Thorsten Heins, CEO of Blackberry Ltd., could be in line for a $55.6-million windfall if the company changes hands.
According to Bloomberg, Mr. Heins will be entitled to the golden handshake if he sells the company and is removed from his post by the new owners. The plan was approved by shareholders and disclosed in a proxy filing in May.
The figure, which is based on the value of Blackberry’s stock at the end of the fourth quarter, includes Mr. Heins’s salary, incentives and equity awards.
Earlier this week, the struggling company announced it was conducting a strategic review which could lead to a sale. Prem Watsa, CEO of Fairfax Financial Holdings Ltd., promptly removed himself from Blackberry’s board to avoid a potential conflict of interest, sparking speculation of Mr. Watsa’s involvement in a change of control.