Form 4: Coastal Financial Corp Executive Russ A. Keithley Reports Stock Transaction
SEC Form 4 Filing
Coastal Financial Corp's Chief Banking Officer, Russ A. Keithley, disposed of 789 shares of common stock to cover tax obligations related to vesting restricted stock units.
Summary
- Russ A. Keithley, Chief Banking Officer of Coastal Financial Corp, reported a transaction involving the company's common stock.
- On January 27, 2025, Mr. Keithley disposed of 789 shares of common stock 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, Mr. Keithley beneficially owns 16,721 shares of Coastal Financial Corp common stock, which includes 7,349 time-based RSUs.
Sentiment
Score: 7
Explanation: The document reflects a routine transaction related to executive compensation. It is neither particularly positive nor negative, but rather a standard practice. The sentiment is neutral to slightly positive as it shows the executive is receiving compensation.
Industry Context
This is a routine filing related to executive compensation and is common for publicly traded companies. It reflects the standard practice of executives selling shares to cover tax liabilities upon vesting of equity awards.
Comparison to Industry Standards
- The vesting schedule of the RSUs is typical for executive compensation packages in the financial industry.
- The sale of shares to cover tax obligations is a common practice among executives with equity-based compensation.
- The number of shares sold is relatively small compared to the total holdings, suggesting a routine transaction rather than a significant change in the executive's investment position.
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 impact employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 01/25/2021 | Date of initial grant of some of the restricted stock units. |
| 01/25/2022 | Date of a subsequent grant of some of the restricted stock units. |
| 01/25/2023 | Date of a further grant of some of the restricted stock units. |
| 01/27/2025 | Date of the stock disposal transaction. |
| 01/28/2025 | Date the Form 4 was signed. |
Keywords
Coastal Financial Corp, Russ A. Keithley, stock transaction, restricted stock units, RSUs, insider trading, Form 4, executive compensation
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