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BlackBerry could pay $250 million break fee in event of better offer: filing

08
Nov
2013

BlackBerry Ltd will pay up to $250 million to a group of debtors including Prem Watsas Fairfax Financial Holdings if another deal succeeds, according to a regulatory filing on Thursday detailing the debt deal. The filing also showed that incoming interim chief executive and executive chairman John Chen will receive a base salary of $1 million and a bonus of up to $2 million. BlackBerry on Monday abandoned plans to sell itself and instead opted to raise $1 billion by selling convertible notes to a group of investors. Chen is the second straight chief executive at Canadas most prominent technology company to receive a lucrative pay package for what could be a short stint of work.

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