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Report says CEO Thorsten Heins to make $56.6 million if terminated and sells Blackberry

News   •   Aug 18, 2013 14:20 BST

Blackberry, maker of handsets such as the Blackberry Q10 handset, is considering selling. According to a new report, Thorsten Heins, Blackberry CEO, will get a staggering $56.6 million if he is terminated and if the deal pushes through.

This is according to Bloomberg. According to the site, “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.”

It 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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