BlackBerry CEO John Chen gets $128-million award to stay on for at least 5 more years

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BlackBerry CEO John Chen's base salary and annual bonus will remain at US$1 million and US$2 million, respectively.Frank Gunn/The Canadian Press files

BlackBerry Ltd. Chief Executive Officer John Chen signed a new contract worth at least US$128 million to keep him on the job for at least five years.

The pay package includes 10 million restricted stock grants — valued at $128 million as of Wednesday’s close — that will vest through November 2023, the Waterloo, Ontario-based company said Thursday in a statement. Half will pay out if share-price goals of US$16 to US$20 are reached. He’ll also get a performance-based cash award if the stock hits US$30. The value of the cash grant will be disclosed in the company’s proxy circular in May, according to the statement.

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