[Form 4] Couchbase, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Couchbase insider William R. Carey reported that, as a result of a merger, his equity awards and common shares were converted into cash consideration of $24.50 per share. The Form 4 shows 88,936 common shares were disposed of and the reporting person now beneficially owns 0 common shares. Outstanding vested stock options with exercise prices at or below the per-share cash price were cancelled and converted into cash payments equal to the excess of the per-share price over the option exercise price multiplied by the option shares. Unvested restricted stock units were cancelled and converted into contingent cash awards that retain their original vesting schedules, while certain performance-based RSUs were deemed unachieved and forfeited.

The filing identifies the reporting person as an officer (Interim CFO & CAO) and reflects that these changes arose solely from the terms of the merger agreement between Couchbase and the acquirer.

Positive

• Merger completed consideration: Outstanding equity was converted into $24.50 per share cash, providing a definitive settlement value for holders
• Vesting protections for unvested RSUs: Unvested RSUs were converted into contingent cash awards that retain original vesting terms and applicable acceleration provisions
• Vested options monetized: Fully vested options with exercise prices at or below the per-share price were converted into cash reflecting their intrinsic value

Negative

• Reporting person holds 0 shares post-transaction: The Form 4 shows the reporting individual no longer beneficially owns common stock
• Performance-based RSUs forfeited: Remaining outstanding unvested PSUs were deemed unachieved and forfeited immediately prior to the merger
• Equity dilution/continuity removed: Cancellation and cash settlement of awards eliminate future equity-based incentives tied to ongoing company performance

Insights

Financial Analyst

TL;DR: Insider holdings were converted to cash under merger terms; reporting person now holds no common stock.

The transaction is a standard equity settlement arising from a change of control where the per-share cash consideration of $24.50 drove automatic conversion or cancellation of equity awards. Vested options with exercise prices at or below the cash price converted into immediate cash value rather than continuing as equity; unvested RSUs converted into contingent cash awards preserving vesting mechanics. For investors, this removes a layer of insider equity exposure and finalizes compensation outcomes tied to the acquisition.

Corporate Governance Expert

TL;DR: Merger-related equity settlements completed; governance impact limited but removes insider share ownership.

From a governance perspective, the Form 4 documents consummation of merger consideration and the administrative mechanics for cancelling and cash-settling options and RSUs. The reporting officer no longer holds common stock post-transaction, and performance-based awards were treated per award terms (some forfeited). This is procedurally material to ownership disclosure but reflects contractually prescribed outcomes rather than discretionary insider actions.

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

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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^*

Carey William Robert

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Interim CFO & CAO

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)		88,936	D	(2)(3)	0	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
Stock Option (Right to Buy)	$7.55	09/24/2025		D(1)			22,053	(4)	09/18/2029	Common Stock	22,053	(4)	0	D
Stock Option (Right to Buy)	$9.95	09/24/2025		D(1)			6,000	(4)	09/17/2030	Common Stock	6,000	(4)	0	D
Stock Option (Right to Buy)	$21.4	09/24/2025		D(1)			2,999	(4)	03/09/2031	Common Stock	2,999	(4)	0	D
Performance-based Restricted Stock Units	(5)	09/24/2025		D(1)			8,400	(5)	01/31/2028	Common Stock	8,400	(5)	0	D

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 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 restricted stock unit ("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. At the Effective Time, this option to purchase shares of the Issuer's common stock was fully vested and had an exercise price per share that was less than or equal to the Per Share Price and, pursuant to the terms of the Merger Agreement, at the Effective Time, was automatically cancelled and converted into the right to receive an amount in cash equal to (i) the total number of shares of common stock subject to the option, multiplied by (ii) the excess, if any, of the Per Share Price over the exercise price per share of such option, without interest and less any applicable withholding taxes.

5. Reflects an award of the remaining outstanding and unvested performance-based RSUs ("PSUs"), which, pursuant to the terms of the applicable award agreement, were deemed unachieved and forfeited immediately prior to the Effective Time.

	/s/ Margaret Chow, by Power of Attorney for William R. Carey	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.
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FAQ

What happened to Couchbase (BASE) shares held by William R. Carey?

Per the Form 4, the reporting person’s 88,936 common shares were converted into cash under the merger consideration, and he now beneficially owns 0 common shares.

How much cash consideration was paid per Couchbase share in the merger?

The Form 4 states the per-share cash consideration was $24.50 per share.

What happened to William Carey’s stock options and RSUs at Couchbase?

Vested options with exercise prices at or below the per-share price were cancelled and converted into cash equal to the intrinsic value; unvested RSUs were converted into contingent cash awards that maintain original vesting terms; certain performance-based RSUs were deemed unachieved and forfeited.

Does the Form 4 indicate any insider sales unrelated to the merger?

No. The Form 4 explains the dispositions and cancellations occurred pursuant to the merger agreement and were automatic at the effective time of the merger.

What role did the reporting person hold at Couchbase when these changes occurred?

The filing identifies the reporting person as an officer with the title Interim CFO & CAO.