Former Coinbase Chief Leaves The Company With $13.5 Million Shares
- The former chief product officer of Coinbase, Surojit Chatterjee, will officially leave the company on February 3.
- It is reported that he sold about $105 million in the company stock.
- Chatterjee joined Coinbase from Google in February 2020 with an annual salary of close to $1 million.
According to the documents submitted by Coinbase to the U.S. Securities and Exchange Commission (SEC), the company’s Chief Product Officer, Surojit Chatterjee, will officially leave the company on February 3.
It had previously reported an estimated $105 million in stock sales. Chatterjee will also retain 249,315 shares of Coinbase stock, worth $13.5 million at the current price of $54.28 per share, according to disclosures filed with the SEC.
Chatterjee joined Coinbase from Google in February 2020 with an annual salary of just under $1 million. In recognition of Chatterjee’s contributions to the company, Coinbase and Chatterjee entered into a separation agreement that includes severance pay and a consulting agreement in which he will provide consulting services from February 4 through December 31, 2023.
Chatterjee will receive a lump sum payment consistent with Coinbase existing Change of Control and Severance Policy, which provides for payments and benefits to executive officers upon certain qualifying terminations, according to disclosures that the company filed with the SEC. Furthermore, for ten months after the month of the separation date, Chatterjee will continue to receive health insurance coverage under COBRA. The condition for receiving the severance pay is:
“Mr. Chatterjee not revoking a separation and release of claims in favor of the Company.”
Considering the state of the market, Coinbase still faces difficulties. Due to the state of the market, the company shut down operations in Japan and conducted a thorough evaluation of its activities there.
In a statement, the company said that it had been forced to take the tough step of ceasing operations in the nation and conducting a thorough review of its Japanese business. Following the ruling, it declared that it would conduct a thorough post-mortem of its operations in the nation.
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