Surojit Chatterjee will cash out a portion of his Coinbase stock on his last day for a $105 million exit package.

Million dollar payout after subpar performance

Crypto executives are no strangers to high benefits and severance packages. As his last day at Coinbase approaches, former Chief Product Officer Surojit Chatterjee is making news for the size of his pay package. Chatterjee, who is selling a portion of his stock holdings, will make a total of $105 million after logging out on his last day at Coinbase on February 3. In addition, he will also hold an additional 249,315 shares of COIN stock, which is It is currently valued at $49.42 per share. Ever since the news broke, crypto Twitter has been buzzing about the size of its payout, especially in light of Coinbase’s subpar performance (fail NFT initiative) during his tenure.

Twitter user “Autism Capital” wrote,

“A reminder that a middle project manager paid $115 million dollars to start the worst most shameful NFT grift attempt for Coinbase with a total of 7 active daily users and a transaction volume less than your daily gas fee.”

Severance package includes benefits

Chatterjee moved from Google to the San Francisco-based company in February 2020, on the eve of the Covid-19 pandemic. His annual starting salary was $1 million, bringing his total earnings from the company to nearly $115 million as of his last day. According to the separation agreement, Chatterjee will receive severance benefits, including a lump sum and ten months of health insurance coverage. Furthermore, he will continue to serve in an advisory capacity for the remainder of the year.

See also  Big Eye Coin: A New Crypto Contender - Cryptonomist

Chatterjee commented on the matter through a LinkedIn post,

“I look forward to contributing in my role as an advisor to Brian and the executive team and continuing the hard but important work of creating more financial freedom and building a better Internet for everyone.”

Chatterjee’s claim to property

Chatterjee initially had a five-year contract with the company, which ended after he resigned due to personal reasons. According to the original contract, he was to earn $646 million at the end of his five-year term. Also, another important factor at play here was the turbulence in the crypto market and the rise and fall of crypto valuations. 2021 was Chatterjee’s first year at Coinbase, which was also marked by growing interest in crypto from people stuck in lockdown during the pandemic. The price of COIN stock skyrocketed to an all-time high of $342, making him and everyone who held COIN stock fabulously rich. Ratings fell significantly the following year, reducing the net ratings of Chatterjee and other high-level executives. However, the initial pandemic boost and exorbitant package deal still ensured that Chatterjee left with a large amount of cash.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


By admin