BlackBerry Limited (BB)

[Sideem]

Interesting 8-K: https://ih.advfn.com/stock-market/NYSE/blackberry-BB/stock-news/92791068/form-8-k-current-report

Some items regarding agreement with new CEO John Giamatteo:

1) Annual salary of $700,000.
2) Can participate in both Sales Incentive Plan ("SIP") and Variable Incentive Plan (“VIP”) that offers bonuses of up to 50% of his salary.
3) If the business separation of Cybersecurity & IOT is successfully completed within six months time frame, he'll get a one-time $350,000 bonus. If he exceeds six month time frame, it can go up to 1.5 times original amount. He gets 50% bonus of that amount if the Company achieves breakeven or positive operating cash flow for the first quarter of fiscal 2025. (I hope they're being conservative and maybe they achieve this in 2024).
4) He has time-based restricted shares valued up to $2.7 million vesting over three years from grant date (wondering if vested date will be in January 2027).
5) He has performance-based restricted shares valued up to $3.3 million - 70% is tied to reaching certain shareholder return goals with a 3-year vesting period ; and the remaining 30% will vest on third anniversary of grant date depending on the Company’s achievement of an adjusted EBITDA margin goal.

It was an interesting read.