BASE insider filing: 420 RSUs vested (deferred) and Accel-related indirect positions disclosed

Rhea-AI Filing Summary

Kevin Efrusy, a director of Couchbase, Inc. (BASE), reported a Form 4 disclosing a non-employee director restricted stock unit award and his beneficial holdings. One award of 420 restricted stock units was recorded as acquired on 09/15/2025; the units were scheduled to vest in full on that date but settlement has been deferred under the company’s non-employee director RSU deferral program. After the reported transaction, Mr. Efrusy directly beneficially owns 38,704 shares. The filing also discloses extensive indirect holdings through multiple Accel-related entities and the Efrusy Family Trust, including positions reported for Accel X L.P., Accel Growth Fund II entities and others, reflecting distributions that occurred in December 2023, January 2024, and March 2024 pursuant to Rules 16a-13 and 16a-9. The Form 4 was signed by Power of Attorney on behalf of Mr. Efrusy on 09/17/2025.

Positive

• RSU award recorded for a director (420 units) with clear disclosure of deferral under the company deferral program
• Transparent disclosure of indirect holdings through multiple Accel entities and the Efrusy Family Trust, including distributions dated December 18, 2023, January 8, 2024, and March 7, 2024
• Direct beneficial ownership quantified as 38,704 shares following the reported transaction

Negative

• None.

Insights

Securities Analyst

TL;DR: Director received RSUs that vested but settlement was deferred; significant indirect Accel-related holdings remain disclosed.

The filing documents a grant of 420 restricted stock units for a non-employee director that were scheduled to vest on 09/15/2025, with settlement deferred under the issuer’s deferral program, which affects the timing of share issuance but not immediate voting disclosures. The report clarifies direct beneficial ownership of 38,704 shares and extensive indirect positions through multiple Accel-managed vehicles, with prior distributions from those vehicles on specific dates in 2023 and 2024. For investors, the key points are the deferred settlement of director RSUs and the continued disclosure of substantial indirect holdings via institutional vehicles, which may influence future insider share availability and voting dynamics.

Corporate Governance Expert

TL;DR: Governance disclosure is routine and detailed, showing RSU deferral and multiple indirect holdings via related investment entities.

The Form 4 provides standard Section 16 reporting for a director-level equity award and clarifies the complex ownership chain through Accel entities and a family trust. The statement includes specifics on distributions that occurred under exemptions in Rules 16a-13 and 16a-9, and contains the customary beneficial ownership disclaimers. The deferred settlement under the non-employee director RSU deferral program is important for timing but the filing does not indicate any change in control or a sale that would be material to governance. Overall, the disclosure meets common governance transparency expectations for related-party and institutional ownership structures.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

EFRUSY KEVIN

(Last) (First) (Middle)

C/O COUCHBASE, INC.

3155 OLSEN DR., SUITE 150

(Street)

SAN JOSE CA 95117

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Couchbase, Inc. [ BASE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/15/2025		A		420(1)	A	$0	38,704	D
Common Stock								548,874(2)	I	Accel X L.P.(3)
Common Stock								146,484	I	Accel Growth Fund II Strategic Partners L.P.(3)
Common Stock								217,110	I	Accel Growth Fund Investors 2013 L.L.C.(3)
Common Stock								41,585(4)	I	Accel X Strategic Partners L.P.(3)
Common Stock								2,022,312	I	Accel Growth Fund II L.P.(3)
Common Stock								57,390(5)	I	Accel Investors 2008 L.L.C.(3)
Common Stock								560(6)	I	Accel X Associates L.L.C.(3)
Common Stock								35,592(7)	I	The Efrusy Family Trust u/a/d 10/21/2005(8)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This represents an award of restricted stock units to the Issuer's non-employee director. Each unit represents a contingent right to receive one share of the Issuer's common stock upon vesting. One hundred percent (100%) of the restricted stock units was scheduled to vest on September 15, 2025, but settlement has been deferred under our non-employee director RSU deferral program.

2. Reflects distributions of (i) 423,600 shares of the Issuer's common stock, (ii) 423,600 shares of the Issuer's common stock, and (iii) 550,680 shares of the Issuer's common stock, in each case distributed by Accel X L.P. to its limited partners and general partner, which shares were further distributed, representing each such partner's pro rata interest in such shares distributed, for no consideration on December 18, 2023, January 8, 2024, and March 7, 2024, respectively, in accordance with the exemptions afforded by Rules 16a-13 and 16a-9 of the Securities Exchange Act of 1934, as amended.

