[Form 4] Couchbase, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Aleksander J. Migon, a director of Couchbase, Inc. (BASE), was awarded 461 restricted stock units (RSUs) on 09/15/2025. Each RSU represents a contingent right to one share of common stock. The filing reports 45,734 shares beneficially owned by Mr. Migon following the reported transaction.

The RSUs were scheduled to vest 100% on 09/15/2025, but settlement has been deferred under the companys non-employee director RSU deferral program. The Form 4 was signed on behalf of Mr. Migon by Margaret Chow by power of attorney on 09/17/2025.

Positive

• Director alignment: Award of 461 RSUs aligns the reporting directors interests with shareholders by increasing equity ownership to 45,734 shares.
• Clear disclosure: The Form 4 explicitly states transaction date, award amount, vesting schedule, and that settlement is deferred under the RSU deferral program.

Negative

• Deferred settlement: Although vested, settlement of the RSUs has been deferred, delaying actual receipt of shares by the director.
• Limited detail on timing: The filing does not specify when deferred settlement will occur or any tax-withholding mechanics.

Insights

Financial Analyst

TL;DR: Director received 461 RSUs, increasing reported beneficial ownership to 45,734 shares; settlement deferred under the director RSU deferral program.

The transaction is a standard equity compensation award to a non-employee director, recorded as an award of 461 restricted stock units at no cash price. The award increases the directors reported beneficial ownership to 45,734 shares, which is a meaningful disclosure for ownership tracking but not a material corporate event. The deferral of settlement means the economic receipt of shares is postponed per the companys deferral program; the filing does not disclose any cash proceeds, exercise, sale, or tax withholding details.

Corporate Governance Expert

TL;DR: Director compensation via RSUs aligns incentives; deferred settlement follows governance policy and is disclosed in the Form 4.

Issuing RSUs to a non-employee director is a routine governance practice to align long-term interests with shareholders. The filing explicitly states 100% of the RSUs were scheduled to vest on 09/15/2025 but settlement has been deferred under the issuers non-employee director RSU deferral program, indicating adherence to a formal compensation deferral policy. The Form 4 provides clear disclosure without additional governance actions or departures noted.

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^*

Migon Aleksander J

(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		461(1)	A	$0	45,734	D

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.

Remarks:

	/s/ Margaret Chow, by Power of Attorney for Aleksander J. Migon	09/17/2025
	** 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 Aleksander J. Migon report on Form 4 for BASE?

He reported an award of 461 restricted stock units (RSUs) on 09/15/2025, increasing his beneficial ownership to 45,734 shares.

When were the RSUs for Mr. Migon scheduled to vest?

One hundred percent (100%) of the RSUs was scheduled to vest on 09/15/2025.

Was settlement of the vested RSUs delivered immediately?

No. Settlement has been deferred under Couchbases non-employee director RSU deferral program.

Who signed the Form 4 on behalf of Aleksander J. Migon?

The Form 4 was signed by Margaret Chow by power of attorney for Aleksander J. Migon on 09/17/2025.

Did the Form 4 report any cash transactions or sales related to these RSUs?

No. The filing reports an award of RSUs with a reported price of $0 and does not disclose any sale or cash proceeds.