According to disclosures filed with the Securities and Exchange Commission (SEC), Chatterjee will also retain 249,315 shares of Coinbase stock

The former chief product officer at Coinbase, Surojit Chatterjee, will leave the company on February 3 after reportedly making $105m in stock sales.

According to disclosures filed with the Securities and Exchange Commission (SEC), Chatterjee will also retain 249,315 shares of Coinbase stock. As per the latest information, Coinbase stock was valued at $54.28 per share, so those shares are valued at $13.5 million.

Chatterjee joined Coinbase in February 2020 with a salary of just below $1 million per year. In recognition of his 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.

As per the disclosures that Coinbase filed with the SEC, 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.’ Furthermore, he will continue to receive health insurance coverage pursuant to COBRA for a period of ten months from the month of the Separation Date. The severance benefits are contingent upon ‘Mr. Chatterjee not revoking a separation and release of claims in favour of the Company.’

Announcing his departure from Coinbase, Chatterjee stated on Linkedin: I’m looking forward to continuing to contribute in my role as an advisor to Brian and the exec team and to continuing the critical work of creating more financial freedom and building a better internet for all.

Meanwhile, Coinbase continues to face challenges amid ongoing market volatility. Earlier this month, it announced that it would terminate its operations in Japan and review its business in the country due to market conditions.

As a result, Coinbase Japan customers have until Feb. 16 to withdraw their fiat and crypto currency holdings from the platform. Any crypto asset held by Japanese customers of the firm will be converted to Japanese yen after Feb. 17.