEST, INC.
	PRESLEY HOMES
	POLYGON WLH LLC
		
	By:	 	 /s/ Matthew R. Zaist

		 	Name: Matthew R. Zaist
		 	Title: President and Chief Executive Officer

			
	 DUXFORD FINANCIAL, INC.

	 PH VENTURES-SAN JOSE

	 PH-LP VENTURES

	 PH-RIELLY VENTURES

	 PRESLEY CMR, INC.

	 SYCAMORE CC, INC.

		
	By:	 	 /s/ Matthew R. Zaist

		 	Name: Matthew R. Zaist
		 	Title: President and Chief Operating Officer
	
	 WLH COMMUNITIES REALTY INC.

		
	By:	 	 /s/ Matthew R. Zaist

		 	Name: Matthew R. Zaist
		 	Title: President
	
	CALIFORNIA EQUITY FUNDING, INC. HSP, INC.
		
	By:	 	 /s/ Matthew R. Zaist

		 	Name: Matthew R. Zaist
		 	Title: Executive Vice President

			
	LYON WATERFRONT LLC
	LYON EAST GARRISON COMPANY I, LLC
	 CIRCLE G AT THE CHURCH FARM NORTH

JOINT VENTURE, LLC

	MOUNTAIN FALLS, LLC
	
	By: William Lyon Homes, Inc.
	Its: Sole Member
		
	By:	 	 /s/ Matthew R. Zaist

		 	Name: Matthew R. Zaist
		 	Title: President and Chief Executive Officer
	
	WLH ENTERPRISES
	
	By: William Lyon Homes, Inc.
	Its: General Partner
		
	By:	 	 /s/ Matthew R. Zaist

		 	Name: Matthew R. Zaist
		 	Title: President and Chief Executive Officer
	
	By: Presley CMR, Inc.
	Its: General Partner
		
	By:	 	 /s/ Matthew R. Zaist

		 	Name: Matthew R. Zaist
		 	Title: President and Chief Operating Officer

			
	 MOUNTAIN FALLS GOLF COURSE, LLC

	
	 By WLH Enterprises

	 Its: Managing Member

	
	 By: William Lyon Homes, Inc.

	 Its: General Partner

		
	 By:
	 	 /s/ Matthew R. Zaist

		 	 Name: Matthew R. Zaist

		 	 Title: President and Chief Executive Officer

	
	 By: Presley CMR, Inc.

	 Its: General Partner

		
	 By:
	 	 /s/ Matthew R. Zaist

		 	 Name: Matthew R. Zaist

		 	 Title: President and Chief Operating
Officer

			
	460 CENTRAL, L.L.C.
	BASELINE WOODS SFD I, L.L.C.
	BASELINE WOODS SFD II, L.L.C.
	BASELINE WOODS WEST, L.L.C.
	BETHANY CREEK FALLS, L.L.C.
	BROWNSTONE AT ISSAQUAH HIGHLANDS, L.L.C.
	BRYANT HEIGHTS, L.L.C.
	BULL MOUNTAIN RIDGE, L.L.C.
	CALAIS AT VILLEBOIS, L.L.C.
	CEDAR FALLS WAY LLC
	CASCARA AT REDMOND RIDGE, L.L.C.
	CORNELIUS PASS TOWNHOMES, L.L.C.
	EDGEWATER TUALATIN, L.L.C.
	GRANDE POINTE AT VILLEBOIS, L.L.C.
	HIGH POINT III, L.L.C.
	HIGHCROFT AT SAMMAMISH, L.L.C.
	ISSAQUAH HIGHLANDS INVESTMENT FUND, L.L.C.
	LES BOIS AT VILLEBOIS, L.L.C.
	MILL CREEK TERRACE, L.L.C.
	MURRAY & WEIR SFD, L.L.C.
	ORENCO WOODS SFD, L.L.C.
	PEASLEY CANYON HOMES, L.L.C.
	POLYGON AT BRENCHLEY ESTATES, L.L.C.
	POLYGON AT SUNSET RIDGE L.L.C.
	POLYGON AT VILLEBOIS II, L.L.C.
	POLYGON AT VILLEBOIS III, L.L.C.
	POLYGON AT VILLEBOIS IV, L.L.C.
	POLYGON AT VILLEBOIS V, L.L.C.
	RIDGEVIEW TOWNHOMES, L.L.C.
	RIVERFRONT MF, L.L.C.
	RIVERFRONT SF, L.L.C.
		