3. Accel X Associates L.L.C. ("A10A") is the General Partner of both Accel X L.P. and Accel X Strategic Partners L.P., and has the sole voting and investment power. Andrew G. Braccia, Kevin J. Efrusy, Sameer K. Gandhi, Ping Li, and Richard P. Wong are the Managing Members of A10A and Accel Investors 2008 L.L.C., and therefore share the voting and investment powers. Accel Growth Fund II Associates L.L.C., or AGF2A, is the General Partner of both Accel Growth Fund II L.P. and Accel Growth Fund II Strategic Partners L.P., and has the sole voting and investment power. Andrew G. Braccia, Sameer K. Gandhi, Ping Li, Ryan J. Sweeney and Richard P. Wong are the Managing Members of AGF2A and Accel Growth Fund Investors 2013 L.L.C. and share such powers. Each person disclaims beneficial ownership except to the extent of their pecuniary interest therein. The address for all Accel entities listed above is 500 University Avenue, Palo Alto, California 94301.

4. Reflects distributions of (i) 32,100 shares of the Issuer's common stock, (ii) 32,100 shares of the Issuer's common stock, and (iii) 41,730 shares of the Issuer's common stock, in each case distributed by Accel X Strategic Partners L.P. to its limited partners and general partner, which shares were further distributed, representing each such partner's pro rata interest in such shares distributed, for no consideration on December 18, 2023, January 8, 2024, and March 7, 2024, respectively, in accordance with the exemptions afforded by Rules 16a-13 and 16a-9 of the Securities Exchange Act of 1934, as amended.

5. Reflects distributions of (i) 44,300 shares of the Issuer's common stock, (ii) 44,300 shares of the Issuer's common stock, and (iii) 57,590 shares of the Issuer's common stock, in each case distributed by Accel Investors 2008 L.L.C. to its limited partners and general partner, which shares were further distributed, representing each such partner's pro rata interest in such shares distributed, for no consideration on December 18, 2023, January 8, 2024, and March 7, 2024, respectively, in accordance with the exemptions afforded by Rules 16a-13 and 16a-9 of the Securities Exchange Act of 1934, as amended.

6. Reflects distribution of (i) 476 shares of the Issuer's common stock by Accel X L.P. and (ii) 84 shares of the Issuer's common stock by Accel X Strategic Partners L.P., in each case distributed to A10A for no consideration on March 7, 2024, in accordance with the exemptions afforded by Rules 16a-13 and 16a-9 of the Securities Exchange Act of 1934, as amended.

7. Reflects distributions of (i) 7,521 shares of the Issuer's common stock, (ii) 6,396 shares of the Issuer's common stock, and (iii) 210 shares of the Issuer's common stock, in each case distributed to The Efrusy Family Trust u/a/d 10/21/2005 (the "Trust"), of which Mr. Efrusy is a Trustee, for no consideration on December 18, 2023, January 8, 2024, and March 7, 2024, respectively, in accordance with the exemptions afforded by Rules 16a-13 and 16a-9 of the Securities Exchange Act of 1934, as amended.

8. Shares held by the Trust. The Reporting Person disclaims beneficial ownership over the securities reported herein except to the extent of his pecuniary interest therein, if any, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities afforded by Rules 16a-13 and 16a-9 of the Securities Exchange Act of 1934, as amended.

Remarks:

	/s/ Margaret Chow, by Power of Attorney for Kevin Efrusy	09/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

When was the transaction reported on the Form 4 for BASE?

The transaction date reported is 09/15/2025 and the Form 4 was signed by Power of Attorney on 09/17/2025.

How many restricted stock units were awarded to the director?

The filing reports an award of 420 restricted stock units to the non-employee director.

What is Mr. Efrusy’s direct beneficial ownership after the transaction?

The Form 4 reports 38,704 shares beneficially owned directly following the reported transaction.

Are there indirect holdings disclosed in the Form 4 for BASE?

Yes. The filing discloses extensive indirect holdings through multiple Accel-related entities and the Efrusy Family Trust, with specific distributions noted in December 2023, January 2024, and March 2024.

Was settlement of the vested RSUs immediate?

No. Although 100% of the RSUs were scheduled to vest on 09/15/2025, settlement has been deferred under the issuer’s non-employee director RSU deferral program.