Coastal Financial CFO Executes 10b5-1 Sale, Retains 8,721 RSUs with 2026 Vesting

Rhea-AI Filing Summary

Joel G. Edwards, Chief Financial Officer of Coastal Financial Corporation (CCB), reported an insider sale and remaining holdings on Form 4. The filing shows Mr. Edwards sold 9,425 shares of Common Stock on 09/18/2025 at $114.67 per share under a Rule 10b5-1 trading plan dated June 12, 2025. After the sale, he beneficially owned 12,762 shares. The filing also discloses he holds 8,721 time-based restricted stock units (RSUs) that convert to one share each when vested; those RSUs vest in tranches on January 25, 2026 (3,065 RSUs), February 5, 2026 (1,424 RSUs), and April 1, 2026 (4,232 RSUs). The sale was executed pursuant to the pre-established plan and signed by an attorney-in-fact.

Positive

• Planned sale under Rule 10b5-1 indicates the transaction was pre-arranged and not an opportunistic trade
• Clear RSU vesting schedule totaling 8,721 RSUs with specific vesting dates in early 2026 provides transparency on future insider share issuance

Negative

• Insider sale of 9,425 shares at $114.67 reduced beneficial holdings to 12,762 shares
• Significant near-term vesting (8,721 RSUs vesting by April 1, 2026) could lead to additional insider share availability

Insights

Securities Analyst

TL;DR: Senior officer sold shares under a pre-established 10b5-1 plan, while retaining material RSU holdings with near-term vesting.

The Form 4 documents a planned disposition of 9,425 shares at $114.67 on 09/18/2025 under a Rule 10b5-1 trading plan, which typically indicates a pre-arranged sale schedule rather than opportunistic trading. Post-transaction beneficial ownership is 12,762 shares, and separately Mr. Edwards holds 8,721 RSUs that vest in defined tranches in early 2026. For investors, the combination of a 10b5-1 sale and upcoming RSU vesting is informative about expected insider liquidity timing but does not by itself disclose a change in company fundamentals.

Corporate Governance Expert

TL;DR: Transaction appears procedurally compliant and documented; RSU vesting schedule aligns with retirement/retention terms disclosed.

The filing notes the sale was executed pursuant to a June 12, 2025 Rule 10b5-1 plan and includes an explanation of RSU vesting tied to Mr. Edwards' retirement and retention agreement. The Form 4 is signed via attorney-in-fact, consistent with common practice. The disclosure provides clear timing for when additional shares will be delivered to the reporting person, which is useful for assessing potential future selling activity tied to vesting events.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

EDWARDS JOEL G

(Last) (First) (Middle)

C/O 5415 EVERGREEN WAY

(Street)

EVERETT WA 98203

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
COASTAL FINANCIAL CORP [ CCB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/18/2025		S		9,425(1)	D	$114.67	12,762(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan (dated June 12, 2025) adopted by the reporting person.

2. Includes 8,721 time-based restricted stock units (RSUs) pursuant to the Coastal Financial Corporation 2018 Omnibus Incentive Plan. In accordance with Mr. Edward's retirement and retention agreement the RSUs vest as follows: 3,065 RSUs vest on January 25, 2026; 1,424 RSUs vest on February 5, 2026; and 4,232 RSUs vest on April 1, 2026. Each restricted stock unit represents the right to receive one share of common stock upon vesting.

Remarks:

	/s/ Melisa Nelson, as Attorney-in-fact	09/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Joel G. Edwards disclose on the Form 4 for CCB?

The Form 4 shows a sale of 9,425 shares on 09/18/2025 at $114.67 per share under a Rule 10b5-1 plan and reports 12,762 shares beneficially owned after the sale.

Were the sales pre-planned or discretionary?

The filing states the sales were effected pursuant to a Rule 10b5-1 trading plan dated June 12, 2025, indicating a pre-established plan.

How many RSUs does the reporting person hold and when do they vest?

Mr. Edwards holds 8,721 time-based RSUs vesting in tranches: 3,065 on Jan 25, 2026, 1,424 on Feb 5, 2026, and 4,232 on Apr 1, 2026.

Who signed the Form 4 filing?

The Form 4 was signed by Melisa Nelson, as Attorney-in-fact on behalf of the reporting person on 09/19/2025.

What is the reporting person's role at Coastal Financial Corporation (CCB)?

The filing lists Joel G. Edwards as a Director and the company's Chief Financial Officer.