Document:

EX-10.31

 EXHIBIT 10.31 
 OCEANFIRST BANK 
 EMPLOYMENT AGREEMENT 

This Employment Agreement (the “Agreement”) is entered into as of February 22, 2013, between and among OceanFirst Bank
(the “Bank”), a federally chartered savings institution, with its principal administrative office at 975 Hooper Avenue, Toms River, New Jersey 08753, and OceanFirst Financial Corp., a corporation organized under the laws of the State of
Delaware, the holding company for the Bank (the “Holding Company”), and Christopher D. Maher (the “Executive”). 
 WHEREAS, the Bank wishes to assure itself of the services of Executive for the period provided in this Agreement; and 
 WHEREAS, Executive is willing to serve in the employ of the Bank on a full-time basis for said period. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows: 

 

	1.	POSITION AND RESPONSIBILITIES. 

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

	2.	TERMS AND DUTIES. 

 (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 Bank (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 Bank. 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 Bank 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 Bank, or materially affect the performance of Executive’s duties pursuant to this Agreement. 
 (c)
Notwithstanding anything herein to the contrary, Executive’s employment with the Bank may be terminated by the Bank or the Executive during the term of this Agreement, subject to the terms and conditions of this Agreement. 

 

	3.	COMPENSATION AND REIMBURSEMENT. 

(a) The Bank shall pay Executive as compensation a salary 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 or the Bank. 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 Bank shall also provide Executive, at no premium cost to Executive, with
all such other benefits as are provided uniformly to permanent full-time employees of the Bank. 
 (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 Bank 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 such changes are made applicable to all Bank employees 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 Bank 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 Bank 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) In addition to the Base Salary provided for by paragraph (a) of this
Section 3 and other compensation provided for by paragraph (b) of this Section 3, the Bank 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. 
 (d) Notwithstanding any other provisions of this Agreement, in addition to any clawback or forfeiture provisions required by law and applicable to the Bank 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 Bank’s recoupment policy as in effect on the Effective Date or any other policy adopted
thereafter by the Board of Directors of the Bank 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 Bank adopted pursuant to any such law, government regulation, order or stock exchange listing requirement); and (ii) any clawback or forfeiture provisions
in the Bank’s incentive compensation plans in which the Executive participates or the award agreements with respect to the Executive’s awards thereunder. 

  
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	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 Bank of Executive’s full-time employment hereunder for any reason other than a termination governed by
Section 5(a) hereof, or Termination for Cause, as defined in Section 7 hereof; (ii) Executive’s resignation from the Bank’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 Bank, including the failure to elect or reelect or to appoint or reappoint Executive as President or Chief Operating Officer; (B) a material
reduction of Executive’s salary; (C) a material change in the geographic location at which the Executive must perform his services to the Bank; (D) a material breach of this Agreement; or (E) if, by July 31, 2014, the Bank
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
Bank written notice of the circumstances providing the basis for resigning on account of “Good Reason” and the Bank 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 Bank 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;
provided, however, that any payments pursuant to this subsection and subsection 4(c) below, shall not, in the aggregate, exceed three times Executive’s average annual compensation for the five most recent taxable years that
Executive 

  
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has been employed by the Bank or such lesser number of years in the event that Executive shall have been employed by the Bank for less than five years. Such payments shall be made in a lump sum
within five business days of the Executive’s Date of Termination, subject to delayed payment pursuant to Section 24 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 the Executive obtains other employment following termination of employment. 
 (c) Upon the
occurrence of an Event of Termination, the Bank will cause to be continued life, medical, dental and disability coverage substantially identical to the coverage maintained by the Bank or the Holding Company for Executive prior to his termination at
no premium cost to the Executive, except to the extent such coverage may be changed in its application to all Bank or Holding Company employees. 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 Bank 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 Bank of providing the Excluded
Benefits. Such lump sum payment will be subject to delayed payment pursuant to Section 24 hereof, if applicable. 
  

