OCEANFIRST FINANCIAL CORP.

EMPLOYMENT AGREEMENT

This AGREEMENT (Agreement) is made effective as of February 18, 2004, by and between OceanFirst Financial Corp. (the Holding Company), a corporation organized under the laws of Delaware, with its principal administrative office at 975 Hooper Avenue, Toms River, NJ 08753, and Robert M. Pardes (the Executive). Any reference to Institution or Bank herein shall mean OceanFirst Bank or any successor thereto. Any reference to Columbia herein shall mean Columbia Equities, Ltd., the Institutions wholly-owned subsidiary, or any successor thereto.

WHEREAS, the Holding Company wishes to assure itself of the services of Executive for the period provided in this Agreement; and

WHEREAS, the Executive is willing to serve in the employ of the Holding Company 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:

During the period of Executives employment hereunder, Executive agrees to serve as Executive Vice President and Chief Lending Officer of the Institution. The Executive shall render administrative and management services to the Holding Company as requested and during said period, Executive agrees to serve, if elected, as an officer and director of any other subsidiary of the Holding Company.

(a) The period of Executives employment under this Agreement shall be deemed to have commenced as of the date first above written and shall continue for a period of thirty-six (36) full calendar months thereafter. Commencing on the date of the execution of this Agreement, the term of this Agreement shall be extended for one day each day until such time as the board of directors of the Holding Company (the Board) or Executive elects not to extend the term of the Agreement by giving written notice to the other party in accordance with Section 8 of this Agreement, in which case the term of this Agreement shall be fixed and shall end on the third anniversary of the date of such written notice.

(b) During the period of Executives 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 its direct or indirect subsidiaries (Subsidiaries), including Columbia, 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 Boards judgment, will not present any conflict of interest with the Holding Company or its Subsidiaries, or materially affect the performance of Executives duties pursuant to this Agreement.

(c) Notwithstanding anything herein contained to the contrary, Executives employment with the Holding Company may be terminated by the Holding Company or Executive during the term of this Agreement, subject to the terms and conditions of this Agreement.

(a) The Executive shall be entitled to an aggregate salary from the Holding Company or its Subsidiaries of $203,000 per year (Base Salary). Base Salary shall include any amounts of compensation deferred by Executive under any qualified or unqualified plan maintained by the Holding Company and its Subsidiaries. Such Base Salary shall be payable bi-weekly. During the period of this Agreement, Executives Base Salary shall be reviewed at least annually; the first such review will be made no later than one year from the date of this Agreement. Such review shall be conducted by the Board or by a Committee of the Board delegated such responsibility by the Board. The Committee or the Board may increase Executives Base Salary. Any increase in Base Salary shall become the Base Salary for purposes of this Agreement. In addition to the Base Salary provided in this Section 3(a), the Holding Company shall also provide Executive, at no premium cost to Executive, with all such other benefits as provided uniformly to permanent full-time employees of the Holding Company and its Subsidiaries.

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