	By:	 	Polygon WLH LLC
	Its:	 	Sole Member
		
	By:	 	 /s/ Matthew R. Zaist

		 	Name: Matthew R. Zaist
		 	Title: President and Chief Executive Officer

			
	SILVERLAKE CENTER, L.L.C.
	SPANAWAY 230, L.L.C.
	SPARROW CREEK, L.L.C.
	THE RESERVE AT MAPLE VALLEY, L.L.C.
	THE RESERVE AT NORTH CREEK, L.L.C.
	TWIN CREEKS AT COOPER MOUNTAIN, L.L.C.
	W.R. TOWNHOMES F, L.L.C.
	VIEWRIDGE AT ISSAQUAH HIGHLANDS, L.L.C.
	CASCADIAN KING COMPANY, L.L.C.
	PNW CASCADIAN COMPANY, L.L.C.
	POLYGON NORTHWEST COMPANY, L.L.C.
	POLYGON PAYMASTER, L.L.C.
	CASCADIAN SOUTH L.L.C.
		
	By:	 	Polygon WLH LLC
	Its:	 	Sole Member
		
	By:	 	 /s/ Matthew R. Zaist

		 	Name: Matthew R. Zaist
		 	Title: President and Chief Executive Officer

			
	WLH COMMUNITIES LLC
	RSI JURUPA VALLEY LLC
	RSI COMMUNITIES – CALIFORNIA LLC
	WLH COMMUNITIES – TEXAS LLC
	RSI CONSTRUCTION SERVICES LLC
	WLH COMMUNITIES – ALDERWOOD LLC
	WLH STILLWATER LLC
	WLH STONEWALL LLC
	WLH PRADO LLC
	WLH TRAILS AT LEANDER LLC
	WLH ONION CREEK LLC
		
	By:	 	 /s/ Matthew R. Zaist

		 	Name: Matthew R. Zaist
		 	Title: Vice PresidentEX-10.1

 Exhibit 10.1 

SEPARATION, NON-COMPETITION AND CONSULTING AGREEMENT 

THIS SEPARATION, NON-COMPETITION AND CONSULTING AGREEMENT (this “Agreement”)
dated as of August 9, 2019, and effective as of the Closing Date (as defined below), is entered into by and between OceanFirst Financial Corp., a Delaware corporation (the “Company”), OceanFirst Bank, National Association, a
national banking association and a wholly owned subsidiary of the Company (the “Company Bank”) and Joseph M. Murphy, Jr. (“Mr. Murphy” and together with the Company and the Company Bank, the
“Parties”). 
 WHEREAS, the Company has entered into that certain Agreement and Plan of Merger (the “Merger
Agreement”) dated as of August 9, 2019, by and among the Company, Midtown Merger Sub Corp., a New York corporation and a wholly-owned subsidiary of the Company (“Merger Sub”) and Country Bank Holding Company, Inc.
(“CBHC”), pursuant to which, on the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into CBHC, with CBHC as the surviving corporation, and immediately thereafter, CBHC will merge
with and into the Company, with the Company as the surviving corporation, to be followed by the merger of Country Bank, a wholly owned subsidiary of CBHC (“Country Bank”), with and into Company Bank, with Company Bank as the
surviving institution (together, the “Mergers”, and the date of the closing of such Mergers, the “Closing Date”); 

WHEREAS, Mr. Murphy currently is employed as President of CBHC and President and Chief Executive Officer of Country Bank; and 

WHEREAS, as the result of the Mergers, the employment of Mr. Murphy will be terminated; and 

WHEREAS, in accordance with the terms and subject to the conditions set forth in the Merger Agreement, Mr. Murphy is to be
appointed to the Board of Directors of both the Company and the Company Bank as of the Effective Time (as defined in the Merger Agreement); and 

WHEREAS, in connection with the Mergers, the Parties contemplate that Mr. Murphy will serve in a consultant capacity to Company
Bank for two (2) years following the Closing Date. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements
contained herein, and for other good and valuable consideration, the receipt and sufficiency whereof is hereby acknowledged, the Parties hereto agree, effective as of the Closing (as defined in the Merger Agreement), as follows: 

