[amazinglygraceless]

Not giving any opinion on whether Mr Heins' compensation package is fair or justified (a contract is a contract) this is presented simply for the sake of clarity. Also, I can't do anything about that headline

Thorstein Heins Mangles BlackBerry, Walks Away With $16 Million Severance | Zero Hedge

Outgoing BlackBerry Ltd. chief executive officer Thorsten Heins could leave the company with about $16-million (U.S.) in severance payments and shares under the terms of a new employment agreement he signed with the company in April, regulatory filings show.

The company’s latest shareholder proxy circular, filed in May, says Mr. Heins would have been eligible to receive as much as $55.6-million in severance if the company was sold and he was dismissed. But he is also eligible for a large severance payout – as much as $22-million based on March figures – if he is simply terminated with no sale of the company.

However, his final severance amount will vary from the March calculation included in the proxy circular because much of the pay comes from equity holdings, which have changed since the chart was done in March.

BlackBerry announced Monday it has ended takeover talks with Fairfax Financial Holdings Ltd., and said Mr. Heins is leaving the company. A company spokeswoman said BlackBerry could not comment on Mr. Heins’s severance payments “at this time.”

Under the terms of the severance agreement, Mr. Heins is eligible to receive two times his base salary – worth $3-million in total – as well as a portion of his annual bonus for the current year, based on his standard corporate and individual performance factors. As of March, that was estimated to be worth $2.8-million, but it is unknown what his bonus payout is currently worth.

The equity components of his severance are the largest piece, however, estimated at $16-million as of March.
His current equity holdings in BBRY, aside from incentive option grants, amount to a tiny 180k shares of stock.

Mr. Heins also has share units acquired previously, which are currently worth about $4-million based on BlackBerry’s share price of $7.10 on Monday morning, and has 813,000 stock options, which are underwater and not exercisable based on the company’s current share price.

Both the old share units and his stock options will continue to vest for 24 months, which means the final payout under his severance agreement will not be determined for two years.

He also owns 179,504 common shares, worth about $1.3-million based on Monday’s share price.

Based on the current value of his common shares and share units, along with the $5-million payout for his new share units and his eligible salary and bonus payments, Mr. Heins could leave BlackBerry with about $16-million.

That total is not the final payout value, however, because his options and share units will not fully vest for two years and the final bonus amount payable is not yet known.

[jrwb6e]

Why couldn't Thorsten Heins downsize himself with the other 40% of the workforce and leave it at that?

[scribacco]

So, is the rumour true? Heins got paid $22m USD today to go away?

Perhaps you should look up the definition of a contract. Executives sign contracts when they agree to take a job. If you do not agree with his performance at BBRY it is your opinion but his compensation was set before he got the job.

[kevinnugent]

Perhaps you should look up the definition of a contract. Executives sign contracts when they agree to take a job. If you do not agree with his performance at BBRY it is your opinion but his compensation was set before he got the job.

Actually, not true. His compensation was amended (by a factor of about x3) a few months ago - by Prem Watsa. This is a cash grab. Pure and simple. How you can defend it is beyond me.

[Pete The Penguin]

Hmmm. He's been sh$tcanned. And paid $22m. He's not staying. Will be interesting to see if his Canadian citizenship is ever used again.

I was seriously wondering if the Canadian Gov't would terminate TH's citizenship?

[kevinnugent]

I was seriously wondering if the Canadian Gov't would terminate TH's citizenship?

Didn't you hear? Heins is "Blackberry's biggest fan" now. God, if they gave me $22m after a few months work I'd have their name tatto'd on my arse! lol.

He won't be able to get out of Waterloo fast enough. Maybe JC can give him a lift to LAX in the corporate jet seeing as how it's going to be going near there every day.

[Pete The Penguin]

Didn't you hear? Heins is "Blackberry's biggest fan" now. God, if they gave me $22m after a few months work I'd have their name tatto'd on my arse! lol.

He won't be able to get out of Waterloo fast enough. Maybe JC can give him a lift to LAX in the corporate jet seeing as how it's going to be going near there every day.

Bwahahahaha
Best laugh I've had all day.

[qwerty4ever]

Actually, not true. His compensation was amended (by a factor of about x3) a few months ago - by Prem Watsa. This is a cash grab. Pure and simple. How you can defend it is beyond me.

Further evidence of collision between the current CEO and BlackBerry's largest shareholder with a seat on the BOD.

Posted via CB10 from the BlackBerry Z10

[wafiwanders]

Maybe Blackberry need to involf some incentives at the top.

Take a couple of directors or ex directors [especially one in charge of marketing] and have a public execution on the roof of the headquarters. Immediate benefit is $22,000,000 saved, and everybody will put a lot more effort into the company.

Sometimes poor performance just needs the correct motivation to get things moving

[Pete The Penguin]

Maybe Blackberry need to involf some incentives at the top.

Take a couple of directors or ex directors [especially one in charge of marketing] and have a public execution on the roof of the headquarters. Immediate benefit is $22,000,000 saved, and everybody will put a lot more effort into the company.

Sometimes poor performance just needs the correct motivation to get things moving

A public execution's a little extreme...
How about using a 22, 000 volt cattle prod instead?

[njblackberry]

Wonder when they will announce Chen's compensation so that can become a new topic to fixate on...

[Pete The Penguin]

Wonder when they will announce Chen's compensation so that can become a new topic to fixate on...

Three weeks on Tuesday.

[wafiwanders]

A public execution's a little extreme...
How about using a 22, 000 volt cattle prod instead?

Maybe Apple will make an app for it , they have one for everything else

[qwerty4ever]

Wonder when they will announce Chen's compensation so that can become a new topic to fixate on...

If he can revive BlackBerry he will have earned every nickel. However, Prem Watsa's presence on the BlackBerry Board of Directors remains worrisome.

Posted via CB10 from the BlackBerry Z10

[kevinnugent]

Prems gotta keep a close eye on what he just bought!