	5.	CHANGE IN CONTROL. 

 (a) For
purposes of this Agreement, a “Change in Control” of the Bank or Holding Company 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, as amended (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” or the
“Comptroller”), 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 25% 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 Bank or the Holding Company, 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

  
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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 Holding Company’s
stockholders was approved by the same Nominating Committee serving under an Incumbent Board, 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 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 regulatory approvals not including the lapse of any statutory waiting periods. 
 (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: (1) Executive’s dismissal other than a Termination for Cause, as defined herein, or
(2) Executive’s resignation for “Good Reason” as defined in Section 4(a). 
 (c) Upon Executive’s
entitlement to benefits pursuant to Section 5(b), the Bank shall pay Executive, or in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, a sum equal to the greater of: (1) the payments
due for the remaining term of the Agreement; or 2) three (3) times Executive’s average annual compensation for the five (5) most recent taxable years that Executive has been employed by the Bank or such lesser number of years in the
event that Executive shall have been employed by the Bank for less than five (5) years. Such average annual compensation shall include Base Salary, commissions, bonuses, contributions on Executive’s behalf to any pension and/or profit
sharing plan, severance payments, retirement payments, directors or committee fees, fringe benefits paid or to be paid to the Executive in any such year, and payment of expense items without accountability or business purpose or that do not meet the
IRS requirements for deductibility by the Institution; provided however, that any payment under this provision and subsection 5(d) below shall not exceed three (3) times the Executive’s average annual compensation. 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 24 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 payment 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 Bank will cause to be continued life, medical, dental and disability coverage substantially identical to the
coverage maintained by the Bank for Executive prior to his severance at no premium cost to the Executive, except to the extent that such coverage may be changed in its application for all Bank employees on a non-discriminatory basis. Such coverage
and payments shall cease upon the expiration of thirty-six (36) months following the Date of Termination. 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

  
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Excluded Benefits the Bank 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 Bank of providing the Excluded Benefits. Such cash payment will be subject to delayed payment pursuant to Section 24 hereof, if applicable. 

 

	6.	CHANGE OF CONTROL RELATED PROVISIONS. 

 Notwithstanding the provisions of Section 5, in no event shall the aggregate payments or benefits to be made or afforded to Executive under said paragraphs (the “Termination Benefits”)
constitute an “excess parachute payment” under Section 280G of the Code or any successor thereto, and in order to avoid such a result, Termination Benefits will be reduced, if necessary, 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. The allocation of the reduction required
hereby among the Termination Benefits provided by Section 5 shall be determined by the Bank. 
  

	7.	TERMINATION FOR CAUSE. 

 The term
“Termination for Cause” shall mean termination because of Executive’s personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful
violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order or material breach of any provision of this Agreement. 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 a majority 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. 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 for Cause, 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 Bank, the Holding Company or any subsidiary or affiliate thereof, vest. At the Date of Termination for Cause, 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 Termination for Cause. 
  

	8.	NOTICE. 

 (a) Any purported
termination by the Bank 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. 

  
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 (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, 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, in the event the Executive is terminated for reasons other than Termination for Cause the Bank will continue to pay Executive his
Base Salary in effect when the notice giving rise to the dispute was given until the earlier of: 1) the resolution of the dispute in accordance with this Agreement or 2) the expiration of the remaining term of this Agreement as determined as of the
Date of Termination. 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 Bank. Executive shall, upon reasonable notice, furnish such information and assistance to the Bank as may reasonably
be required by the Bank 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 Bank 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 Bank 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 Bank. The parties hereto, recognizing that irreparable injury will result to the Bank, 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 Bank will be entitled, in addition to any other remedies and damages available, to an injunction to restrain the violation
hereof by Executive, Executive’s partners, agents, servants, employees and all persons 

  
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acting for or under the direction of Executive. Nothing herein will be construed as prohibiting the Bank from pursuing any other remedies available to the Bank 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 Bank and affiliates thereof, as it may exist from time to time, is a valuable, special and unique asset of the business of the Bank. 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 Bank or affiliates thereof to any person, firm, corporation, or other entity for any reason or purpose whatsoever. 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 Bank. Further, Executive may disclose
information regarding the business activities of the Bank to the OCC and the Federal Deposit Insurance Corporation (“FDIC”) pursuant to a formal regulatory request. In the event of a breach or threatened breach by Executive of the
provisions of this Section, the Bank 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 Bank or affiliates thereof, 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 Bank from pursuing any
other remedies available to the Bank 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 Bank 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 Bank 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 Bank or its subsidiaries on any date on which the conduct at issue occurs; or (ii) induce any individuals to terminate their employment with the Bank 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 Bank 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 Bank or any of its subsidiaries. 