1.    Termination of Employment. 

(a) Termination Date. The Parties agree that the Closing Date shall be the last day of Mr. Murphy’s employment with CBHC
and Country Bank and that Mr. Murphy’s employment and service as the President of CBHC and President and Chief Executive Officer of Country Bank shall terminate as of the Closing Date. Effective as of the Closing Date, Mr. Murphy
shall resign from all positions as an officer, director, benefit plan trustee or otherwise with respect to CBHC 

 
and Country Bank or any of their subsidiaries. It is intended that the Closing Date shall constitute Mr. Murphy’s “separation from service” from CBHC and Country Bank
within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”).

(b) Cash Payment. As the result of the termination of Mr. Murphy’s employment with Country Bank and CBHC, in exchange for the
non-competition and non-solicitation restrictions in Sections 6(a) and 6(b) of this Agreement and subject to the conditions of Section 3(f) below, within five
(5) business days following the Release Effective Date (as defined in Section 3(f) below), Mr. Murphy will receive from Company Bank or Country Bank, if directed by Company Bank, a lump-sum cash
severance payment in the amount of $850,000 (less any applicable withholdings) (the “Cash Payment”). 

2.    Appointment to the Board of Directors. 

(a) Appointment. Effective as of the Closing Date, and in accordance with the terms of the Merger Agreement, the Company shall, and
shall cause the Company Bank to, (i) increase the size of the Board of Directors of the Company and the Company Bank, respectively, by one member and (ii) appoint Mr. Murphy to the Board of Directors of the Company and the Company
Bank, respectively, in each case, unless Mr. Murphy is unable to serve as such. Subject to the Company’s internal procedures and corporate governance guidelines with respect to director recommendations, the Leadership Committee of the
Board of Directors of the Company shall recommend that the Board of Directors nominate Mr. Murphy for election by the stockholders of the Company to the Board of Directors of the Company at the annual meeting of stockholders of the Company to
be held in 2020 (and, if the Leadership Committee makes such recommendation, then the Board of Directors of the Company shall, subject to applicable fiduciary duties, nominate Mr. Murphy for such election by the stockholders of the Company).
Assuming Mr. Murphy is duly elected to the Board of Directors of the Company by the requisite vote of the Company stockholders at the annual meeting of stockholders of the Company to be held in 2020, the Company shall cause the Company Bank to
take such actions as may be necessary to appoint Mr. Murphy to the Board of Directors of the Company Bank at its annual meeting of stockholders (or action by consent in lieu thereof) in 2020. 

(b) Compensation for Board Service. If Mr. Murphy is duly elected to the Board of Directors of the Company in accordance with
Section 2(a), Mr. Murphy shall be eligible to receive compensation as a non-employee director of the Company and the Company Bank following his appointment to the Board of Directors of the Company
and Company Bank in accordance with the Company’s non-employee director compensation program as then in effect, pro-rated for any portion of the year for which he
did not serve as a non-employee director. 
 3.    Consulting Services.

 (a) Services. For the period beginning on the day after the Closing Date and expiring on the date that is twenty-four
(24) months following the Closing Date (the “Consulting Period”), Mr. Murphy shall provide the following services to the Company and the Company Bank (the “Services”): (1) assisting with the retention of
customers and key employees; (2) becoming generally familiar with the Company Bank’s services and products and introducing prospective customers to appropriate Company Bank employees; (3) otherwise initiating referrals for Company
Bank business development officers and relationship managers; (4) assisting with customer relationship management; and (5) undertaking such other duties and responsibilities as may be reasonably related to the foregoing. 

  
 2 

 Notwithstanding the foregoing, Mr. Murphy shall not be required to provide the Services
for more than eight (8) hours per week during any part of the Consulting Period. It is the intent of the Parties that the Services shall not exceed twenty percent (20%) of the average level of services that Mr. Murphy performed during
the three (3) year period prior to the Closing Date. 
 (b) Consulting Fee. In exchange for the Services performed
hereunder, the Company and Company Bank agree to pay Mr. Murphy $6,250 per month during the Consulting Period. The fee for the Services shall be paid within thirty (30) days following the last day of each calendar month during the
Consulting Period, with the last payment due within forty-five (45) days following the termination or expiration of the Consulting Period. In the event that the Company terminates the Services prior to the end of the Consulting Period or
in the event Mr. Murphy dies before the end of the Consulting Period, Mr. Murphy, or his designated beneficiary in the event of death, shall continue to receive the monthly consulting fee for the remainder of the Consulting Period at the
same time such payments would have been paid to Mr. Murphy had Mr. Murphy continued to provide the Services during the entire Consulting Period. 

