Extracted from this filing and checked against the source text.
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
COASTAL FINANCIAL CORP: Amended bylaws to remove director age limit, allow board to amend bylaws affecting director qualifications, and add detailed advance notice requirements for shareholder proposals and director nominations (effective 2025-05-28).
- Change
- bylaw amendment
- Effective
- 2025-05-28
Exact text from the filing
At the 2025 annual meeting of shareholders on May 28, 2025 (the “Annual Meeting”), the shareholders of Coastal Financial Corporation (the “Company”) approved amendments to the Company’s Amended and Restated Bylaws which (i) removed Section 2.3 which prohibited the nomination, election, re-election or appointment of a person to the Board of Directors who is or will be 72 years old or older during his or her proposed term of office and (ii) amended Section 9.2 to permit the Board of Directors to amend, alter, or repeal any Bylaws in a manner that would affect the qualifications or term of office of the directors. In addition, on May 28, 2025, the Board of Directors of the Company approved amendments to the Amended and Restated Bylaws to include more detailed advance notice and disclosure requirements for shareholder proposals and director nominations, including expanded information about shareholders, nominees, and associated persons, as well as new requirements for proxy solicitation an
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