Ousted BlackBerry CEO Had $56 Million Golden Parachute - But It May Not Have Deployed

By Justin Sullivan/Getty ImagesBlackBerry CEO Thorsten Heins

BlackBerry CEO Thorsten Heins, who intends to resign today following the collapse of a $4.7 billion deal to take the company private, had a golden parachute worth up to $56 million in place in case he was ousted from 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 $56 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 $22 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, $10.2 million, and $9 million in the last three years.)

We've sent a message to BlackBerry investor relations for clarification.

Here was the 2013 package:

BlackBerry