Mattias Eriksson
About Mattias Eriksson
Mattias Eriksson served as President of BlackBerry’s IoT/QNX division under an employment agreement originally effective May 3, 2021, amended September 18, 2024; he stepped down from the role on November 18, 2025 and will advise the company through December 31, 2025 . Prior to BlackBerry, he was Senior Vice President and Head of Product at HERE Technologies (2019–2020) . In Fiscal 2025, IoT performance underpinning his incentives included IoT revenue of $236 million vs. a $235 million target, IoT controllable contribution margin of $103 million vs. an $88 million target, and corporate operating cash flow of $17 million vs. a $13 million target; these results drove above‑target VIP/SIP cash payouts for Eriksson . Education and age were not disclosed in the filings reviewed.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| HERE Technologies | SVP & Head of Product | 2019–2020 | Not disclosed |
External Roles
- No public company directorships or external roles were disclosed for Eriksson in the reviewed filings .
Fixed Compensation
| Year (Fiscal) | Base Salary ($) | Equity Awards ($) | Non-Equity Incentive ($) | All Other Comp ($) | Total ($) |
|---|---|---|---|---|---|
| 2023 | 510,616 | 799,997 | 365,615 | 15,442 | 1,691,671 |
| 2024 | 525,000 | 799,999 | 219,492 | 16,500 | 1,560,991 |
| 2025 | 529,790 | – | 434,294 | 18,505 | 982,588 |
| Bonus Targets | VIP Target (% of Salary) | SIP Target (% of Salary) | Notes |
|---|---|---|---|
| Fiscal 2024 | 40% | 40% (VIP+SIP total 80%) | Sales Incentive Plan (SIP) added for IoT sales focus |
| Fiscal 2025 | 40% (target $211,916) | 40% (target $211,916) | VIP+SIP target totaled 80% of salary |
Performance Compensation
Annual Incentives – Structure and Metrics (Fiscal 2025)
| Plan | Metric | Weight | Target | Actual | Attainment/Multiple | Resulting Payout Component |
|---|---|---|---|---|---|---|
| VIP | IoT Revenue | 50% | $235M | $236M | 100% / 0.50x | Included in VIP payout |
| VIP | IoT Controllable Contribution Margin | 20% | $88M | $103M | 116% / 0.22x | Included in VIP payout |
| VIP | Corporate Operating Cash Flow | 30% | $13M | $17M | 127% / 0.31x | Included in VIP payout |
| SIP | IoT Revenue (business-unit sales) | 100% | $235M | $236M | 100.43% / 1.0166x | Drives SIP payout |
- VIP performance scales by metric; for IoT revenue and corporate metrics, multiples rise with performance vs. target; bands and linear interpolation disclosed in proxy .
- One-time CEO incentives (not applicable to Eriksson) were unpaid; included here only as context for program governance .
Annual Incentive Payouts (Fiscal 2025)
| Component | Target ($) | Actual Payout ($) | % of Target |
|---|---|---|---|
| VIP | 211,916 | 218,850 | 103.27% |
| SIP | 211,916 | 215,444 | 101.66% |
Long-Term Incentives (Design and Grants)
- FY2024 annual LTI for Eriksson consisted of 50% time-based RSUs (TBRSUs) vesting over three years and 50% performance-based RSUs (PBRSUs) with metrics including relative TSR vs. S&P Software & Services Select Industry Index and annual adjusted EBITDA margin percentage (maximum 150% of target) .
- FY2025 regular annual LTI grants were deferred to Fiscal 2026; Eriksson’s Fiscal 2026 LTI award value (granted April 2, 2026) was $1,000,000 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Record Date FY2025) | 278,306 common shares (under 1% of class) |
| Options | None held in FY2025 |
| RSUs Vested in FY2025 | 266,370 shares; $799,457 value realized on vesting |
| Anti-Hedging/Pledging | Officers/directors prohibited from hedging or pledging; company not aware of any hedging/pledging by current NEOs/directors |
| NEO Ownership Guidelines | CEO 4x salary; other NEOs 2x salary; five-year compliance window; count includes owned and unvested equity |
Outstanding Equity and Vesting (as of Feb 28, 2025)
| Grant Date | Unvested RSUs (#) | Unearned PBRSUs at Target (#) | Next Vesting Milestones |
|---|---|---|---|
| Jan 2, 2024 | 95,236 | 104,957 | TBRSUs: 50% on Jan 2, 2026; 50% on Jan 2, 2027; PBRSUs: Jan 2, 2027 |
| Jan 6, 2023 | 111,742 | – | TBRSUs and PBRSUs: Jan 6, 2026 |
PBRSU earnouts during FY2025: FY2023 PBRSUs earned at 65% of target; portions of FY2024/FY2025 PBRSUs earned at 150% for first‑year adjusted EBITDA margin; earned PBRSUs remain in “unvested” counts until vest dates .
