BlackBerry Grants Equity Inducement Award to John Giamatteo

Rhea-AI Summary

BlackBerry Limited (NYSE: BB) announced an equity inducement award for John Giamatteo, President of its Cybersecurity unit. The award comprises 800,425 restricted share units (RSUs) as an incentive for joining the company, with varying vesting schedules. Time-based RSUs will vest on three anniversaries starting January 3, 2022, while performance-based RSUs will vest on January 3, 2025, subject to conditions. Termination scenarios affecting RSUs are outlined, ensuring some RSUs vest upon certain events. BlackBerry focuses on intelligent security solutions across various sectors.

Positive

• Equity inducement of 800,425 RSUs awarded to John Giamatteo strengthens leadership in cybersecurity.
• The vesting structure incentivizes long-term commitment and performance from Giamatteo.

Negative

• None.

WATERLOO, ON, Feb. 25, 2022 /PRNewswire/ -- BlackBerry Limited (NYSE: BB; TSX: BB) today announced that it has granted an equity inducement award to John Giamatteo, President of BlackBerry's Cybersecurity business unit. 

BlackBerry is issuing this announcement pursuant to, and in reliance on, the employment inducement exemption under the NYSE's Listed Company Manual Rule 303A.08. Mr. Giamatteo's equity inducement award was granted outside of the Company's Amended and Restated Equity Incentive Plan. 

Mr. Giamatteo received an award of 800,425 time-based and performance-based restricted share units (the "RSUs") as a material inducement to entering into employment with BlackBerry. Mr. Giamatteo's employment began on October 4, 2021.

The time-based RSUs will vest in equal installments on the first three anniversaries of January 3, 2022. Subject to the satisfaction of certain performance conditions, the performance-based RSUs will vest on January 3, 2025.

If Mr. Giamatteo's employment is terminated without cause or he resigns for good reason absent a change of control, any unvested RSUs will continue to vest during the severance period provided under Mr. Giamatteo's employment agreement. If Mr. Giamatteo's employment is terminated without cause or he resigns for good reason during the negotiation of or within 24 months following the completion of a change of control, or if Mr. Giamatteo dies, any unvested RSUs will vest immediately. Any unvested RSUs will be cancelled in the event of Mr. Giamatteo's resignation or termination for cause.

About BlackBerry

BlackBerry (NYSE: BB; TSX: BB) provides intelligent security software and services to enterprises and governments around the world. The company secures more than 500M endpoints including over 195M vehicles. Based in Waterloo, Ontario, the company leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety and data privacy solutions, and is a leader in the areas of endpoint management, endpoint security, encryption, and embedded systems. BlackBerry's vision is clear - to secure a connected future you can trust.

BlackBerry. Intelligent Security. Everywhere. 

For more information, visit BlackBerry.com and follow @BlackBerry.

Trademarks, including but not limited to BLACKBERRY and EMBLEM Design are the trademarks or registered trademarks of BlackBerry Limited, and the exclusive rights to such trademarks are expressly reserved. All other trademarks are the property of their respective owners. BlackBerry is not responsible for any third-party products or services.

Media Contact:
BlackBerry Media Relations
+1 (519) 597-7273
mediarelations@BlackBerry.com

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SOURCE BlackBerry Limited

FAQ

What is the equity inducement award granted to John Giamatteo by BlackBerry?

John Giamatteo received an equity inducement award of 800,425 restricted share units (RSUs) as part of his employment with BlackBerry.

When did John Giamatteo start his employment at BlackBerry?

John Giamatteo began his employment at BlackBerry on October 4, 2021.

What are the vesting terms for the RSUs granted to Giamatteo?

The time-based RSUs vest in equal installments over three anniversaries starting January 3, 2022, while performance-based RSUs vest on January 3, 2025, pending certain conditions.

What happens to the RSUs if Giamatteo's employment is terminated?

If terminated without cause or he resigns for good reason, RSUs may continue to vest during severance or vest immediately under certain conditions.

How does the equity inducement award impact BlackBerry's stock (BB)?

The award could increase investor confidence by strengthening the leadership team focused on cybersecurity, potentially positively influencing stock performance.