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

Financial Analyst

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.

Corporate Governance Expert

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.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Kurtz Philip S.

(Last) (First) (Middle)

C/O BLACKBERRY LIMITED

2200 UNIVERSITY AVENUE EAST

(Street)

WATERLOO A6 N2K 0A7

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BLACKBERRY Ltd [ BB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CLO & Corp. Secretary

3. Date of Earliest Transaction (Month/Day/Year)
09/28/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	09/28/2025		M		52,104	A	(1)	112,926	D
Common Shares	09/28/2025		M		26,720	A	(1)	139,646	D
Common Shares	09/28/2025		S		29,201	D(2)	$4.95(3)(4)	110,445	D
Common Shares	09/28/2025		S		14,977	D(2)	$4.95(3)(4)	95,468	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance-Based Restricted Share Units	(1)	09/28/2025		M			52,104	(5)	(5)	Common Shares	52,104	(1)	0	D
Restricted Share Units	(1)	09/28/2025		M			26,720	(6)	(6)	Common Shares	26,720	(1)	0	D

Explanation of Responses:

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.

2. Sales to cover withholding taxes upon vesting of Restricted Share Units ("RSUs")".

3. The price reported was converted from Canadian dollars to U.S. dollars using the Bank of Canada exchange rate on the transaction date.

4. 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.

5. The Performance-Based RSUs fully vested on September 28, 2025.

6. The RSUs fully vested on September 28, 2025.

Remarks:

	/s/ Fraser Deziel, Attorney-in-Fact for Phil Kurtz	09/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What RSUs vested for Philip S. Kurtz on 09/28/2025 under BlackBerry (BB)?

The filing shows 52,104 performance-based RSUs and 26,720 time-based RSUs fully vested on 09/28/2025.

How many shares were sold and at what price in the Form 4 for BB?

The reporting person sold 29,201 shares and 14,977 shares as sell-to-cover transactions at a weighted average price of approximately $4.95 (range $4.95–$4.96).

What is Philip Kurtz's beneficial ownership after these transactions?

After the vesting and sell-to-cover sales, the filing reports 95,468 common shares beneficially owned by the reporting person.

Why were shares sold according to the Form 4?

The filing states the sales were to cover withholding taxes upon vesting of the RSUs.

Who signed the Form 4 and when was it filed?

The Form 4 is signed by /s/ Fraser Deziel, Attorney-in-Fact for Phil Kurtz and dated 09/29/2025.