The chief product officer will receive a healthy severance package as he departs from his role at the exchange.
Surojit Chatterjee, the former chief product officer at Coinbase, will officially leave the company on Feb. 3 after reportedly making an estimated $105 million in stock sales.
According to disclosures filed with the Securities and Exchange Commission, Chatterjee will also retain 249,315 shares of Coinbase stock. At the time of publication, Coinbase stock was valued at $54.28 per share, so those shares are worth $13.5 million.
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 benefits and a deal for him to provide advisory services from Feb. 4 through to Dec. 31.
According to disclosures that Coinbase filed with the Securities and Exchange Commission, 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 coverage pursuant to COBRA for a period of ten months following the month of the Separation Date.” The severance benefits are contingent upon “Mr. Chatterjee not revoking a separation and release of claims in favor of the Company.”
“I’m looking forward to continuing to contribute in my role as an advisor to Brian and the exec team and to continuing the hard but critical work of creating more economic freedom and building a better internet for everyone.”
Related: Coinbase cut costs and bolstered rep, but profits remain challenged: Analysts
Coinbase continues to face challenges amid current market conditions. On Jan 18, Cointelegraph reported that Coinbase would terminate its operations in Japan and conduct a complete review of its business in the country due to market conditions.
As a result, all Coinbase Japan customers have until Feb. 16 to withdraw their fiat and cryptocurrency holdings from the platform. After Feb. 17, any remaining crypto assets held by Coinbase Japan customers will be converted to Japanese yen.