Form 4: Coastal Financial Corp CEO Eric Sprink Reports Stock Transaction
SEC Form 4 Filing
Coastal Financial Corp CEO Eric Sprink sold 4,318 shares of common stock to cover tax obligations related to vesting restricted stock units.
Summary
- Eric Sprink, CEO of Coastal Financial Corp, reported a transaction involving the company's common stock.
- On January 27, 2025, Mr. Sprink disposed of 4,318 shares of common stock at a price of $84.38 per share.
- This transaction was to cover withholding taxes due upon the partial vesting of restricted stock units (RSUs) granted in 2021, 2022, and 2023.
- Following the transaction, Mr. Sprink directly owns 232,070 shares of common stock, which includes unvested time-based RSUs and performance-based RSUs.
- He also indirectly owns 1,200 shares held by custodians for his children.
Sentiment
Score: 7
Explanation: The document is a routine SEC filing related to executive compensation. It doesn't indicate any positive or negative sentiment, but is a normal part of business operations.
Industry Context
This is a routine filing related to executive compensation and is common for publicly traded companies. It reflects the vesting of equity-based compensation and the subsequent tax obligations.
Comparison to Industry Standards
- The use of restricted stock units (RSUs) as part of executive compensation is a common practice among publicly traded companies, including those in the financial sector.
- The vesting schedules described, with installments over several years, are typical for aligning executive interests with long-term company performance.
- The sale of shares to cover tax obligations upon vesting is also a standard practice, and the number of shares sold is proportional to the tax liability.
- Companies like JPMorgan Chase, Bank of America, and Wells Fargo also use similar equity compensation structures for their executives.
Stakeholder Impact
- The transaction has a minimal impact on shareholders as it is a routine sale of shares by an executive to cover tax obligations.
- The transaction does not directly impact employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 01/25/2021 | Date of one of the RSU grants that vested partially. |
| 01/25/2022 | Date of one of the RSU grants that vested partially. |
| 01/25/2023 | Date of one of the RSU grants that vested partially. |
| 01/27/2025 | Date of the stock transaction where 4,318 shares were sold. |
| 01/29/2025 | Date the SEC Form 4 was signed. |
| 10/04/2027 | Vesting date for 100,000 performance-based restricted stock units. |
Keywords
Coastal Financial Corp, Eric Sprink, stock transaction, restricted stock units, RSUs, insider trading, SEC Form 4, executive compensation
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