(c) Expense Reimbursement. During the Consulting Period, the Company Bank shall continue to provide or reimburse Mr. Murphy,
as applicable, up to $1,000 per month for an automobile and associated expenses. After the Closing Date, the Company and Company Bank shall reimburse Mr. Murphy for reasonable business expenses incurred during the course of performing the
Services during the Consulting Period, in a manner consistent with the applicable expense reimbursement policies of the Company and the Company Bank, upon presentation to the Company of an itemized account of such expenses in such form as the
Company and Company Bank may reasonably require, provided that such reimbursement shall be made as soon as practicable but in no event later than March 15 of the year following the year in which such right to such reimbursement occurred. 

(d) Administrative Matters. During the Consulting Period, subject to compliance with all applicable Company policies and
procedures, Mr. Murphy shall be provided with his current office space at 655 Third Avenue, New York, New York, with reasonable existing secretarial support. In addition, following the Closing Date, the Company shall take such steps as are
necessary to transfer Mr. Murphy’s current cell phone number to his name. 
 (e) Status as Independent Contractor. In
all matters relating to the Services, Mr. Murphy shall be acting as an independent contractor. Neither Mr. Murphy, nor any affiliated employees or subcontractors, shall be the agent(s) or employee(s) of the Company or the Company Bank
under the meaning or application of any federal or state laws, including but not limited to unemployment insurance or worker’s compensation laws. Mr. Murphy will be solely responsible for all income, business or other taxes imposed on
the recipient and payable as a result of the fees paid for the Services. Mr. Murphy shall not sign any agreement or make any commitments on behalf of the Company or the Company Bank or bind the Company or the Company Bank in any way, nor shall
Mr. Murphy make any public statements concerning the Services that purport to be on behalf of the Company or the Company Bank, in each case without prior express written consent from the Company or the Company Bank. Except as otherwise may
conflict with the 

  
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other provisions of this Agreement, Mr. Murphy shall perform the Services on a non-exclusive basis and shall be free to accept other engagements
during the term of this Agreement. The Parties hereby acknowledge and agree that neither the Company nor the Company Bank has the right to control the manner, means, or method by which Mr. Murphy performs the Services. 

(f) Release. The Cash Payment described in Section 1(b) of this Agreement shall be contingent upon (x) Mr. Murphy
executing and delivering to the Company a general release of claims substantially in the form attached as Exhibit A (the “Release”) within 45 days following the Closing Date and (y) such Release becoming effective in accordance
with its terms (the date on which such Release becomes effective, the “Release Effective Date”). Mr. Murphy shall not sign the Release sooner than the Closing Date. 

4.    Other Payments and Benefits. 

(a) Accrued Pay; Unused Vacation. Mr. Murphy shall receive a lump sum cash payment (less any applicable withholdings) on the
Closing Date in respect of his accrued but unpaid base salary and any accrued but unused vacation days earned through the Closing Date. 

(b) Other Plans. Mr. Murphy’s right to receive vested payments and benefits under any other plan, program or arrangement
(including, without limitation, the Country Bank 401(k) Savings & Retirement Plan) shall be governed by the terms of such other plan, program or arrangement that are applicable to terminated employees. 

(c) Insurance Coverage. Mr. Murphy shall be permitted to remain on Country Bank’s health and welfare plans through
October 31, 2020 on the same terms and conditions as active employees of Country Bank. For the period from November 1, 2020 through the expiration of the Consulting Period, the Company Bank shall provide Mr. Murphy with, subject
to Mr. Murphy properly and timely making an election under COBRA, an amount in cash equal to the COBRA premium for Mr. Murphy. Mr. Murphy shall be responsible for all applicable taxes incurred by him in connection with such payments
and the provision of such benefits and the coverage provided hereunder shall be secondary to any coverage provided to Mr. Murphy by a subsequent employer and to any Medicare coverage for which Mr. Murphy becomes eligible. 

