CEO Thorsten Heins to make $56.6 million if he sells Blackberry and is terminated
Blackberry, the Canadian phone manufacturer responsible for devices such as the Blackberry Q10 smartphone, is exploring the option to sell. Now a new report reveals that if Blackberry CEO Thorsten Heins sells the company and is terminated, he gets a whopping $56.6 million.
The news comes to us courtesy of Bloomberg. The business news site reports, “BlackBerry Ltd. (BB) Chief Executive Officer Thorsten Heins stands to make $55.6 million if he sells the company and is ousted.
“That’s the amount he’s entitled to receive if BlackBerry has a change of control and Heins is pushed out by the new owners, according to a May proxy filing. The figure, which includes salary, incentive payments and equity awards, is based on BlackBerry’s stock price at the end of the fiscal fourth quarter. The plan was approved by shareholders at its annual meeting on July 9.”
The site adds, “If Heins is terminated without a change of control, he is entitled to $22 million in salary, incentive payments and equity awards, based on the March 28 share price. The payout would include his base salary of $3 million and about $72,000 in benefits and retirement savings. He also is eligible for an annual incentive payment of $2.8 million, which climbs to $4.5 million in a change-of-control scenario.
“The equity awards are valued at $16.1 million if he’s simply terminated and $48 million if it happens at the hands of new owners. The documents don’t specify what might occur in a more complex breakup situation.”
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