Research In Motion co-chief executives Jim Balsillie and Mike Lazaridis will only pay slightly over $7 million pay $77 million Canadian combined for back-dating stock options between 1996 and 2006.
As part of the settlement deal with the Ontario Securities Commission, Lazaridis, the company’s founder, will pay $1.5 million. Balsillie didn’t fare quite as well and will pay $5 million to the commission and $700, 000 for the investigation. Balsillie will also be prevented from being the director of any company for a year, though he previously resigned his roll as RIM’s chairman.
The combined $7 million is pocket change compared to the reported $80 to $100 million the co-CEO’s could’ve faced. $77 million is roughly in line with the $80 to $100 million the co-CEO’s could’ve faced.
via yahoo
(Image Credit: textlad)
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