News

Former Coinbase Chief Leaves The Company With $13.5 Million Shares

Key Points:

  • 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.
Former Coinbase CPO Surojit Chatterjee

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments

Nov 18th, Panama - Gate.io, a global leader in digital asset trading, has officially unveiled…

31 minutes ago

Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts

The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with the…

1 hour ago

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

1 hour ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

3 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

4 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

4 hours ago

This website uses cookies.