Coinbase reveals 2021 salaries of top execs, CEO gets $1M in cash
Coinbase Global Inc (NASDAQ:COIN) has scheduled its 2022 annual meeting of stockholders for Wednesday, June 1, 2022.
The agenda is comprised of several resolutions, including to approve, on a non-binding advisory basis, the compensation of Coinbase’s Named Executive Officers. These include:
- Brian Armstrong – Chairman of the Board of Directors & Chief Executive Officer
- Emilie Choi – President & Chief Operating Officer
- Alesia J. Haas – Chief Financial Officer
- Surojit Chatterjee – Chief Product Officer
- Paul Grewal- Chief Legal Officer & Secretary
Coinbase explains that it uses base salary to provide a fixed amount of cash compensation for its Named Executive Officers. Named Executive Officers are not eligible for an annual cash bonus. The company uses equity compensation as the primary differentiator across executives and to align long-term executive incentives with those of its stockholders.
In 2021, the base salary for all of the Coinbase Named Executive Officers’ was $709,000, with the exception of Coinbase’s President & Chief Operating Officer, whose salary was $850,000, and Coinbase’s Chief Executive Officer, whose salary was $1,000,000. The Compensation Committee determined these base salaries after considering market data for each position and with an aim to create consistency across the management team with respect to cash compensation.
From time to time, Coinbase has provided special one-time achievement cash bonuses in recognition of the accomplishments of an executive officer. For example, Ms. Choi received a special one-time achievement cash bonus in 2021 in acknowledgement of her extraordinary accomplishments in 2020 and promotion to the office of President.
In 2021, only Coinbase’s Chief Financial Officer received a new equity award. The other Named Executive Officers were not awarded additional equity awards in 2021.
Coinbase’s President & Chief Operating Officer received an equity award in late 2020 in connection with assuming the additional title of President, and therefore was not considered for an additional equity award in 2021. The Chief Product Officer and Chief Legal Officer and Secretary received equity awards when they joined the Company in 2020, and therefore were not considered for additional equity awards in 2021.
The 2021 equity award for Coinbase’s Chief Financial Officer was awarded in January 2021, prior to the company’s direct listing in April 2021. The award vests on a quarterly basis over three calendar years, commencing February 20, 2021.