Surojit Chatterjee, the former chief product officer at Coinbase, will officially leave the company on February 3 after reportedly making an estimated $105 million in share sales.
Chatterjee will also hold 249,315 shares of Coinbase, according to disclosures filed with the Securities and Exchange Commission. At the time of publication, Coinbase stock was valued at $54.28 per share by 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 company, Coinbase and Chatterjee have 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.
In the disclosures filed with the Securities and Exchange Commission by Coinbase, Chatterjee will receive “a lump sum payment consistent with our existing Change of Control and Severance Policy, which provides for payments and benefits to executive officers upon certain qualifying terminations.” In addition, Chatterjee will continue to receive health insurance under COBRA “for a period of ten months following the month of the Date of Divorce.” The severance pay depends on “Mr. Chatterjee will not withdraw a divorce and release of claims in favor of the company.”
In a post on Linkedin announcing his departure from Coinbase, Chatterjee stated:
“I look forward to continuing to contribute in my role as an advisor to Brian and the exec team and to continue the hard but critical work to create greater economic freedom and build a better internet for all.”
Related: Coinbase cut costs and boosted rep, but profits remain challenged: Analysts
Coinbase continues to face challenges in the current market conditions. On January 18, TSTIME reported that Coinbase would be terminating operations in Japan and conducting 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 of Coinbase Japan customers will be converted to Japanese yen.