4/A: Coinbase COO Emilie Choi Amends Form 4 Filing to Correct Stock Relinquishment for Tax Obligations

Coinbase's President and COO, Emilie Choi, amended a previous Form 4 filing to correct the number of Class A Common Stock shares relinquished to cover tax obligations related to vesting Restricted Stock Units.

Summary

• Emilie Choi, President & COO of Coinbase Global, Inc., filed an amendment to a Form 4, initially filed on February 22, 2024, regarding changes in beneficial ownership.
• The amendment corrects the number of shares of Class A Common Stock relinquished by Choi and cancelled by Coinbase to cover federal and state tax withholding obligations resulting from the vesting of Restricted Stock Units.
• The original transaction occurred on February 20, 2024, where 13,481 shares were disposed of at a price of $180.31.
• Following the reported transaction, Choi beneficially owns 237,351 shares of Class A Common Stock directly.
• The relinquishment of shares was an exempt transaction under Section 16b-3(e), covering the payment of tax liability by delivering or withholding securities incident to the receipt, exercise, or vesting of a security issued in accordance with Rule 16b-3.
• Choi has a Limited Power of Attorney, effective February 13, 2024, authorizing Paul Grewal, Doug Sharp, Molly Abraham, Amanda Baratz, and Lailey Rezai to prepare and file SEC forms on her behalf.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing correcting a previous error. It doesn't indicate any significant positive or negative developments for the company, but accuracy in filings is important.

Industry Context

Form 4 filings are standard practice for corporate insiders to report transactions in their company's stock, ensuring transparency and compliance with SEC regulations.

Comparison to Industry Standards

• Similar filings are common among executives at publicly traded companies like Block (SQ), PayPal (PYPL), and Robinhood (HOOD) when dealing with stock-based compensation and related tax obligations.
• The relinquishment of shares to cover tax liabilities is a standard practice, aligning with typical executive compensation structures in the tech industry.

Key Dates