 

	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 Bank. The Holding Company, however, unconditionally guarantees payment and provision of all amounts and benefits due hereunder to Executive and,
if such amounts and benefits due from the Bank are not timely paid or provided by the Bank, such amounts and benefits shall be paid or provided by the Holding Company. 
 (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 Holding Company (the “Holding Company Agreement”), such compensation payments and benefits paid by the Holding Company will be subtracted from any amounts due simultaneously to Executive
under similar provisions of this Agreement. Payments pursuant to this Agreement and the Holding Company Agreement shall be allocated in proportion to the services rendered and time expended on such activities by Executive as determined by the
Holding Company and the Bank on a quarterly basis. 

  
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	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 Bank or any predecessor of the Bank and Executive, except that this
Agreement shall not affect or operate to reduce any benefit or compensation inuring to 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 Bank or the Holding Company 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 Bank 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. 

  
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	15.	REQUIRED PROVISIONS. 

 (a) The
Bank’s Board of Directors may terminate Executive’s employment at any time, but any termination by the Bank’ Board of Directors, other than Termination for Cause, shall not prejudice Executive’s right to compensation or other
benefits under this Agreement. Executive shall not have the right to receive compensation or other benefits for any period after Termination for Cause as defined in Section 7 hereinabove. 

(b) If Executive is suspended from office and/or temporarily prohibited from participating in. the conduct of the Bank’s affairs by
a notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(3) or (g)(1); the Bank’s obligations under this contract shall be suspended as of the date of service, unless stayed by
appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion: (i) pay Executive all or part of the compensation withheld while their contract obligations were suspended; and (ii) reinstate (in whole
or in part) any of the obligations which were suspended. 
 (c) If Executive is removed and/or permanently prohibited from
participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or (g)(1), all obligations of the Bank under this contract shall
terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected. 
 (d) If
the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1) all obligations of the Bank under this contract shall terminate as of the date of default, but this paragraph shall not affect
any vested rights of the contracting parties. 
 (e) All obligations of the Bank under this Agreement shall be terminated,
except to the extent determined that continuation of the Agreement is necessary for the continued operation of the Bank: (i) by the Comptroller (or his designee), at the time the FDIC enters into an agreement to provide assistance to or on
behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. §1823(c); or (ii) by the Comptroller (or his designee) at the time the Comptroller (or his designee) approves a
supervisory merger to resolve problems related to the operations of the Bank or when the Bank is determined by the Comptroller to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be
affected by such action. 
 (f) Any payments made to Executive pursuant to this Agreement, or otherwise, are subject to and
conditioned upon compliance with 12 U.S.C. §1828(k), 12 C.F.R. §145.121 and 12 C.F.R. Part 359 and any rules and regulations promulgated thereunder. 
  

	16.	REINSTATEMENT OF BENEFITS UNDER SECTION 15(b). 

 In the event Executive is suspended and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice described in Section 15(b) hereof (the “Notice”)
during the term of this Agreement, the Bank will assume its obligation to pay and Executive will be entitled to receive all of the termination benefits provided for under Section 5 of this Agreement upon the Bank’s receipt of a dismissal
of charges in the Notice. 

  
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	17.	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. 
  

	18.	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. 
  

	19.	GOVERNING LAW. 

 The validity,
interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of New Jersey, but only to the extent not superseded by federal law. 

 

	20.	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 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
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. 
  

	21.	PAYMENT OF COSTS AND LEGAL FEES. 

All reasonable costs and 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 Bank if Executive is successful on the merits pursuant to a legal judgment, arbitration or settlement. 

  
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	22.	INDEMNIFICATION. 

