BlackBerry CEO Chen Gets $128 Million Award to Continue Revival

BlackBerry Ltd. Chief Executive Officer John Chen signed a new contract worth at least $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 $16 to $20 are reached. He’ll also get a performance-based cash award if the stock hits $30. The value of the cash grant will be disclosed in the company’s proxy circular in May, according to the statement.