In connection with the acquisition of Cylance, BlackBerry’s Board of Directors has approved a grant of performance-based restricted share unit awards (the “Inducement Awards”) to Stuart McClure and Ryan Permeh covering up to 3,122,140 and 1,060,049 shares of common stock, respectively.
The Inducement Awards are “employment inducement grants” under the New York Stock Exchange Listing Rule 303A.08.
Up to 25%, 35% and 40% of the Inducement Awards are eligible for vesting at the end of BlackBerry’s 2020, 2021 and 2022 fiscal years, respectively, if certain performance conditions are met.
The company also notes that 75% of the awards eligible to vest in a given year are based on achievement of a billings goal and 25% are based on achievement of a contribution margin goal.
