BB Form 4: CLO Kurtz Vested RSUs and Sell-to-Cover Shares on 09/28/2025
Rhea-AI Filing Summary
BlackBerry insider activity: Philip S. Kurtz, Chief Legal Officer & Corporate Secretary of BlackBerry Limited (BB), reported transactions on 09/28/2025 related to vested restricted share units and subsequent sell-to-cover activity. Performance-based RSUs totaling 52,104 units and time-based RSUs totaling 26,720 units fully vested on 09/28/2025. Each unit represents a contingent right to receive one common share or cash at the company's discretion.
The filing shows sales to cover withholding taxes: 29,201 shares and 14,977 shares were sold at a weighted average price of approximately $4.95 (prices ranged $4.95–$4.96). After these transactions, the reporting person beneficially owned 95,468 common shares.
Positive
- Performance-Based RSUs fully vested on 09/28/2025 (52,104 units).
- Time-based RSUs fully vested on 09/28/2025 (26,720 units).
- Sales were disclosed as sell-to-cover for withholding taxes, with weighted average price provided and price range disclosed.
Negative
- Reported sales reduced direct beneficial ownership to 95,468 common shares.
- Shares sold at low single-digit USD prices (weighted average ~$4.95; range $4.95–$4.96), which may reflect current market level at transaction date.
Insights
TL;DR: Officer vested 78,824 RSUs and sold ~44,178 shares to cover taxes; remaining beneficial ownership is 95,468 shares.
The filing documents routine equity compensation events rather than open-market trading for investment purposes. The vesting of 52,104 performance-based RSUs and 26,720 RSUs is material to insider dilution and compensation expense timing but is an expected corporate governance outcome. The sell-to-cover transactions (totaling 44,178 shares) at a weighted average ~$4.95 simply effected tax obligations and reduced direct holdings to 95,468 shares. This does not by itself indicate a change in strategic stance or control.
TL;DR: Standard reporting of vested RSUs and withholding sales; disclosure appears complete and timely.
The Form 4 discloses full vesting of both performance and time-based RSUs on 09/28/2025 and corresponding sell-to-cover transactions. The filing includes required conversion and price information, noting USD conversion of CAD prices and a weighted average sale price range of $4.95–$4.96. Signature by an attorney-in-fact and clear explanations for withholding sales meet SEC Form 4 disclosure expectations. No governance red flags are evident from this single filing.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Performance-Based Restricted Share Units | 52,104 | $0.00 | -- |
| Exercise | Restricted Share Units | 26,720 | $0.00 | -- |
| Exercise | Common Shares | 52,104 | $0.00 | -- |
| Exercise | Common Shares | 26,720 | $0.00 | -- |
| Sale | Common Shares | 29,201 | $4.95 | $145K |
| Sale | Common Shares | 14,977 | $4.95 | $74K |
Footnotes (1)
- Each unit represents a contingent right to receive one common share or an equivalent amount of cash, or a combination of the two, at the discretion of BlackBerry Limited. Sales to cover withholding taxes upon vesting of Restricted Share Units ("RSUs")". The price reported was converted from Canadian dollars to U.S. dollars using the Bank of Canada exchange rate on the transaction date. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $4.95 to $4.96, exclusive of any fees, commissions or other expenses. The Reporting Person undertakes to provide BlackBerry, any shareholder of BlackBerry, or the Staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The Performance-Based RSUs fully vested on September 28, 2025. The RSUs fully vested on September 28, 2025.