 (a) The Bank
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) as permitted under federal 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 may be involved by reason of his having been a director or
officer of the Bank (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. 
 (b) Any payments made to Executive pursuant to this Section are subject to and
conditioned upon compliance with 12 C.F.R.§§145.121 and 359.5 and any rules or regulations promulgated thereunder. 
  

	23.	SUCCESSOR TO THE BANK. 

 The Bank
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 Bank’s obligations under this Agreement, in the same manner and to the same extent that the Bank would be required to perform if no such succession or assignment had taken place. 

 

	24.	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 Bank 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 Bank that constitute deferred compensation under Code Section 409A 

  
 12 

 
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, 21 and 22, shall be made or provided in 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. 

  
 13 

 SIGNATURES 
 IN WITNESS WHEREOF, OceanFirst Bank and OceanFirst Financial Corp. have caused this Agreement to be executed and seals to be affixed hereunto by their duly authorized officers and directors, and Executive
has signed this Agreement, on the 22nd day of February, 2013. 
  

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

	Secretary	 		 	For Entire Board of Directors
				
	 [SEAL]
	 		 		 	
			
	ATTEST:	 		 	OCEANFIRST FINANCIAL CORP.
			
		 		 	 (Guarantor)

				
	 /s/ Steven J. Tsimbinos
	 		 	By:	 	 /s/ John R. Garbarino

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

		 		 	 Executive

  
 14EX-10.19

 Exhibit 10.19 
 INDEPENDENT CONTRACTOR AGREEMENT 
 This Independent Contractor Agreement
(this “Agreement”) is effective as of May 12, 2012 (the “Commencement Date”), by and between Endurance Services Limited (the “Company”) and Shadowbrook Advising Inc. (the “Contractor” and, together with
the Company, the “Parties”). 
 WHEREAS, the Company desires to retain and engage the Contractor as an independent
contractor and the Contractor desires to be retained and engaged by the Company to provide independent contractor services to the Company as provided herein. 
 NOW, THEREFORE, in consideration of the agreements and provisions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties
hereto agree as follows: 
 1. Term. The term of this Agreement shall be from the Commencement Date until terminated
pursuant to the provisions of Section 5 of this Agreement (the “Term”). 
 2. Contractor Status. The
Contractor represents, acknowledges and agrees that it is an independent contractor and is not an employee of the Company. No provision of this Agreement shall be deemed to create an employment relationship between the Contractor and the Company.
The Contractor expressly warrants and agrees that no person acting on its behalf will not hold himself or herself out as, or otherwise represent to any person or entity that he or she is an employee of the Company. The Contractor shall be
responsible for meeting any legal requirements imposed on the Contractor or any person acting on its behalf as a result of this Agreement including, but not limited to, the filing of income tax returns and the payment of taxes. The Contractor shall
be responsible for meeting all legal requirements imposed on the Contractor or any person acting on the Contractor’s behalf in connection with this Agreement and agrees to indemnify and hold harmless the Company from and against any tax claims,
summonses, levies, attachments, liens or other legal or equitable process, including but not limited to attorney’s fees in connection therewith, relating to or arising out of the Contractor’s status as an independent contractor to the
Company hereunder. 
 3. Services to be Provided.  

(a) Services. The Contractor shall perform services for the Company as set forth in Exhibit A hereto, as such exhibit may be
amended from time to time by agreement of both Parties in writing. The Contractor shall adhere to established professional standards, and will perform all services required under this Agreement in a manner consistent with generally accepted business
practices. 
 While it is the intent of this Agreement that the mutual convenience of the Parties hereto be served, it is
understood between the Parties that during the Term the Contractor shall act in the capacity of an independent contractor and shall not be subject to the direction, control or supervision of the Company with respect to the time spent or procedures
followed in the performance of his services hereunder. The Contractor will determine the method, details, and means of performing the above-described services. The Company understands and hereby warrants that it retains no right to control the
Contractor, the Contractor’s agents, employees, or assistants in the performance of the above-described services. 