5.    Legal Fees. The Company shall reimburse Mr. Murphy for all out-of-pocket expenses, including, without limitation, reasonable attorney’s fees, incurred by Mr. Murphy in connection with successful enforcement by Mr. Murphy of the obligations of the
Company and the Company Bank to Mr. Murphy under this Agreement. Successful enforcement shall mean the grant of an award of money or the requirement that the Company and/or the Company Bank take some action specified by this Agreement:
(i) as a result of a court or arbitration order, or (ii) otherwise following an initial failure of the Company and/or the Company Bank to pay such money or take such action promptly after written demand therefor from Mr. Murphy
stating the reason that such money or action was due under this Agreement at or prior to the time of such demand. 

6.    Restrictive Covenants. 

(a) Non-Competition. In exchange for the Cash Payment in Section 1(b) of this
Agreement, during the period commencing on the Closing Date and ending twenty-four (24) 

  
 4 

 
months following the Closing Date (the “Restricted Period”), Mr. Murphy shall not directly or indirectly, either as a principal, agent, employee, employer, consultant,
partner, shareholder of a closely held corporation or shareholder in excess of five percent (5%) of a publicly traded corporation, corporate officer or director, or in any other individual or representative capacity, engage or otherwise participate
in any manner or fashion in any business that is a Competing Business in the Area. Mr. Murphy covenants and agrees that: (i) the Company and the Company Bank are engaged in a highly competitive business and that the preservation of
their respective customer relationships and the “Confidential Information” (as defined below) is critical to the Company and the Company Bank’s continued business success; (ii) the Company and the Company Bank are purchasing
goodwill developed by Country Bank and CBHC in the Mergers; (iii) by virtue of Mr. Murphy’s employment with Country Bank and CBHC, Mr. Murphy has had contact with Country Bank’s and CBHC’s clients and valuable
confidential information and Mr. Murphy’s engaging in or working for or with any business that is a Competing Business in the Area would cause the Company, the Company Bank, and their respective subsidiaries and affiliates irreparable
harm; and (iv) this restrictive covenant is reasonable as to duration, terms and geographical area and that the same protects the legitimate interests of the Company, the Company Bank and their subsidiaries and affiliates, imposes no undue
hardship on Mr. Murphy, is not injurious to the public, and that any violation of this restrictive covenant shall be specifically enforceable in any court with jurisdiction upon short notice. Solely for purposes of this Section 6(a):
“Area” means any geographic area within fifty (50) miles of any office or branch of the Company, the Company Bank, or any of their subsidiaries or affiliates, determined as of the termination or expiration of the Consulting
Period, and “Competing Business” means any entity whose business materially competes with the depository, lending or other business activities of the Company, the Company Bank or any of their subsidiaries or affiliates, including
Country Bank and CBHC. The Company and Company Bank agree that the business conducted by ValueXpress LLC as of August 9, 2019 is not a Competing Business and that Mr. Murphy’s continuing affiliation and service with ValueXpress LLC
consistent with past practice is not prohibited by this Section 6(a). 
 (b)
Non-Solicitation. In exchange for the Cash Payment in Section 1(b) of this Agreement, during the Restricted Period, Mr. Murphy shall not, directly or indirectly, (i) solicit or
induce or attempt to solicit or induce any officer, director, employee, agent or consultant of the Company, the Company Bank, or any of their successors, assigns, subsidiaries or affiliates to terminate his, her or its employment or other
relationship with the Company, the Company Bank, or any of their successors, assigns, subsidiaries or affiliates for the purpose of associating with any competitor of the Company, the Company Bank, or any of their successors, assigns, subsidiaries
or affiliates, or otherwise encourage any such person or entity to leave or sever his, her or its employment or other relationship with the Company, the Company Bank, or any of their successors, assigns, subsidiaries or affiliates, for any other
reason, or (ii) solicit, induce, or engage in business with, or attempt to solicit, induce, or engage in business with, any existing or prospective customer, supplier, client, distributor, vendor, investor, or other business relationship of the
Company, the Company Bank or their respective subsidiaries and affiliates or in any way interfere with the relationship between any such existing or prospective customer, supplier, client, distributor, vendor, investor or business relationship of
the Company, the Company Bank or their respective subsidiaries and affiliates; provided, however, that this restriction in clause (ii) shall only apply to existing or prospective customers, suppliers, clients, distributors, vendors, investors
or other business relationships of the Company, the Company Bank or their respective 

