News that BlackBerry is no longer up for sale after taking a $1 billion investment from Fairfax Financial Holding Limited sent shockwaves through the tech world this morning, but ousted CEO Thorsten Heins‘ golden parachute may prove even more shocking. According to AllThingsD, the ousted CEO stands to earn a $22 million payout.
A new contract which Heins signed back in April made it clear one of the CEO’s main priorities was finding a buyer for BlackBerry, promising him almost $56 million following a sale. However, with BlackBerry still unsold, Heins will likely make a little less than half what he could have.
Heins’ payout is made up of an equity portion based on BlackBerry’s share price—which has dropped significantly since April—as well as his $3 million base salary for two years with benefits and an additional $5 million in cash or stock. All in all, Heins stands to walk away with $22 million.