 (b) No Authority. The Contractor shall not have any authority to accept, reject,
modify or otherwise bind the Company or any subsidiary or affiliate of the Company in any manner whatsoever, including without limitation to accept, reject, modify any contract, agreement or understanding or represent to any third party that the
Contractor has the authority to do any of the foregoing. The Contractor shall not be restricted from providing services to other parties, including insurance brokers, reinsurance brokers, insurance companies or reinsurance companies, but only to the
extent such services are not in conflict with any services provided to the Company pursuant to this Agreement. The Contractor shall adhere to established professional standards, and will perform all services required under this agreement in a manner
consistent with generally accepted business practices. 
 (c) Personal Performance. It is specifically understood and
agreed that Steven W. Carlsen shall personally perform all services to be undertaken by the Contractor under this Agreement and that such services shall not be delegable or assignable to others employed by Contractor, or to third-parties, without
the express written consent of the Company. 
 4. Fee. 

(a) Contractor Fee. The Contractor shall be paid in full for all services provided to the Company hereunder a negotiated and
agreed-upon contractor rate per day or engagement as set forth on Exhibit A hereto and a proportionate amount for each portion of a day, if applicable. The Contractor shall not be paid any additional amounts for overtime or for travel time. The
Contractor shall keep accurate records of time spent in connection with providing the services herein, including descriptions of the particular service undertaken and the Company personnel for whom such service was undertaken, which shall be made
available to the Company upon request. The Contractor shall submit invoices to the Company on a bi-monthly basis or as otherwise agreed to by the Parties. Upon receipt of an appropriate invoice from the Contractor, payment shall be made by the
Company to the Contractor pursuant to the Company’s Accounts Payable standard procedures. The Contractor acknowledges that the rate set forth above is a gross rate, and that the Company shall not be responsible for the deduction or withholding
of applicable taxes, social security and other customary deductions. 
 (b) Equipment & Expenses. Except as set
forth in Subsection (c) below, the Contractor will not be reimbursed by the Company for any day-to-day business expenses incurred in the rendition of services to or related to the Company. The Company shall have no obligation to make any
payment or to provide any assistance to the Contractor with respect to the Contractor’s operation of his business including, but not limited to, sales, supplies, materials, immigration matters and means of transportation required for rendering
services under this Agreement. When present at the Company’s offices, the Contractor may use the offices and facilities only to the extent available and not otherwise in use. 

  
 2 

 (c) Travel Expenses. To the extent the Contractor is required to travel outside of
the New York City metropolitan area on Company business, the Contractor shall be entitled to reimbursement for all actual and reasonable travel expenses, including but not limited to airline fare approved in advance of travel (coach or economy class
only), car mileage costs at the then-current rate published by the Internal Revenue Service, meals, standard business class hotel accommodations, automobile rental costs, and telephone usage charges properly incurred and approved in connection with
the performance of the Contractor's services pursuant to this Agreement. The Contractor shall submit expenses for review and approval to Joan deLemps, Chief Underwriting Officer of the Company. Any type of travel expense to be incurred by the
Contractor, but not explicitly described in this Subsection 4(c), must be approved in advance by Joan deLemps prior to billing the Company. 
 (d) No Benefits. The Contractor hereby agrees that the Contractor shall not be eligible either to participate in any employee benefit plans maintained by the Company (or any of its affiliates) or
to receive any fringe benefits during the term. The Contractor agrees to provide for his own medical, dental, and vision expenses, including payment of any health insurance premiums, and agrees to hold harmless and indemnify the Company for any and
all claims arising out of any injury or disability. The Contractor shall be solely responsible for providing workers’ compensation insurance for the Contractor, the Contractor’s agents, employees or assistants, and agrees to hold harmless
and indemnify the Company for any and all claims for unemployment and/or workers’ compensation benefits and for any and all claims arising out of any injury, disability or death of the Contractor or any of the Contractor’s agents,
employees or assistants. 
 5. Termination. The Term, this Agreement and the engagement of the Contractor by the Company
may be terminated: 
  

	 	(i)	By the Company at its option at any time, for any reason, by delivery of written notice of termination to the Contractor in accordance with the notice provisions of
Section 7. 

