[Form 4] COASTAL FINANCIAL CORP Insider Trading Activity

Rhea-AI Filing Summary

Eric M. Sprink, CEO and director of Coastal Financial Corp (CCB), reported the sale of 10,683 shares of common stock on 09/18/2025 at a reported price of $114.65 per share under a Rule 10b5-1 trading plan dated June 5, 2025. After the transaction he directly beneficially owns 211,011 shares. The filing also discloses indirect holdings of 400 shares each for three custodial accounts, 885 shares held by spouse, 38,508 time-based RSUs with staggered vesting, and 100,000 performance-based RSUs that vest on October 4, 2027, subject to performance goals. The Form 4 was signed by an attorney-in-fact on behalf of the reporting person on 09/19/2025.

Positive

• Sale effected under a Rule 10b5-1 plan, indicating the transaction was pre-planned (dated June 5, 2025).
• Substantial retained equity: reporting person continues to directly own 211,011 shares after the sale.
• Transparent compensation disclosure: detailed schedule for 38,508 time-based RSUs and 100,000 performance RSUs with vesting terms provided.

Negative

• Insider sale of 10,683 shares reported, which may be viewed negatively by some investors despite plan-based execution.

Insights

Securities Analyst

TL;DR: Insider sold a modest number of shares under a pre-established 10b5-1 plan while retaining sizable equity and multiple unvested RSU grants.

The reported sale of 10,683 common shares at $114.65 was executed pursuant to a Rule 10b5-1 trading plan dated June 5, 2025, which indicates the transaction was pre-planned rather than opportunistic. Post-sale direct ownership of 211,011 shares plus material unvested compensation (38,508 time-based RSUs and 100,000 performance RSUs) keeps the CEO financially aligned with shareholders. The staggered vesting schedule for time-based RSUs implies continued long-term retention incentives. For investors, the combination of pre-planned sales and substantial remaining equity suggests routine liquidity management rather than an immediate change in insider conviction.

Corporate Governance Expert

TL;DR: Use of a documented 10b5-1 plan and disclosure of detailed RSU schedules reflects sound governance and compensation transparency.

The filing clearly discloses that the sales were effected under a Rule 10b5-1 plan, which, when properly documented, reduces regulatory and governance concerns about opportunistic insider trading. The detailed breakdown of time-based RSU vesting installments and the existence of performance-based RSUs with a specific vesting date (October 4, 2027) enhance compensation transparency. No amendments or multiple filers are indicated, and the Form 4 was executed via attorney-in-fact, which is properly disclosed. These practices align with good governance disclosure standards.

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
Estimated average burden
hours per response:			0.5

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^*

Sprink Eric M

(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)

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

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		10,683(1)	D	$114.65	211,011(2)	D
Common Stock								400	I	By Custodian for Child 1
Common Stock								400	I	By Custodian for Child 2
Common Stock								400	I	By Custodian for Child 3
Common Stock								885	I	By spouse

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 5, 2025) adopted by the reporting person.

2. Includes 38,508 time-based restricted stock units (RSUs) pursuant to the Coastal Financial Corporation 2018 Omnibus Incentive Plan. 9,318 of the RSUs vest in five approximately equal remaining installments; 4,219 of the RSUs vest in four approximately equal remaining installments; 10,032 of the RSUs vest in three approximately equal remaining installments; 8,366 of the RSUs vest in approximately two remaining equal installments; 6,573 of the RSUs vest in approximately one remaining equal installment. Also includes 100,000 shares of performance-based restricted stock units that vest on October 4, 2027, the quantity of which is dependent upon achievement of specified performance goals. 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 Eric M. Sprink report on Form 4 for CCB?

He reported a sale of 10,683 common shares on 09/18/2025 at a price of $114.65 per share under a Rule 10b5-1 trading plan.

How many shares does the CEO own after the reported transaction?

Direct beneficial ownership of 211,011 shares is reported following the sale.

What unvested equity awards does the filing disclose for CCB's CEO?

38,508 time-based RSUs with staggered remaining vesting installments and 100,000 performance-based RSUs that vest on October 4, 2027 subject to performance goals.

Was the sale part of a pre-established trading plan?

Yes. The filing states the sales were effected pursuant to a Rule 10b5-1 trading plan dated June 5, 2025.

Are there any indirect holdings disclosed?

Yes. The filing discloses indirect holdings of 400 shares each held by three custodial accounts and 885 shares held by the reporting person's spouse.