Employment Terms
| Element | Key Terms |
|---|---|
| Agreement | President, IoT under written employment contract dated April 14, 2021; amended September 18, 2024 |
| General Severance (No CoC) | Salary continuation: 12 months + 1 month per completed year of service up to 24 months; health benefits during severance; continued vesting of equity during severance (15 months for Eriksson); prorated earned VIP and SIP for year of termination |
| Change of Control (Double-Trigger) | Lump sum 2x base salary; bonus in lieu equal to base × (then-current VIP target% + SIP target%) × 2; immediate vesting of all outstanding equity at target; vested options exercisable per plan |
| “Good Reason” (summary) | Material detrimental role change; ≥10% salary cut (outside broad-based reductions); discontinuation of plan participation without comparable replacements; uncured material breach; other detailed terms |
| Departure (Nov 18, 2025) | Stepped down to pursue other opportunities; will advise through Dec 31, 2025; separation pay/benefits per May 12, 2025 proxy terms; no disagreement on strategy/operations/policies |
Illustrative Severance Values if Triggered on last day of Fiscal 2025
| Scenario | Base Salary ($) | Bonus ($) | Benefits ($) | LTI ($) | Total ($) |
|---|---|---|---|---|---|
| Without Cause / Good Reason | 685,781 | 434,294 | 30,333 | 709,397 | 1,859,805 |
| Change of Control (Double-Trigger) | 1,097,250 | 877,800 | 48,533 | 1,469,214 | 3,492,797 |
Governance, Controls, and Say-on-Pay
- Clawback policy covers recovery of incentive/equity comp upon financial restatement or misconduct; no recoveries in FY2025 .
- Independent compensation advisor (Mercer) engaged; audited payout calculations; anti‑hedging/anti‑pledging policy in place .
- 2024 Say‑on‑Pay approval: ~82.7% in favor (206,530,570 for; 43,163,308 against) .
Performance & Track Record Highlights (Fiscal 2025)
| Metric | Target | Actual | Notes |
|---|---|---|---|
| IoT Revenue | $235M | $236M | Achieved 100% of VIP target; drove SIP >100% |
| IoT Controllable Contribution Margin | $88M | $103M | Exceeded target (116%) |
| Corporate Operating Cash Flow | $13M | $17M | Exceeded target (127%) |
Board normalized certain corporate metrics for the Cylance sale impact when determining VIP attainment to ensure neutrality of transaction effects .
Compensation Structure Commentary
- Mix and leverage: Eriksson’s annual cash at-risk was 80% of salary between VIP (40%) and SIP (40%), tightly tied to IoT revenue, controllable contribution margin, and corporate operating cash flow, supporting pay-for-performance alignment .
- LTI design: Shift toward RSUs with PBRSU performance features (relative TSR and adjusted EBITDA margin) increases alignment to shareholder outcomes and sustainable profitability over three-year windows .
- Equity pacing: FY2025 annual grants were deferred to FY2026 amid an equity program redesign; Eriksson’s FY2026 LTI award value was $1,000,000 .
Investment Implications
- Alignment: Incentive weights emphasize IoT revenue and controllable contribution margin plus corporate cash flow, reinforcing operational execution in QNX/IoT; FY2025 above‑target VIP and SIP indicate alignment between performance and pay outcomes .
- Vesting overhang and potential supply: Significant RSU vesting milestones cluster in early CY2026 and CY2027 (Jan 6, 2026; Jan 2, 2026/2027), creating potential near‑term supply overhang from share delivery; no options outstanding (limits forced selling tied to option expiries) .
- Retention/transition risk: Eriksson’s departure on Nov 18, 2025 reduces single‑person key‑man risk but shifts execution risk to successor leadership; he remains as advisor until year‑end to support continuity .
- Change‑of‑control economics: Double‑trigger 2x salary plus targeted VIP+SIP multiple and accelerated vesting at target could influence leadership incentives around strategic alternatives; general severance continues vesting for 15 months post‑termination for Eriksson .
- Governance mitigants: Anti‑hedging/pledging policy and clawback framework reduce alignment and reputational risk; prior Say‑on‑Pay support (~82.7%) suggests moderate shareholder acceptance of compensation design .