  
 5 

 
subsidiaries and affiliates (A) with whom Mr. Murphy interacted with during the Consulting Period or (B) from or about whom Mr. Murphy has or, during the Consulting Period
receives, trade secrets or has or, during the Consulting Period, receives confidential information. 
 (c) Disparaging
Comments. Commencing on the Closing Date and thereafter, Mr. Murphy shall not at any time, directly or indirectly, make, publish or communicate to any person or entity or in any public forum any comments or statements, whether
expressed as a fact, opinion or otherwise, which is intended or reasonably likely to disparage, malign, defame, libel or slander the Company, the Company Bank or their subsidiaries or affiliates, together with all of their respective past and
present directors and officers, as well as their respective past and present managers, officers, shareholders, partners, employees, agents, attorneys, suppliers, investors, customers, and other associated third parties, and each of their
predecessors, successors and assigns (the “Company Entities and Persons”) or make any disparaging or defamatory comments concerning any aspect of the termination of his employment relationship with Country Bank or CBHC. The
Company shall instruct its officers and directors not to make or issue any statement that disparages Mr. Murphy to any third parties or otherwise encourage or induce others to disparage him. The term “disparage” includes, without
limitation, comments or statements adversely affecting in any manner (i) the conduct of the business of the Company Entities and Persons or Mr. Murphy, or (ii) the business reputation of the Company Entities and Persons or
Mr. Murphy. Nothing in this Agreement is intended to or shall prevent either Party from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided that such
compliance does not exceed that required by the law, regulation, or order. The Parties shall promptly provide written notice of any such order to the other Party. 

(d) Confidentiality. All books of account, records, systems, correspondence, documents, and any and all other data, in whatever
form, concerning or containing any reference to the works and business of the Company, the Company Bank or their affiliates shall belong to the Company and shall be given up to the Company whenever the Company requires Mr. Murphy to do
so. Mr. Murphy shall not, at any time on or after the Closing Date, without the Company’s prior written consent, disclose to any person (individual or entity) any information or any trade secrets, plans or other information or data,
in whatever form (including, without limitation, any financing strategies and practices, pricing information and methods, training and operational procedures, advertising, marketing, and sales information or methodologies or financial information
concerning the Company’s, the Company Bank’s, or any of their affiliated companies’ or customers’ practices, businesses, procedures, systems, plans or policies (collectively, “Confidential Information”), nor
shall Mr. Murphy utilize any Confidential Information in any way or communicate with or contact any such customer other than in connection with the Services. Mr. Murphy confirms that all Confidential Information constitutes the
Company’s exclusive property, and that all of the restrictions on his activities contained herein and such other nondisclosure policies of the Company, the Company Bank or their affiliates are required for the Company’s reasonable
protection. Confidential Information shall not include any information that has otherwise been disclosed to the public not in violation of this Agreement. This confidentiality provision shall survive the termination of this Agreement and
shall not be limited by any other confidentiality agreements entered into with Company, the Company Bank or their affiliates. Pursuant to Section 7 of the Defend Trade Secrets Act of 2016 (which added 18 U.S.C. § 1833(b)),
Mr. Murphy acknowledges that he shall not have criminal or 

  
 6 

 
civil liability under any federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a federal, state, or local government official,
either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such
filing is made under seal. Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such statute. Notwithstanding anything in this Agreement to
the contrary, the provisions of this Section 6 do not prohibit Mr. Murphy from reporting violations of federal or state law or regulation to any governmental agency or from making other disclosures that are protected under the
whistleblower provisions of federal or state law or regulation, nor do the confidentiality obligations require Mr. Murphy to notify the Company regarding any such reporting, disclosure or cooperation with the government. 

