Form 4: BASE director dispositions reflect merger cash-out and RSU conversions

Rhea-AI Filing Summary

Couchbase, Inc. (BASE) director Edward T. Anderson reported dispositions on 09/24/2025 tied to the company's merger. At the effective time of the Merger, all outstanding common shares and vested restricted stock units were converted into a right to receive $24.50 per share in cash, and unvested RSUs were cancelled and converted into contingent cash awards that retain their original vesting terms. The Form 4 shows reported dispositions of 97,948 shares held directly and indirect dispositions of 2,689,172 shares (NBVP 7) and 1,987,084 shares (NBVP VI), with zero shares owned following the reported transactions.

The filing reflects the mechanics of the Merger Agreement rather than open-market trading: cash consideration was paid per share and converted RSUs remain subject to vesting and withholding as described.

Positive

• Merger completed with fixed cash consideration of $24.50 per share, providing clear, determinable value to holders
• Unvested RSUs converted into contingent cash awards that retain original vesting terms and potential acceleration provisions

Negative

• Reporting person and related funds no longer hold common stock after the dispositions (beneficial ownership reported as zero)
• Outstanding unvested RSUs were cancelled as equity awards and converted to cash rights, eliminating ongoing equity exposure

Insights

Securities Analyst

TL;DR: Director holdings were cashed out in the merger at $24.50 per share; unvested RSUs converted to contingent cash awards.

This Form 4 documents dispositions resulting from the consummation of the Merger under the Merger Agreement dated June 20, 2025. The reporting person disposed of direct and indirect holdings totaling 4,774,204 shares (97,948 direct; 2,689,172 and 1,987,084 held by two North Bridge funds) and holds no common stock post-transaction. The consideration was a fixed cash price of $24.50 per share, and unvested RSUs were converted into contingent cash awards that preserve vesting conditions. For investors, this is a transactional disclosure of a corporate change, not a market sale signal.

Corporate Governance Expert

TL;DR: The filing cleanly discloses merger-related conversions and clarifies indirect holdings through venture funds.

The report includes clear attribution of indirect ownership to North Bridge entities and the Managing Members' limited role in voting/dispositive power, with standard disclaimers. It also explains administrative treatment of RSUs post-closing, including tax withholding and preservation of vesting/acceleration provisions. This is a routine, governance-focused disclosure following a change-in-control transaction.

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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X

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^*

ANDERSON EDWARD T

(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)
09/24/2025

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	09/24/2025		D(1)		97,948	D	(2)(3)	0	D
Common Stock	09/24/2025		D(1)		2,689,172	D	(2)	0	I	North Bridge Venture Partners 7, L.P.(4)(5)
Common Stock	09/24/2025		D(1)		1,987,084	D	(2)	0	I	North Bridge Venture Partners VI, L.P.(4)(5)

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. Pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), dated June 20, 2025, by and among Couchbase, Inc. (the "Issuer"), Cascade Parent Inc. ("Parent") and Cascade Merger Sub Inc. ("Merger Sub"), Merger Sub merged with and into the Issuer (the "Merger"), with Issuer surviving the Merger and becoming a wholly owned subsidiary of Parent.

2. At the effective time of the Merger (the "Effective Time"), these shares, including awards of restricted stock units that vested previously but settlement for which had been deferred under our non-employee director restricted stock unit ("RSU") deferral program (as applicable), were automatically converted solely into the right to receive cash in an amount equal to $24.50 (without interest) per share (the "Per Share Price"), subject to the terms and conditions of the Merger Agreement.

3. At the Effective Time, each outstanding RSU that was unvested was cancelled and converted solely into the contingent right to receive a cash award (without interest) equal to (i) the total number of shares of common stock subject to such unvested RSU award immediately prior to the Effective Time, multiplied by (ii) the Per Share Price, less applicable withholding taxes. Each converted cash award will continue to have, and will be subject to, the same vesting terms and conditions (including acceleration provisions upon a qualifying termination of employment (if any)) as applied to the corresponding unvested RSU award immediately prior to the Effective Time, except for administrative changes that are not adverse to the former holder of the unvested RSU award.

4. The reportable securities are owned directly by North Bridge Venture Partners 7, L.P. ("NBVP 7"). North Bridge Venture Management 7, L.P. ("NBVM 7") is the sole general partner of NBVP 7, and NBVM GP, LLC ("NBVM GP") is the sole general partner of NBVM 7. The Reporting Person, who is a member of the Issuer's board of directors, and Richard A. D'Amore are the managing members of NBVM GP (collectively, the "Managing Members") and the Managing Members may be deemed to have shared voting and dispositive power over the shares held by NBVP 7. Each of NBVM 7, NBVM GP and the Managing Members disclaims beneficial ownership of these securities and this report shall not be deemed an admission that any one of them is the beneficial owner of such securities for purposes of Section 16 or for any other purpose, except to the extent of their respective pecuniary interests therein.

5. The reportable securities are owned directly by North Bridge Venture Partners VI, L.P. ("NBVP VI"). North Bridge Venture Management VI, L.P. ("NBVM VI") is the sole general partner of NBVP VI, and NBVM GP is the sole general partner of NBVM VI. The Managing Members are the managers of NBVM GP and may be deemed to have shared voting and dispositive power over the shares held by NBVP VI. Each of NBVM VI, NBVM GP and the Managing Members disclaims beneficial ownership of these securities and this report shall not be deemed an admission that any one of them is the beneficial owner of such securities for purposes of Section 16 or for any other purpose, except to the extent of their respective pecuniary interests therein.

	/s/ Margaret Chow, by Power of Attorney for Edward T. Anderson	09/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Edward T. Anderson report on Form 4 for BASE?

He reported dispositions on 09/24/2025 tied to the Merger, showing direct and indirect shares converted into cash consideration at $24.50 per share.

How many shares were disposed of by the reporting person in this filing?

The Form 4 reports dispositions totaling 4,774,204 shares (97,948 direct; 2,689,172 and 1,987,084 held indirectly).

What happened to unvested RSUs at the effective time of the Merger?

Unvested RSUs were cancelled and converted into contingent cash awards equal to the number of underlying shares multiplied by $24.50, subject to the same vesting terms and applicable withholding.

What is the per-share cash price paid in the Merger?

The Per Share Price paid at the Effective Time of the Merger was $24.50 per share (without interest).

Who holds the indirectly reported shares and how is control described?

The indirect holdings are owned by North Bridge Venture Partners 7, L.P. and North Bridge Venture Partners VI, L.P.; managing entities disclaim beneficial ownership except for pecuniary interests and may be deemed to share voting/dispositive power.