Item 5.07 |
Submission of Matters to a Vote of Security Holders. |
Coastal Financial Corporation (the "Company") held its 2024 annual meeting of shareholders (the "Annual Meeting") on May 22, 2024. Present at the Annual Meeting in person or by proxy were holders of 10,769,678 shares of Company common stock representing approximately 80.4% of the voting power of the shares of common stock of the Company as of the close of business on March 20, 2024, the record date for the Annual Meeting, and constituting a quorum for the transaction of business. The final results for each of the matters submitted to a vote of the shareholders at the Annual Meeting are as follows:
1.The following individuals were elected as directors of the Company for a three-year term until the 2027 annual meeting of shareholders, or until their successors are elected, by the following vote:
| FOR | WITHHELD | BROKER NON-VOTES | |
| Sadhana Akella-Mishra | 6,534,777 | 2,997,623 | 1,237,278 |
| Brian T. Hamilton | 9,596,595 | 15,284 | 1,157,799 |
| Eric M. Sprink | 9,283,977 | 326,372 | 1,159,329 |
| Pamela R. Unger | 7,456,308 | 2,076,092 | 1,237,278 |
2.The advisory non-binding vote on executive compensation paid to our named executive officers was approved by the shareholders by the following vote:
| FOR | AGAINST | ABSTAIN |
| 9,266,515 | 119,619 | 225,745 |
There were 1,157,799 broker non-votes on the proposal.
3.One-year was selected on the advisory non-binding vote on the frequency of future votes on executive compensation by the following vote:
| 1 YEAR | 2 YEARS | 3 YEARS | ABSTAIN |
| 9,160,719 | 4,863 | 401,176 | 45,121 |
There were 1,157,799 broker non-votes on the proposal.
Based on the results of the vote, and consistent with the recommendation of the Company's Board of Directors, the Company has determined to hold an advisory non-binding vote on executive compensation every year until the next required advisory non-binding vote on the frequency of future votes on executive compensation.
4.The selection of Moss Adams LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024 was ratified by the shareholders by the following vote:
| FOR | AGAINST | ABSTAIN |
| 10,734,192 | 30,711 | 4,773 |
There were 2 broker non-votes on the proposal.