  

	 	(ii)	By the Contractor, at its option, for any reason, upon two weeks advance written notice of termination by Contractor delivered to the Company in accordance with the
notice provisions of Section 7. 

  

	 	(iii)	Immediately and automatically upon the death or disability of Steven W. Carlsen. 

  
 3 

 Upon termination of the Term, this Agreement and the engagement of the Contractor by the Company as provided
herein, the Company shall be responsible only to pay to the Contractor the Fee through the date of such termination, and shall have no further financial or other obligation to the Contractor hereunder. 

6. Covenants of The Contractor 
 (a) Confidentiality. The Contractor acknowledges that the Contractor may become privy to confidential, non-public information of the Company, its clients, consultants, employees, contractors,
parents, subsidiaries, affiliates, successors and assigns (which, for purposes of this paragraph, collectively comprise the “Company”) and that any unauthorized use or communication of such Confidential Information to or for the benefit of
third parties could damage the Company’s business. The Contractor shall hold strictly confidential, secret and inviolate all such Confidential Information and shall not disclose or cause or permit to be disclosed any Confidential Information to
any person, party or entity other than individuals specifically designated by the Company, or to any employee of the Company not having reasonable Company business needs for access to such information. “Confidential Information” means all
information concerning the Company (including but not limited to any information concerning any Company clients or other proprietary information or trade secret of the Company), other than information generally available to the public, except for
information that becomes public through the Contractor’s breach of this Agreement, specifically including without limitation, information or documents in whatever form maintained that relates in any way to research, development, implementation
or marketing of any Company plan, product or service; business or marketing plans or strategy; claims information; trade secrets; innovation; marketing strategies; pending projects and proposals; intellectual property; computer processes, computer
programs; technological or other operating data; pricing information or policies, compensation; vendors; product development, service development, financial or tax information; organizational and cost structures; the Company’s past, present, or
potential clients or agents; the Company’s client information or lists; any confidential personnel information relating to the Company’s employees, agents or contractors; and any other Company information or document that is marked as,
maintained as, or is reasonably understood to be privileged, confidential or proprietary to the Company. Confidential Information also shall include any information or documents created by Contractor in connection with the services provided by the
Company under this Agreement or for the Company’s benefit. 
 (b) Ownership/Return of Confidential Information and
Documents. Contractor acknowledges and agrees that all materials, records and documents, and any copies thereof, prepared by Contractor or coming into Contractor’s possession during Contractor’s engagement by the Company and concerning
the business of the Company, its clients, consultants, employees, contractors, parents, subsidiaries, affiliates, successors and assigns are and shall be the Company’s sole property and shall be returned to the Company upon termination of the
Term. The Contractor agrees that all Company materials, records and documents and all copies thereof (including without limitation, its Confidential Information), prepared by the Contractor or within the Contractor’s possession during the Term
and Contractor’s engagement by the Company and concerning the business of the Company, its clients, consultants, employees, contractors, parents, subsidiaries, affiliates, successors and assigns are and shall be the Company’s sole property
and shall be promptly returned to the Company upon termination of the Term, this Agreement and the Contractor’s engagement by the Company. 

