Coastal Financial Corp Appoints Executive Chair; Bylaws Amended

What Happened
Coastal Financial Corporation (CCB) announced on July 29, 2026 that the Board appointed Christopher D. Adams as Executive Chair, making him an executive officer while he continues to serve as Board chair. The company also approved amendments to its bylaws to define the authority and duties of the Executive Chair and the Lead Independent Director. Following the appointment, the Board named Thomas Lane as Lead Independent Director, effective the same date.

Key Details

• Appointment effective date: July 29, 2026.
• New Executive Chair: Christopher D. Adams (age 46), a non‑employee director since 2016 and partner at Adams & Duncan, Inc., P.S. since 2006.
• Employment terms: five‑year initial term with automatic annual renewal unless non‑renewed; annual base salary $750,000, subject to Compensation Committee review. Agreement includes standard non‑solicit, confidentiality and non‑disparagement provisions. (Employment agreement filed as Exhibit 10.1.)
• Governance change: Fourth Amended and Restated Bylaws amended effective July 29, 2026 to address Executive Chair and Lead Independent Director authorities; Thomas Lane named Lead Independent Director and will receive standard non‑employee director compensation.

Why It Matters
This filing signals a governance shift: the Board elevated a long‑time director to an executive role with a substantial salary and a multi‑year employment agreement, and it modified the bylaws to formalize those roles. For investors, that means changes in leadership structure and ongoing compensation commitments that are now part of the company’s public disclosures. Shareholders should note the formalized authorities and any future disclosures about how the Executive Chair role will interact with senior management and the Board.