Surojit Chatterjee to retain 249,315 shares of Coinbase stock after departing company

Surojit Chatterjee, the former Chief Product Officer of Coinbase, will officially leave the company on Feb. 3 after making an estimated $105 million in stock sales.

According to information filed with the Securities and Exchange Commission, Chatterjee will also retain 249,315 Coinbase shares. At press time, Coinbase stock was valued at $54.28 per share, per Google Finance.

Chatterjee joined Coinbase from Google in February 2020 with a salary of just under $1 million per year. In recognition of Chatterjee’s contributions to the business, Coinbase and Chatterjee have entered into a separation agreement that includes severance payments and an advisory agreement in which he will provide advisory services from February 4 through December 31, 2023.

In statements filed with the Securities and Exchange Commission by Coinbase, Chatterjee will receive “a lump sum payment consistent with our current Change of Control and Severance Policy, which provides for executive payouts and benefits upon certain terminations. eligible”. In addition, Chatterjee “will continue to have health insurance coverage pursuant to COBRA for a period of ten months following the month of the date of separation.” The severance benefits depend on “Mr. Chatterjee does not revoke a separation and release of claims in favor of the company. »

In a Linkedin post announcing his departure from Coinbase, Chatterjee said:

“I look forward to continuing to contribute in my role as an advisor to Brian and the leadership team and to continuing the difficult but essential work of creating more economic freedom and building a better Internet for all.”

Related: Coinbase Cut Costs and Boosted Reputation, But Earnings Remain Contested: Analysts

Coinbase continues to face challenges under current market conditions. On January 18, Cointelegraph announced that Coinbase would end its operations in Japan and conduct a full review of its operations in the country due to market conditions.

As a result, all Coinbase Japan customers have until February 16 to withdraw their fiat and cryptocurrency holdings from the platform. After February 17, all remaining crypto assets held by Coinbase Japan customers will be converted to Japanese yen.