Surojit Chatterjee, the previous chief product officer at Coinbase, will formally depart the corporate on Feb. 3 after reportedly making an estimated $105 million in inventory gross sales.
Based on disclosures filed with the Securities and Change Fee, Chatterjee may even retain 249,315 shares of Coinbase inventory. On the time of publication, Coinbase inventory was valued at $54.28 per share, so these shares are value $13.5 million.
Chatterjee joined Coinbase from Google in February 2020 with a wage of just below $1 million per 12 months. In recognition of Chatterjee’s contributions to the corporate, Coinbase and Chatterjee have entered right into a separation settlement that features severance advantages and a deal for him to supply advisory companies from Feb. 4 by way of to Dec. 31.
Based on disclosures that Coinbase filed with the Securities and Change Fee, Chatterjee will obtain “a lump sum cost in line with our present Change of Management and Severance Coverage, which supplies for funds and advantages to govt officers upon sure qualifying terminations.” As well as, Chatterjee will “proceed to obtain medical insurance protection pursuant to COBRA for a interval of ten months following the month of the Separation Date.” The severance advantages are contingent upon “Mr. Chatterjee not revoking a separation and launch of claims in favor of the Firm.”
In a Linkedin post saying his departure from Coinbase, Chatterjee acknowledged:
“I’m trying ahead to persevering with to contribute in my function as an advisor to Brian and the exec workforce and to persevering with the laborious however vital work of making extra financial freedom and constructing a greater web for everybody.”
Associated: Coinbase cut costs and bolstered rep, but profits remain challenged: Analysts
Coinbase continues to face challenges amid present market situations. On Jan 18, Cointelegraph reported that Coinbase would terminate its operations in Japan and conduct a whole evaluation of its enterprise within the nation as a result of market situations.
In consequence, all Coinbase Japan clients have till Feb. 16 to withdraw their fiat and cryptocurrency holdings from the platform. After Feb. 17, any remaining crypto property held by Coinbase Japan clients might be transformed to Japanese yen.