Surojit Chatterjee, the former chief product officer of Coinbase, will officially leave the company on Feb. 3 after reportedly making about $105 million from selling shares.
According to information filed with the Securities and Exchange Commission, Chatterjee will also retain 249,315 Coinbase shares. At press time, Coinbase shares were valued by Google Finance at $54.28 per share.
Chatterjee joined Coinbase from Google in February 2020 with a salary of just under $1 million a year. In recognition of Chatterjee’s contributions to Coinbase, Chatterjee and Chatterjee have entered into a split agreement that includes a severance package and an advisory deal under which he will provide advisory services from February 4 to December 31, 2023.
In a disclosure filed by Coinbase with the Securities and Exchange Commission, Chatterjee will receive “a lump sum payment in accordance with our existing Change of Control and Severance Policy, which provides for payments and benefits to executive directors under certain termination conditions.” In addition, Chatterjee “will continue to receive health coverage under COBRA for the ten months following the month of the Termination Date.” Severance pay depends on “Mr. Chatterjee does not revoke the division and waives claims to the Company.”
In a Linkedin post announcing his departure from Coinbase, Chatterjee stated:
“I look forward to continuing to do my part as an advisor to Brian and the executive team, and to continue the hard but important work of creating more economic freedom and a better internet for all.”
Related: Coinbase Cuts Costs and Boosts Reputation, But Profits Remain in Question: Analysts
Coinbase continues to face challenges in the current market conditions. On January 18, it was reported that Coinbase would cease operations in Japan and conduct a full due diligence of its business in the country due to market conditions.
As a result, all Coinbase Japan customers have until February 16 to withdraw their fiat and cryptocurrency assets from the platform. After February 17, all remaining cryptocurrency assets held by Coinbase Japan customers will be converted into Japanese yen.