Amended Non-Employee Director Compensation Policy, as amended on October 26, 2020

Contract Categories: Human Resources › Compensation Agreements
EX-10.2 2 ck1437958-ex102_386.htm EX-10.2 ck1437958-ex102_386.htm

 

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:

 

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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;

 

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Other committee chairs receive annual cash compensation of $45,000;

 

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Other directors receive annual cash compensation of $40,000;

 

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The Chair of the Board of Directors receives $25,000 in restricted stock annually; and

 

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Other directors receive $15,000 in restricted stock annually.