BlackBerry, CEO John Chenn agree to contract extension.
BlackBerry and its Executive Chairman and CEO, John Chen, announced an agreement to extend Chen's leadership of BlackBerry through November 2023. Chen joined BlackBerry in November 2013 and is responsible for defining the company's vision and goals, setting its strategy, and ensuring its execution. The five-year contract extension for Chen is weighted toward long-term performance-based equity and cash awards, in addition to a time-based equity award. There will be no change to Chen's base salary, short-term cash incentive, or benefits. The time-based equity award consists of five million restricted share units, or RSUs, that will vest annually over five years in equal tranches beginning on November 3, 2019. The performance-based equity award consists of five million RSUs that will vest in five equal tranches if and when the market price of BlackBerry's shares rises to reach whole dollar amounts from $16 to $20. The performance-based cash award will vest and become payable if the market price of BlackBerry's shares reaches USD $30. The stock price targets for the performance-based equity and cash awards must be achieved over a 10-day trading average. For all the performance-based awards to vest, the market capitalization of BlackBerry would have to reach approximately $16.1 billion, representing an increase of about 134% above BlackBerry's market capitalization as of the close of trading on March 14, 2018.
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|Date:||Mar 15, 2018|
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