Amended Non-Employee Director Compensation Policy of Coastal Financial Corporation
Coastal Financial Corporation has established a policy outlining compensation for its non-employee directors, as determined by the Board of Directors and its Compensation Committee. Effective October 26, 2020, non-employee directors receive a mix of annual cash payments and restricted stock awards, with amounts varying based on their roles. The Chair and committee chairs receive higher compensation. Eric M. Sprink, as a director, does not receive any compensation. This policy aims to attract and retain qualified board members.
EXHIBIT 10.2
AMENDED NON-EMPLOYEE DIRECTOR COMPENSATION POLICY
The Board of Directors of Coastal Financial Corporation (the “Company”) determines the compensation of the Company’s non-employee directors in conjunction with recommendations made by the Compensation Committee of the Company (the “Compensation Committee”) in accordance with this Director Compensation Policy (the “Policy”).
The Company uses a combination of cash and share-based compensation to attract and retain qualified candidates to serve on the Board of Directors. Eric M. Sprink does not receive fees or other compensation for his service as a director of the Company or Coastal Community Bank.
Effective October 26, 2020, the Policy was amended and the Company’s non-employee directors will receive compensation for service and attendance as follows:
|
| • | The Chair of the Board of Directors and chair of the audit and compensation committee combined (the same director chairs both committees) receives annual cash compensation of $50,000; |
|
| • | Other committee chairs receive annual cash compensation of $45,000; |
|
| • | Other directors receive annual cash compensation of $40,000; |
|
| • | The Chair of the Board of Directors receives $25,000 in restricted stock annually; and |
|
| • | Other directors receive $15,000 in restricted stock annually. |
