The chief product officer will obtain a wholesome severance bundle as he departs from his position on the change.
Surojit Chatterjee, the previous chief product officer at Coinbase, will formally go away the corporate on Feb. 3 after reportedly making an estimated $105 million in inventory gross sales.
In response to 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, 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 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 a deal for him to supply advisory companies from Feb. 4 via to Dec. 31.
In response to disclosures that Coinbase filed with the Securities and Change Fee, Chatterjee will obtain “a lump sum fee in line with our current Change of Management and Severance Coverage, which gives 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 post saying his departure from Coinbase, Chatterjee said:
“I’m trying ahead to persevering with to contribute in my position as an advisor to Brian and the exec staff and to persevering with the exhausting however vital work of making extra financial freedom and constructing a greater web for everybody.”
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 evaluate of its enterprise within the nation attributable to market situations.
Consequently, all Coinbase Japan prospects 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 prospects will likely be transformed to Japanese yen.