Form 4: Coastal Financial Corp. Executive Michael Culp Reports Stock Transaction

Chief Revenue Officer of Coastal Financial Corp., Michael Culp, reports the disposal of 433 shares to cover tax obligations related to vesting restricted stock units.

Summary

• Michael Culp, Chief Revenue Officer of Coastal Financial Corp., filed a Form 4 indicating a transaction involving the company's stock.
• On January 27, 2025, 433 shares of common stock were disposed of at a price of $84.38 per share.
• This disposal was to cover withholding taxes due upon the partial vesting of restricted stock units (RSUs) granted on January 25, 2021, January 25, 2022, and January 25, 2023.
• Following the transaction, Culp beneficially owns 19,667 shares of Coastal Financial Corp., which includes 14,865 time-based RSUs.
• These RSUs vest over various future dates, with some vesting in six, four, two, and one remaining installments, and 5,000 shares vesting on July 26, 2027, and another 5,000 shares vesting on January 26, 2030.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing a standard stock transaction by an executive. It does not indicate any positive or negative sentiment.

Future Outlook

The document outlines the vesting schedule for the remaining restricted stock units held by Michael Culp, with some vesting in installments and others on specific future dates.

Industry Context

This is a standard SEC Form 4 filing, which is common for corporate insiders who trade their company's stock. It provides transparency into the transactions of company executives.

Comparison to Industry Standards

• Form 4 filings are a standard practice for publicly traded companies in the US, ensuring transparency of insider transactions.
• The vesting schedules for RSUs are typical for executive compensation packages, often including both time-based and performance-based vesting conditions.
• The sale of shares to cover tax obligations upon vesting is a common practice among executives receiving equity compensation.

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.

Key Dates

Keywords

Coastal Financial Corp, CCB, Form 4, insider trading, stock transaction, restricted stock units, RSUs, executive compensation, Michael Culp