  
 4 

 (c) Competition; Conflict of Interest. During the Term, the Contractor may enter the
employ of, consult with or render services to or for, other persons or entities provided that such employment, consulting arrangement or services to such persons or entities do not violate this Agreement or create any conflict of interest concerning
the Contractor’s engagement with the Company. The Contractor shall not work on the same business for any insurance broker, reinsurance broker, insurance company or reinsurance company who is a competitor of the Company or any affiliate of the
Company during the Term without the prior written consent of the Company. However, the Contractor is not restricted from providing services to other parties to the extent such services are not in conflict with any provision of this Agreement. The
foregoing is not intended to prevent the Contractor from seeking out and accepting opportunities where performance would commence after the cessation of the Term. 
 (d) Proprietary Rights. The Contractor acknowledges and agrees that all work product, including without limitation, works of authorship, design, copyright or other intellectual property created,
invented, designed, developed, contributed to or improved by the Contractor, either alone or with third parties, or at the direction of the Contractor, at any time during the Term or while engaged by the Company and within the scope of this
Agreement, (“Company Works”), shall be and remain the property of, and be exclusively owned by the Company without further act of the Contractor or the Company. The Contractor shall promptly and fully disclose all Company Works to the
Company, and hereby irrevocably relinquishes for the benefit of the Company and its assigns any rights the Contractor may have to the Company Works, and hereby irrevocably assigns, transfers and conveys, to the maximum extent permitted by applicable
law, all rights and intellectual property rights therein (including rights under patent, industrial property, copyright, trademark, trade secret, unfair competition and related laws) to the Company to the extent ownership of any such rights does not
vest originally in the Company, without further consideration. All such Company Works shall be deemed “works made for hire” pursuant to the Copyright Act of 1976 (U.S.C. Title 17) sections 101 and 201, and all similar laws of jurisdiction,
with the Company being deemed the sole author and owner of the results and proceeds of the Contractor’s engagement with the Company for all purposes, with all right, title and interest into the results and proceeds of such engagement and the
right to use and/or exploit the results and proceeds of such engagement an unlimited number of times, in perpetuity, throughout the universe, in any and all media, whether now known or hereafter devised, for any purpose without restriction, and
without further required permission, approval or payment. The Contractor hereby relinquishes all rights and/or licenses to use the Company Works in any capacity other than in connection with the Contractor’s engagement by the Company herein to
the extent any such rights or licenses originally vested in the Contractor, and shall take all requested actions by the Company and execute all requested documents, without further remuneration, to assist the Company in validating, maintaining,
protecting, enforcing, perfecting, recording, patenting or registering any of the Company’s rights in the Company Works. The Contractor represents and warrants that the Contractor had rightful ownership of all right, title and interest in the
Company Works herein transferred to the Company and that no Company Works infringe the intellectual property rights, contractual rights, or any other right of any third party. 

  
 5 

 (e) Remedies; Survival. Contractor recognizes and affirms that in the event of
Contractor’s breach of any of the provisions of this Section 6, money damages would be inadequate and there would be no adequate remedy at law. Accordingly, the Parties hereto recognize that any breach or threatened breach of this
Section 6 by Contractor will damage the Company irreparably, the specific amount of which will be impossible to ascertain. The Parties hereto acknowledge that in the event of any such breach, the Company shall, in addition to such other relief
as might be appropriate, be entitled to the following relief against Contractor from a court or arbitrator of competent jurisdiction without proof of irreparable harm and without waiving any other right or remedy available to it: (i) injunctive
relief (including a temporary restraining order) enjoining any such breach; (ii) specific performance of Contractor’s obligations hereunder; and (iii) the costs incurred by the Company in obtaining such relief, including reasonable
attorney’s fees. All of the provisions of this Section 6 shall survive the termination or expiration of the Term. If any of the provisions contained in this Section 6 shall be deemed unenforceable by a court or arbitrator of competent
jurisdiction, said court or arbitrator shall be permitted to modify such provision to the maximum extent possible to render such provision enforceable. 
 7. Notice. For the purposes of this Agreement, notices, demands and all other communications shall be in writing and shall be deemed to have been duly given when delivered to the recipient at one
of the following addresses: 
 If to the Contractor: 
 Shadowbrook Advising Inc. 
 12 Oak Bluff Ave. 

Larchmont, NY 10538 
 Attention: Steven W. Carlsen 
 If to the Company: 

333 Westchester Avenue, West Building 
 White Plains, New York 10604 
 Attention: Secretary 

or to such other address as any party may have furnished to the other in writing. 

8. Arbitration. Except as otherwise set forth in Section 6 herein with respect to the Company’s remedy for any breach of
Section 6, all controversies, claims, or disputes arising out of or related to this Agreement, shall be settled by arbitration in the State of New York, as the sole and exclusive remedy of either party, and judgment upon such award rendered by
the arbitrator(s) may be entered in any court of competent jurisdiction. In the event that a court of competent jurisdiction determines that arbitration is not appropriate for the adjudication of any claim, the Contractor hereby waives its rights to
a jury trial. 

