Choi Emilie 4

What Happened Emilie Choi, President and COO of Coinbase (COIN), had multiple restricted stock units (RSUs) convert into 27,956 shares on May 20, 2026 (reported on Form 4 filed May 22, 2026). To cover tax obligations related to the vesting, 13,862 of those shares were surrendered/cancelled to the company at an implied share value of $193.45, yielding a tax-withholding amount of $2,681,604. After the withholding, Choi received a net of roughly 14,094 shares.

Key Details

• Transaction date: May 20, 2026; Form 4 filed May 22, 2026 (timely).
• What occurred: Code M — exercise/conversion of RSUs into 27,956 shares; Code F — 13,862 shares relinquished for tax withholding.
• Withholding price/value: $193.45 per share; 13,862 shares = $2,681,604 (amount the withholding covered).
• Net effect: +14,094 shares retained by Choi after withholding.
• Shares owned after transaction: total holdings after this activity are not specified in the supplied filing data.
• Footnotes: RSU vesting and schedules are described in the filing (multiple grants vesting quarterly over multi-year schedules). Footnote F3 states the withheld shares were cancelled by the issuer in exchange for the issuer paying the Reporting Person’s federal/state tax withholding obligations (an exempt transaction under Rule 16b-3). Each RSU converts to one share (F7). RSUs do not expire; vest or are canceled (F9).

Context

• This was not an open-market sale: the shares were surrendered to Coinbase to satisfy tax withholding obligations (a common "sell/withhold to cover taxes" mechanism), not a disposition in the public market.
• Transaction codes: M = exercise/conversion of derivative (RSU -> share); F = payment of exercise price or tax liability (withholding).
• Such withholding transactions are routine following RSU vesting and are not a direct signal of insider sentiment; they reflect tax/administrative processing of equity awards.