BlackBerry's (BBRY) Heins Won't Fare Too Bad Upon Termination
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All is not lost for outgoing BlackBerry (Nasdaq: BBRY) CEO Thorsten Heins.
Canada's Globe and Mail said today that Heins might be eligible for up to $22 million in severance related to his abrupt departure.
According to a recent regulatory filing, Heins might have received up to $55.6 million should the company have been sold and he was dismissed. The $22 million or so payment would for termination with no company sale.
Heins' pay could vary given much of what he has are Restricted Stock Units (RSUs) with only a few being eligible for immediate payout on termination. The other units will vest over a period of 24 months, so the final number could vary. Also, the amount was calculated for BlackBerry's fiscal year ending last March and the stock is down over 50 percent since then.
Heins last disclosed holding 2.89 million RSUs, 813,000 stock options (which are currently not exercisable given the company's share price), and 179,504 common shares. There are another 1.1 million performance share units which can be paid if various performance metrics are met, but those won't continue to vest.
Shares of BlackBerry are down about 14 percent Monday.
Canada's Globe and Mail said today that Heins might be eligible for up to $22 million in severance related to his abrupt departure.
According to a recent regulatory filing, Heins might have received up to $55.6 million should the company have been sold and he was dismissed. The $22 million or so payment would for termination with no company sale.
Heins' pay could vary given much of what he has are Restricted Stock Units (RSUs) with only a few being eligible for immediate payout on termination. The other units will vest over a period of 24 months, so the final number could vary. Also, the amount was calculated for BlackBerry's fiscal year ending last March and the stock is down over 50 percent since then.
Heins last disclosed holding 2.89 million RSUs, 813,000 stock options (which are currently not exercisable given the company's share price), and 179,504 common shares. There are another 1.1 million performance share units which can be paid if various performance metrics are met, but those won't continue to vest.
Shares of BlackBerry are down about 14 percent Monday.
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