  
 6 

 One arbitrator shall be chosen by the Contractor, the other by the Company, and an umpire
shall be chosen by the two arbitrators, all of whom shall be active or former legal professionals. In the event that either party shall fail to choose an arbitrator within 30 days following a written request by the other party to do so, the
requesting party may choose two arbitrators who shall in turn choose an umpire. If the two arbitrators fail to agree on the selection of an umpire within 30 days following their appointment, each arbitrator shall name three nominees, of whom the
other shall decline two, and the decision shall be made by drawing lots. 
 Each party shall bear the expense of its own
arbitrator, and shall jointly and equally bear with the other the expense of the umpire. Except as expressly set forth herein, the Parties hereto agree that any arbitration undertaken shall be governed by the Commercial Arbitration Rules of the
American Arbitration Association. 
 9. Successors and Assigns. Without the prior written consent of the Company, the
Contractor may not assign its rights or obligations under this Agreement. The Company may assign its rights and obligations under this Agreement at any time. 
 10. Miscellaneous. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by both Parties. No waiver by
either Party at any time of any breach by the other Party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other Party (whether express or implied), or breach or default thereof, shall be deemed a
continuing waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. The headings and other captions in this Agreement are for convenience and reference only and shall not be used in interpreting,
construing or enforcing any of the provisions of this Agreement. The validity, interpretation, construction and performance of this Agreement shall be governed and enforced in all respects by the laws of the State of New York without regard to its
conflicts of law principles, except Section 5-1401 of the New York General Obligations Law. Unless the context clearly indicates otherwise, where appropriate the singular shall include the plural and the masculine shall include the feminine or
neuter, and vice versa, to the extent necessary to give the terms defined herein and/or the terms otherwise used in this Agreement the proper meanings. 
 11. Severability. If any provision (or any portion thereof) of this Agreement or the application thereof to any circumstance shall, for any reason and to any extent, be held to be void, invalid or
unenforceable, the remaining provisions of this Agreement (and the remaining portions of any provision held void, invalid or unenforceable) shall not be affected thereby (and the application of such provision to other circumstances shall not be
affected thereby), but rather shall continue in full force and effect and be enforced to the greatest extent permitted by law. 

  
 7 

 12. Entire Agreement. This Agreement sets forth the entire agreement of the Parties
hereto in respect of the subject matter contained herein and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, express or implied, by any affiliate, officer,
employee or representative of any Party hereto. 
 13. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 
 [SIGNATURES APPEAR ON FOLLOWING PAGE] 

  
 8 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date and year
first written above. 
  

			
	ENDURANCE SERVICES LIMITED
		
	By:	 	/s/ Daniel S. Lurie
	Name:	 	Daniel S. Lurie
	Title:	 	Executive Vice President

  

			
	SHADOWBROOK ADVISING INC.
		
	By:	 	/s/ Steven W. Carlsen
	Name:	 	Steven W. Carlsen
	Title:	 	President

  
 9 

 EXHIBIT A 
 SCOPE OF WORK 
 The Consultant shall perform such tasks as may be assigned to the
Consultant from time to time by the Board of Directors, Chief Executive Officer or Chief Underwriting Officer of Endurance Specialty Holdings Ltd., including but not limited to: 

 

	 	•	 	 review of underwriting strategies and decisions; 

  

	 	•	 	 review of departmental business and strategic plans; 

  

	 	•	 	 evaluation of target underwriting ratios; 

  

	 	•	 	 review of corporate risk positions; 

  

	 	•	 	 review of internal underwriting audits; 

  

	 	•	 	 analysis and due diligence of potential acquisitions and insurance-related investments; 

 

	 	•	 	 review of material for Underwriting Committee and Board of Director meetings; and 

 

	 	•	 	 other ad hoc projects and assignments. 

 FEE 
 The Consultant shall be paid on a daily basis for work performed at a rate of
$4,000 per day, which daily fee shall be prorated for partial days of work. The fees paid to the Consultant under this Agreement shall not exceed $120,000 in any 12 month period. 

  
 10

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