Thorsten Heins, who intends to resign todayfollowing the collapse of a $US4.7 billion deal to take the company private, had a golden parachute worth up to
$56 million in place in case he was oustedfrom the company.
It’s not clear, however, whether he was able to deploy it.
BlackBerry’s most recent proxy form says that if Heins executed the deal successfully, he would have received a $US56 million “double-trigger” bonus.
Failing that, “upon termination” that does not involve a change of control (i.e. something like what just happened, where he’s out even though there aren’t any new owners), he would get a $US22 million payout.
But the annual disclosure to investors also says that if Heins resigns, “No severance amounts will be payable.”
The plain English interpretation of the proxy seems to indicate that Heins has missed out on both bonuses — meaning he walks out with just his regular compensation. (That was 1.9 million, $US10.2 million, and $US9 million in the last three years.)
When contacted by Business Insider, BlackBerry’s investor relations staff declined comment.
Here was the 2013 package:
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