Coastal Financial Corporation filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
$CCB
Major Banks
Finance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 7, 2025
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Departure of Executive Vice President and Chief Financial Officer
On May 7, 2025, Joel G. Edwards, Executive Vice President and Chief Financial Officer of Coastal Financial Corporation (the “Company”), informed the Company of his intention to retire upon the appointment of a new Chief Financial Officer of the Company or if earlier, October 1, 2025. Mr. Edwards’ departure is not related to any disagreement with the Company or the Company’s board of directors and the Company thanks Mr. Edwards for his dedicated service to the Company and the strong financial position that he has helped the Company build.
In connection with Mr. Edwards’ departure and in order to facilitate a smooth transition, the Company and Mr. Edwards entered into an Employee Retirement and Retention Agreement on May 7, 2025 (the “Retention Agreement”). Pursuant to the Retention Agreement, Mr. Edwards will work for the Company on a full-time basis until October 1, 2025, or if earlier, one month following the start date of a new Chief Financial Officer of the Company, after which, Mr. Edwards will continue to work for the Company through April 1, 2026 (the “Retention Period”) on a part-time basis.
Mr. Edwards will continue to receive his base salary or a proportionate percentage of his base salary based on the number of hours of service provided to the Company during the Retention Period. If Mr. Edwards remains employed as of October 1, 2025, he will be entitled to receive an annual bonus for 2025, subject to performance and calculated using methods similar to those used to calculate his bonus in the years 2023 and 2024. Certain unvested stock options and unvested restricted stock units held by Mr. Edwards will be deemed vested on June 30, 2025, and certain unvested stock options and unvested restricted stock units will be deemed vested on April 1, 2026, in each case, subject to his continued employment through such dates. Mr. Edwards will be eligible to receive severance payments and benefits in the event that the Company terminates his employment without cause during the Retention Period, subject to the terms and conditions set forth in the Retention Agreement.
Item 9.01 Financial Statements and Exhibits
Exhibits
| Number | Description | |||||||||||||
| 104 | Cover Page Interactive Data File (Embedded within the Inline XBRL document) | |||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| COASTAL FINANCIAL CORPORATION | ||||||||
Date: May 7, 2025 | By: | /s/ Joel G. Edwards | ||||||
| Joel G. Edwards | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||