BlackBerry started off this week by announcing plans to “explore strategic alternatives” that could lead towards a “possible joint ventures, strategic partnerships or alliances, a sale of the Company or other possible transactions.” This news was certainly not too shocking as Thorsten Heins, BlackBerry CEO, has stated for months that at the very least he was interested in licensing the new BlackBerry 10 OS to other manufacturers. To help with this process of BlackBerry has formed a Special Committee, with assistance from JP Morgan Securities, Skadden, Arps, Slate, Meagher & Flom LLP and Torys LLP.
An interesting set of numbers has surfaced from BlackBerry’s May proxy filing. According to the doc, if any of the exec team are terminated, or if a sale of the company happens and they are terminated, they will all rake in some serious cash. Here’s the breakdown:
Upon Termination:
– Thorsten Heins, BlackBerry CEO, will receive a total package of $22,017,072
– Brian Bidulka, BlackBerry CFO, will receive a total package of $4,462,231
– Steve Zipperstein, BlackBerry CLO, will receive a total package of $3,067,915
– Frank Boulben, BlackBerry CMO, will receive a total package of $3,087,915
– Kristian Tear, BlackBerry COO, will receive a total package of $2,173,941
Upon Sale of Company and Termination:
– Thorsten Heins, BlackBerry CEO, will receive a total package of $55,615,227
– Brian Bidulka, BlackBerry CFO, will receive a total package of $6,052,356
– Steve Zipperstein, BlackBerry CLO, will receive a total package of $7,910,409
– Frank Boulben, BlackBerry CMO, will receive a total package of $7,713,945
– Kristian Tear, BlackBerry COO, will receive a total package of $7,389,050
Heins is a member on the ‘special committee’ that is seeking a buyer so he’ll be engaged in all the finer details of a potential transaction. These figures all include base salaries, various incentives, retirement savings and equity awards, but will only be granted it an exec is terminated, or doubled up with a sale and then terminated. If BlackBerry finds a new buyer who decides to push out the entire exec team the total cost amounts to $84,680,987.
Source: BlackBerry
Via: N4BB, Bloomberg
