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February 28, 2018 Prem Watsa BlackBerry Board of Directors Dear Prem, I want to
thank you and the Board for asking me to extend my employment contract with
BlackBerry for an additional five (5) years. I appreciate the faith you have all
placed in me in engineering the company’s turnaround and establishing a new
BlackBerry. Permit me to summarize our discussion regarding the terms of the
extension of my Employment Agreement: 1. Annual Cash Compensation, Benefits and
Guaranteed Terms and Conditions: The annual cash compensation, benefits
provisions and all other terms and conditions of my November 3, 2013 Employment
Agreement, and the October 8, 2015 Addendum (collectively, the “Agreement”),
will remain in effect for the extended period. 2. Long-Term Incentive (LTI): For
the five-year extension of my Agreement, I will be awarded and participate in
the following LTI programs, subject to the vesting schedules described below: x
5 million Time-based Restricted Stock Units (TBRSUs), which will become vested
and issued in five equal installments beginning November 3, 2019. x 5 million
Performance-based RSUs (PBRSUs): x 1 million PBRSUs are “earned” upon achieving
each of the following five price targets: $16, $17, $18, $19 and $20; x Price
targets are achieved when the target price is maintained for any 10- day trading
average; x Up to 1 million shares will become vested and will be issued to me
for payment of “earned” PBRSUs each year beginning November 3, 2019; and x
Includes a “catch-up provision” whereby unearned PBRSUs can become “earned” if
targets are achieved in a later year (e.g., if $16 target is not achieved by
November 3, 2019 but achieved in December 2019, those shares would be issued on
November 3, 2020). x Performance-based Cash Long-Term Incentive Plan (“LTIP”)
Bonus: x $90 million cash LTIP bonus is “earned” upon achieving a target price
of $30 (i.e., when the $30 target price is maintained for any 10-day trading
average); and x The LTIP bonus will become vested on the payment date, which
will occur within 30 days of the date the cash LTIP bonus is “earned.”

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- 2 - I must be employed by the Company on the vesting dates as provided under
the various vesting schedules described above to receive the shares that are
being issued and the cash bonus that is being paid. However, if I decide to
leave the Company for Good Reason or if I am terminated without Cause - as
defined in the Agreement - or retire before the end of the five-year contract,
all shares that have not been issued with respect to “earned” PBRSUs and any
unpaid portion of “earned” cash LTIP bonus will be issued and/or paid to me
within 30 days of my termination date, provided I do not work for a company “in
direct competition with BlackBerry.” The LTI compensation described in paragraph
2 above is being awarded for the extension period. The award amounts and the
vesting schedules (time-based and performance-based) will be incorporated into
Section 7 of the Agreement. All other terms and conditions of the Agreement will
remain in effect. As we discussed earlier, I have looked in to any significant
tax issues of the extension of my Agreement that will impact BlackBerry and me
personally upon a change in control. Section 280G of the Internal Revenue Code
disallows a corporate tax deduction for payments to the CEO upon a change in
control that result in an “excess parachute payment.” However, since the terms
of the extension of my Agreement require me to enter into and accept a
non-compete and/or consulting agreement upon termination of my employment
following the change in control, section 280G should not be an issue. Likewise,
in the case where BlackBerry is sold, if my Agreement clarifies that the
above-mentioned stock price goals are achieved based on the agreed upon per
share purchase price, the PBRSUs and cash LTIP bonus will become vested as a
result of achieving the performance goals and not as a result of the change in
control, which will reduce the amount that is included in the calculation to
determine whether there is an “excess parachute payment.” My title is Executive
Chair and CEO. If, in the future, I find someone who will be an effective CEO
for BlackBerry, I will recommend his or her appointment to the Board, and on the
Board’s appointment of the CEO my title will be Executive Chair and the new CEO
will report to me. Other than the change in my title to Executive Chair, the
appointment of a new CEO should not change my extended Agreement terms and
conditions, compensation and benefits. Again, thank you for asking me to extend
my Agreement. Please confirm via return email that I have correctly summarized
the terms thereof including the limited non-compete agreement and consulting
agreement upon termination of my employment following a change in control, the
clarification that the stock price goals are achieved based on an agreed sale
price of BlackBerry, and the requirement that the target price be maintained for
any 10-day trading average in the case where the company is not sold. Upon
getting your confirmation that the above are what you and the Board have agreed
to offer me for the extension of my Agreement, as clarified by the points set
out in the attached Appendix “A”, I will sign this document indicating my
acceptance. With best regards, John

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- 4 - Appendix A – Clarifications 1. The five equal installments of TBRSUs that
will vest beginning on November 3, 2019 will be equal annual installments. 2.
The PBRSU “catch-up” provision is based on the idea that each stock price target
from $16 to $20 is associated with each consecutive year ending November 3, 2019
to November 3, 2023. More than one million PBRSUs may vest in one year if a
stock price target that was missed for a prior year is achieved in a later year
in which another stock price target is also achieved. 3. For any stock price
target that is achieved in connection with a Change in Control, the applicable
PBRSUs will vest immediately and, if applicable, the cash award will be paid
immediately as a result of achieving the target. 4. If I am terminated without
cause, I will not receive only any PBRSU shares that have been earned but not
issued, but rather all of my awards (i.e. the TBRSUs, PBRSUs and the cash award,
whether earned or not) will accelerate and vest. 5. Any unearned PBRSUs will
terminate on November 3, 2023. 6. All stock price targets are NYSE prices and
will be adjusted appropriately for stock splits or consolidations. 7. In the
event of a Change in Control, I will enter into a non-compete agreement and/or
post- acquisition consulting agreement with the acquiring company to assist in
the integration and transition of new management, unless this requirement is
waived by the acquiring company.

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