[Form 4] COASTAL FINANCIAL CORP Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing for Coastal Financial Corporation (CCB) reports insider sales by Joel G. Edwards, the company's Chief Financial Officer. The filing discloses three open-market sales executed 09/15/2025–09/17/2025 under a Rule 10b5-1 trading plan dated June 12, 2025: 5,000 shares sold at $108.91, 4,000 shares sold at $107.90, and 5,000 shares sold at $110.05. Share counts after each sale are reported as 31,187, 27,187, and 22,187 respectively. The filing also states the reporting person holds 8,721 time-based restricted stock units (RSUs) under the 2018 Omnibus Incentive Plan that vest per a retirement and retention agreement: 3,065 RSUs on January 25, 2026; 1,424 RSUs on February 5, 2026; and 4,232 RSUs on April 1, 2026. The Form 4 is signed by an attorney-in-fact on behalf of Mr. Edwards on 09/17/2025.

Positive

• Sales were executed under a Rule 10b5-1 trading plan, indicating pre-established instructions rather than ad hoc insider trading
• RSU vesting schedule is clearly disclosed, providing transparency about future equity compensation realizations

Negative

• Significant share disposals totaling 14,000 shares across three days reduced direct holdings materially for the reporting person
• Potential near-term dilution from 8,721 RSUs that vest in early 2026, though absolute impact vs. outstanding shares is not provided

Insights

Corporate Governance Expert

TL;DR: Routine, pre-planned insider sales under a 10b5-1 plan; disclosed RSU vesting schedule tied to a retirement/retention agreement.

The transactions are disclosed as sales conducted pursuant to a Rule 10b5-1 trading plan, which typically indicates pre-authorized, time-based disposition rather than opportunistic trading. The presence of a retirement and retention agreement specifying RSU vesting dates is material to executive compensation disclosure but is contractual in nature and not an operational development. From a governance perspective, the filing follows standard disclosure protocols and includes an attorney-in-fact signature.

Securities Analyst

TL;DR: Insider reduced direct holdings by 14,000 shares across three days at ~ $108–110, while retaining 8,721 RSUs with firm vesting dates in early 2026.

The reported sales reduce Mr. Edwards' reported direct ownership from the pre-sale level to 22,187 shares after the last sale. The price range and use of a 10b5-1 plan suggest routine liquidity management rather than a reaction to undisclosed company developments. The scheduled RSU vesting converts to potential future dilution when settled in shares, but exact dilutive impact should be assessed relative to total outstanding shares, which is not provided in this filing.

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^*

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)
09/15/2025

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	09/15/2025		S		5,000(1)	D	$108.91	31,187(2)	D
Common Stock	09/16/2025		S		4,000(1)	D	$107.9	27,187(2)	D
Common Stock	09/17/2025		S		5,000(1)	D	$110.05	22,187(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	09/17/2025
	** 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 insider transactions did Joel G. Edwards report for CCB?

He reported three open-market sales on 09/15/2025 (5,000 shares at $108.91), 09/16/2025 (4,000 shares at $107.90), and 09/17/2025 (5,000 shares at $110.05).

Were the sales by Joel G. Edwards pre-planned or discretionary?

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

How many restricted stock units does the reporting person hold and when do they vest?

He holds 8,721 RSUs vesting: 3,065 on January 25, 2026; 1,424 on February 5, 2026; and 4,232 on April 1, 2026.

What was the reporting person’s ownership after the reported sales?

Reported beneficial ownership after the final sale was 22,187 shares as shown in the Form 4.

Who signed the Form 4 filing for Joel G. Edwards?

The form was signed by Melisa Nelson as Attorney-in-fact on 09/17/2025.