DEFA14A: Coastal Financial Corporation Announces 2025 Annual Shareholder Meeting and Proxy Details

Coastal Financial Corporation will hold its 2025 Annual Meeting of Shareholders virtually on May 28, 2025, to vote on director elections, executive compensation, an incentive plan amendment, bylaw changes, and auditor ratification.

Summary

• Coastal Financial Corporation is holding its 2025 Annual Meeting of Shareholders virtually on May 28, 2025.
• Shareholders of record as of March 19, 2025, are eligible to vote.
• The meeting will address the election of directors, including three directors for a 3-year term and one director for a 1-year term.
• Shareholders will also vote on advisory approval of executive compensation, an amendment to the 2018 Omnibus Incentive Plan, amendments to the company's bylaws, and ratification of Moss Adams LLP as the independent auditor for the fiscal year ending December 31, 2025.
• Advance registration is required to attend the virtual meeting by May 27, 2025, at 5:00 p.m. Pacific Time.
• Proxy materials, including the proxy statement, annual report on Form 10-K for the year ended December 31, 2024, and letter to shareholders, are available online.
• Shareholders can request paper copies of these documents by May 14, 2025.

Sentiment

Score: 7

Explanation: The document is a standard proxy statement, which is generally neutral in sentiment. It provides information necessary for shareholders to make informed decisions.

Positives

• The company is providing multiple avenues for shareholders to vote, including online, by mail, and during the virtual meeting.
• Shareholders have access to proxy materials online and can request paper copies free of charge.
• The agenda includes important governance matters such as director elections, executive compensation, and auditor ratification.

Risks

• Failure to register in advance by the deadline of May 27, 2025, will prevent shareholders from attending and voting at the virtual meeting.
• If proxy cards are not received by May 27, 2025, votes may not be counted.

Future Outlook

The document outlines the matters to be addressed at the upcoming annual meeting, indicating the company's focus on governance and shareholder engagement.

Management Comments

• The Board of Directors recommends a vote FOR all the nominees listed in Proposal 1 and FOR Proposals 2, 3, 4 and 5.

Industry Context

This proxy statement is a standard communication for publicly traded companies, ensuring shareholders are informed and have the opportunity to vote on key decisions.

Corporate Governance

Stakeholder Impact

• Shareholders have the opportunity to influence the company's direction through voting.
• Employees may be affected by changes to the incentive plan.
• The selection of an auditor impacts the credibility of financial reporting.

Next Steps

• Shareholders should review the proxy materials and vote on the proposals.
• Shareholders who wish to attend the virtual meeting must register by May 27, 2025.
• The company will proceed with the annual meeting on May 28, 2025.

Key Dates

Keywords

Annual Meeting, Shareholders, Proxy Statement, Directors, Voting, Coastal Financial Corporation, Executive Compensation, Incentive Plan, Auditor, Moss Adams