The Committee hereby grants to the individual named above (“Recipient”) an Option to purchase the number of Shares at the per Share Exercise Price set forth above, subject to the terms and conditions set forth in this Option Award Agreement and in the Plan. In the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Option Award Agreement, the terms and conditions of the Plan shall prevail.

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If designated as an Incentive Stock Option, this Option is intended to qualify as an Incentive Stock Option under Code Section 422. However, if this Option is intended to be an Incentive Stock Option, to the extent that it exceeds the $100,000 rule of Code Section 422(d), it shall be treated as a Non-Statutory Stock Option.

This Option is exercisable by delivery of an exercise notice, in the form attached hereto as Exhibit B (the “Exercise Notice”), which shall state the election to exercise the Option, the number of Shares in respect to which the Option is being exercised, and such other representations and agreements as may be required by the Committee pursuant to the provisions of the Plan. The Exercise Notice shall be accompanied by payment of the aggregate Exercise Price as to all Shares for which the Option is exercised. The Option shall be deemed to be exercised upon receipt by the Holding Company of the fully executed Exercise Notice accompanied by the aggregate Exercise Price. No Shares will be issued pursuant to the exercise of this Option unless such issuance and exercise complies with applicable laws. The Recipient agrees to make appropriate arrangements with the Holding Company (or parent or subsidiary employing or retaining the Recipient) for satisfaction of any Federal, state, local and foreign income and employment tax withholding requirements applicable to the Option exercise. Recipient acknowledges and agrees that the Holding Company may refuse to honor the exercise and deliver Shares if such withholding amounts are not delivered at the time of exercise.

If Recipient sells or otherwise disposes of any Shares acquired pursuant to an Incentive Stock Option on or before the later of (i) two years after the Date or Grant, or (ii) one year after the date the Option is exercised, the Recipient shall notify the Committee of such disposition within ten (10) days of such sale or disposition.

Neither the Plan nor this Option Award Agreement create any right on the part of any Employee to continue in the employ of OceanFirst Bank, OceanFirst Financial Corp. or any affiliates thereof. Unless otherwise defined herein, all capitalized terms herein shall have the same meaning as those contained in the Plan.

This Option and the Shares acquired pursuant to this Option are subject to forfeiture or “clawback” to the extent required by law or pursuant to such forfeiture or clawback policy as has been or may be adopted by the Holding Company’s Board of Directors from time to time.

The Recipient hereby acknowledges that all decisions, determinations and interpretations of the Board of Directors or the Committee in respect of the Plan and this Option Award Agreement shall be final and conclusive.

The Plan is incorporated herein by reference. The Plan and this Option Award Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Holding Company and the Recipient with respect to the subject matter hereof, and may not be modified adversely to the Recipient’s interest except by means of a writing signed by the Holding Company and the Recipient. This Option Award Agreement is governed by the internal substantive laws, but not the choice of law rules, of Delaware.

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IN WITNESS WHEREOF, OceanFirst Financial Corp. has caused this Option Award Agreement to be executed, and the Recipient has hereunto set his or her hand, as of the      day of          , 20      .

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2. Delivery of Payment . Purchaser herewith delivers to the Holding Company the full purchase price for the Shares.

3. Representations of Purchaser . Purchaser acknowledges that Purchaser has received, read and understood the Plan and the Option Award Agreement and agrees to abide and be bound by their terms and conditions.

4. Rights as Shareholder . Until the issuance (as evidenced by the appropriate entry on the books of the Holding Company or a duly authorized transfer agent of the Holding Company) of the Shares, no right to vote or receive dividends or other rights as a shareholder shall exist with respect to the Shares subject to the Option Award Agreement. The Shares so acquired shall be issued to the Purchaser as soon as practicable after exercise of the Option.

5. Tax Consultation . Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase or disposition of the Shares. Purchaser represents that Purchaser has consulted with any tax consultants deemed advisable in connection with the purchase or disposition of Shares and that Purchaser is not relying on the Holding Company for any tax advice.

6. Entire Agreement; Governing Law . The Plan and Option Award Agreement are incorporated herein by reference. This Exercise Notice, the Plan and the Option Award Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertaking and agreements of the Holding Company and

the Purchaser with respect to the subject matter hereof, and may not be modified adversely to the Purchaser’s interest except by means of a writing signed by the Holding Company and the Purchaser. This Exercise Notice is governed by the internal substantive laws, but not the choice of law rules, of New Jersey.

Exhibit 10.27

OCEANFIRST FINANCIAL CORP.

2011 CASH INCENTIVE COMPENSATION PLAN

FORM OF

COVERED OFFICER AWARD AGREEMENT

This Covered Officer Award Agreement (the “ Award Agreement ”) made as of [Date] by and between OceanFirst Financial Corp., a Delaware corporation (the “ Corporation ”), and [Name] (the “ Employee ”).

