Form 4: Coastal Financial Corp Executive Curt Queyrouze Reports Stock Award and Tax Withholding

Curt Queyrouze, President of the Community Bank Division at Coastal Financial Corp, reports the acquisition of restricted stock units and shares withheld for tax obligations.

Summary

• On February 5, 2025, Curt Queyrouze, President of the Community Bank Division at Coastal Financial Corp, reported transactions involving Coastal Financial Corp common stock.
• Queyrouze acquired 2,476 shares of common stock through an award of time-based restricted stock units (RSUs) at a price of $0.
• These RSUs vest in four approximately equal installments starting February 5, 2026.
• Additionally, 488 shares were withheld to cover withholding taxes upon the partial vesting of RSUs granted on February 5, 2024, at a price of $88.9 per share.
• Following these transactions, Queyrouze beneficially owns 74,057 shares of Coastal Financial Corp common stock.
• This total includes 12,831 time-based RSUs vesting in remaining annual installments and 53,000 performance-based RSUs vesting on June 1, 2028, contingent on achieving specific performance goals.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The RSU grant suggests confidence in the executive and the company's future, while the tax withholding is a standard procedure.

Positives

• The award of RSUs to a key executive like Curt Queyrouze can be seen as a positive incentive, aligning his interests with the long-term performance of Coastal Financial Corp.

Future Outlook

The vesting schedule of the RSUs indicates a multi-year commitment by the executive and alignment with the company's long-term performance.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. The vesting schedule of the RSUs is a common practice to incentivize long-term performance.

Comparison to Industry Standards

• RSU grants are a common form of executive compensation in the financial services industry.
• The vesting schedules, typically spanning several years, are designed to retain key personnel and align their interests with shareholder value.
• Companies like JPMorgan Chase, Bank of America, and Wells Fargo also utilize similar equity-based compensation plans for their executives.

Stakeholder Impact

• Shareholders may view the RSU grant as a positive incentive for the executive.
• Employees may see this as a sign of the company's commitment to its leadership.

Key Dates

Keywords

Coastal Financial Corp, Curt Queyrouze, RSU, restricted stock units, beneficial ownership, Form 4, CCB, insider trading