7.    Cooperation. During the twenty-four (24) month period following the Closing Date, Mr. Murphy
agrees to make himself reasonably available (after taking into account his reasonable personal and professional schedule) to cooperate with the Company in matters that concern: (i) requests for information about the services Mr. Murphy
provided to the Company, its affiliates and their predecessors, (ii) the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company, its affiliates and their
predecessors which relate to events or occurrences involving the Services or to matters involving CBHC and Country Bank, or (iii) any investigation or review by any federal, state or local regulatory, quasi-regulatory or self-governing
authority as any such investigation or review relates to events or occurrences that transpired while Mr. Murphy was providing the Services to the Company, or to matters involving CBHC and Country Bank. Mr. Murphy’s cooperation
shall include, but is not limited to: (A) making himself reasonably available to meet and speak with officers or employees of the Company, the Company’s counsel or any third-parties at the request of the Company at times and locations to
be determined by the Company reasonably and in good faith, and (B) giving accurate and truthful information at any interviews and accurate and truthful testimony in any legal proceedings or actions. Unless required by law or legal process,
Mr. Murphy will not knowingly or intentionally furnish information to or cooperate with any non-governmental entity in connection with any potential or pending proceeding or legal action involving
matters arising during Mr. Murphy’s employment with the Company, its affiliates and their predecessors. 

8.    Section 409A; Other Tax Matters. The Parties intend for the payments and benefits under this Agreement
to be exempt from Section 409A or, if not so exempt, to be paid or provided in a manner which complies with the requirements of such section and intend that this Agreement shall be construed and administered in accordance with such
intention. Any payments that qualify for the “short-term deferral” exception or another exception under Section 409A shall be paid under the applicable exception. For purposes of the limitations on nonqualified deferred
compensation under Section 409A, each payment of compensation under this Agreement shall be treated as a separate payment of compensation. To the extent required in order to avoid accelerated taxation and/or tax penalties under
Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Agreement during the six (6) month period immediately following Mr. Murphy’s separation from service shall
instead be paid on the first business day after the date that is six (6) months following his termination of employment (or upon his death, if earlier). Additionally, the reimbursement of 

  
 7 

 
expenses or in-kind benefits provided pursuant to this Agreement shall be subject to the following conditions: the expenses eligible for reimbursement or in-kind benefits in one taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits in any other taxable year; the reimbursement of eligible
expenses or in-kind benefits shall be made promptly, subject to the Company’s applicable policies, but in no event later than the end of the year after the year in which such expense was incurred; and the
right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit. Notwithstanding any other provision of this Agreement, the Company or the Company Bank may
withhold from amounts payable under this Agreement all amounts that are required or authorized to be withheld, including, but not limited to, federal, state, local and foreign taxes required to be withheld by applicable laws or regulations. 

9.    Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the
State of New York, without regard to the application of any choice-of-law rules that would result in the application of another state’s laws. 

10.    Entire Agreement. This Agreement sets forth the entire agreement between the Parties concerning the
termination of Mr. Murphy’s employment and his service as a director or consultants to the Company and the Company Bank and supersedes any other written or oral promises concerning the subject matter of this Agreement. No waiver or
amendment of this Agreement will be effective unless it is in writing, refers to this Agreement, and is signed by the Parties. 

11.    Successors and Assigns. This Agreement is binding upon, and shall inure to the benefit of, the Parties and
their respective successors and assigns. 
 12.    Termination. If the Closing does not occur or the Merger
Agreement is terminated prior to the Effective Time (as defined in the Merger Agreement), then this Agreement shall terminate ab initio and be of no further force or effect. 

13.    Arbitration. Any dispute or controversy arising under or in connection with this Agreement shall be settled
exclusively by arbitration, conducted within 25 miles of New York, New York, in accordance with the Employment Rules of the American Arbitration Association then in effect and with the Company paying the costs of arbitration. 

[Signature Page Follows] 

  
 8 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first set
forth above. 
  

			
	OCEANFIRST FINANCIAL CORP.
		
	By:	 	 /s/ Christopher D. Maher

	Name:	 	 Christopher D. Maher

	
	OCEANFIRST BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Christopher D. Maher

	Name:	 	 Christopher D. Maher

	
	 /s/ Joseph M. Murphy, Jr.

	JOSEPH M. MURPHY, JR.

 Signature Page to Joseph M. Murphy, Jr. 

Separation, Consulting and Non-Competition Agreement 

  
 9

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