WHEREAS, the Corporation sponsors the OceanFirst Financial Corp. 2011 Cash Incentive Compensation Plan (the “ Plan ”); and

WHEREAS, the Corporation desires to encourage the Employee to remain an employee of the Corporation and, during the Performance Period specified below to contribute substantially to the financial performance of the Corporation and, to provide that incentive, the Corporation has granted the Employee an Award under the Plan subject to terms and conditions set forth in the Plan and this Award Agreement; and

NOW THEREFORE, in consideration of the mutual promises and covenants contained herein and intending to be legally bound, the Corporation, acting through its Human Resources/Compensation Committee of its Board of Directors (the “ Committee ”), and the Employee agree as follows:

1. Grant . The Committee hereby grants to the Employee an Award, subject to the terms and conditions of the Plan and this Award Agreement (“ this Award ”).

2. Performance Period . The Performance Period to which this Award relates is the              -month period beginning on                      .

3. Target Award . The target amount payable under this Award is $              (the “Target Bonus”). The Individual Award Opportunity, which is the maximum amount payable under this Award, is $              .

4. Conditions . This Award is subject to the vesting and performance conditions set forth in Exhibits A and B to this Award Agreement, which are incorporated herein by reference. No part of this Award will be paid until the Committee certifies that these vesting and performance conditions have been attained. The Committee cannot delegate this certification function.

5. Withholding . The Corporation or its direct or indirect subsidiary may withhold from any payment to the Employee pursuant to this Award all taxes, including social security taxes, which the Corporation or its direct or indirect subsidiary is required or otherwise authorized to withhold with respect to such payment.

6. Clawback . This Award is subject to forfeiture or “clawback” to the extent required by law or pursuant to such forfeiture or clawback policy as may be adopted by the Corporation’s Board of Directors from time to time.

7. Employee Representations . In connection with this Award, the Employee represents the following:

(a) The Employee has reviewed with the Employee’s own tax advisors, the federal, state, local and foreign tax consequences of this Award Agreement and the transactions contemplated hereby. The Employee is relying solely on such advisors and not on any statements or representations of the Corporation or any of its agents. The Employee understands that the Employee (and not the Corporation) shall be responsible for the Employee’s own tax liability that may arise as a result of this Award Agreement and the transactions contemplated hereby.

(b) The Employee has received, read and understood this Award Agreement and the Plan and agrees to abide by and be bound by their respective terms and conditions.

(c) The Employee understands that the Committee may use its negative discretion to reduce or eliminate the amount of this Award.

8. Miscellaneous .

(a) Governing Law . This Award Agreement, including the Exhibits hereto, shall be governed and construed in accordance with the domestic laws of the State of New Jersey without regard to its principles of conflicts of laws.

(b) Successors . The provisions of this Award Agreement shall inure to the benefit of, and be binding upon, the successors, permitted assigns, heirs, executors and administrators of the parties hereto.

(c) Entire Agreement; Amendment . This Award Agreement and the Plan contain the entire understanding between the parties hereto with respect to the subject matter of this Award and supersede all prior and contemporaneous agreements and understandings, inducements or conditions, express or implied, oral or written, with respect to the subject matter of this Award Agreement. In the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Award Agreement, the terms and conditions of the Plan shall prevail. This Award Agreement may not be amended or modified without the written consent of the Corporation, acting through the Committee, and the Employee.

(d) Counterparts . This Award Agreement may be executed simultaneously in any number of counterparts, each of which when so executed and delivered shall be taken to be an original and all of which together shall constitute one document.

IN WITNESS WHEREOF, the Corporation has caused this Award Agreement to be executed on its behalf, and said the Employee has hereunto set his or her hand, all as of the date first set forth above.

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EXHIBIT A

VESTING CONDITIONS

This Award will not be paid, in whole or in part, unless the Employee is actively employed by the Corporation or one of its subsidiaries on the date this Award is paid.

This Award is also contingent upon the approval of the Plan by the shareholders of the Corporation on or before December 31, 2011.

A-1

EXHIBIT B

PERFORMANCE CONDITIONS

1. Performance Thresholds . This Award will not be paid, in whole or in part, if the Corporation’s net income for 2011 is less than $2,122,000.

2. Calculation of Bonus . Provided the performance threshold set forth in Section 1 above is met, the portion of this Award payable will be equal to A x B x C, subject to a maximum of 150% of A, where:

(a) Bank Performance Multiplier . The Bank Performance Multiplier shall be based on the following table:

subject to the following rules of application:

B-1

(b) Individual Performance Multiplier . The Individual Performance Multiplier shall be determined by the Committee in its sole discretion. For purposes of setting the Individual Award Opportunity, the Committee has set the Individual Performance Multiplier at 1.5, but will use its discretion to negatively adjust the Individual Performance Multiplier to whatever level the Committee deems appropriate based upon its determination of the Employee’s performance for 2011.

B-2