Surojit Chatterjee, the previous chief product officer at Coinbase, will formally go away the corporate on February third after reportedly making an estimated $105 million in inventory gross sales.
In accordance with disclosures filed with the Securities and Change Fee, Chatterjee may also retain 249,315 shares of Coinbase inventory. On the time of publication, Coinbase inventory was valued at $54.28 per share, by Google Finance.
Chatterjee joined Coinbase from Google in February 2020 with a wage of just below $1 million per yr. In recognition of Chatterjee’s contributions to the corporate, Coinbase and Chatterjee have entered right into a separation settlement that features severance advantages and an advisory deal by which he’ll present advisory providers from Feb 4, by means of to Dec 31, 2023.
Within the disclosures filed with the Securities and Change Fee by Coinbase, Chatterjee will obtain “a lump sum cost in keeping with our present Change of Management and Severance Coverage, which supplies for funds and advantages to government 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 put up asserting his departure from Coinbase, Chatterjee said:
“I’m trying ahead to persevering with to contribute in my function as an advisor to Brian and the exec crew and to persevering with the laborious however crucial work of making extra financial freedom and constructing a greater web for everybody.”
Coinbase continues to face challenges amid present market circumstances. On Jan 18, Cointelegraph reported that Coinbase would terminate operations in Japan and conduct an entire evaluate of its enterprise within the nation as a consequence of market circumstances.
Consequently, all Coinbase Japan clients have till February sixteenth to withdraw their fiat and cryptocurrency holdings from the platform. After February seventeenth, any remaining crypto property held by Coinbase Japan clients shall be transformed to Japanese yen.