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09 Dec

A group of current and former directors and high-level officers of Waterloo-based Research in Motion Ltd., including the high-tech firm's founders, will pay million to settle allegations involving backdating stock options.

The Ontario Securities Commission approved the settlement deal during a three-hour hearing this morning in Toronto.

Jim Balsillie was given a -million penalty and must pay 0,000 in costs to the OSC.

Balsillie is also barred from serving as a director of a company for a year. Balsillie has already stepped down as company chairman.

The settlement deal is among the biggest ever for the commission.

RIM's high-profile co-founders Jim Balsillie and Mike Lazaridis, and Dennis Kavelman, the company's former chief financial officer, will pay million to RIM to account for improper gains and investigation costs related to the stock options.

RIM Co-CEOs James Balsillie and Mike Lazaridis as well as the Canadian company’s former chief financial officer, Dennis Kavelman, and former vice president of finance, Angelo Loberto, did not admit to or deny the SEC’s allegations.

The Ontario market regulator had accused RIM officials, including Balsillie, Lazaridis and several executives, of getting back-dated stock options over the decade leading up to July 2006.Stock options give company employees the right to buy shares at a set price on a particular date, typically the price at the end of the trading session on the date a grant is given.Backdating refers to improperly setting the grant date to coincide with a stock's lowest price, creating an instant paper gain.Lazaridis will pay

The Ontario market regulator had accused RIM officials, including Balsillie, Lazaridis and several executives, of getting back-dated stock options over the decade leading up to July 2006.

Stock options give company employees the right to buy shares at a set price on a particular date, typically the price at the end of the trading session on the date a grant is given.

Backdating refers to improperly setting the grant date to coincide with a stock's lowest price, creating an instant paper gain.

Lazaridis will pay $1.5 million in penalties and $150,000 in costs. Also under the terms of the deal revealed yesterday:- Kavelman, now the chief operating officer, will pay penalties of $1.5 million and another $150,000 in investigation costs;- Angelo Loberto, RIM's vice-president of corporate operations will pay $50,000 in investigation costs;- directors Kendall Cork, Douglas Wright, and James Estill were reprimanded;- Douglas Fregin, also a co-founder of RIM and former director, must complete a course on the duties of directors and officers.

About 1,400 of 3,200 options granted during this time were made using incorrect dating practices, the commission said in its statement of allegations.

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The Ontario market regulator had accused RIM officials, including Balsillie, Lazaridis and several executives, of getting back-dated stock options over the decade leading up to July 2006.Stock options give company employees the right to buy shares at a set price on a particular date, typically the price at the end of the trading session on the date a grant is given.Backdating refers to improperly setting the grant date to coincide with a stock's lowest price, creating an instant paper gain.Lazaridis will pay $1.5 million in penalties and $150,000 in costs. Also under the terms of the deal revealed yesterday:- Kavelman, now the chief operating officer, will pay penalties of $1.5 million and another $150,000 in investigation costs;- Angelo Loberto, RIM's vice-president of corporate operations will pay $50,000 in investigation costs;- directors Kendall Cork, Douglas Wright, and James Estill were reprimanded;- Douglas Fregin, also a co-founder of RIM and former director, must complete a course on the duties of directors and officers.About 1,400 of 3,200 options granted during this time were made using incorrect dating practices, the commission said in its statement of allegations.The OSC probe began in early October 2006, shortly after the Waterloo, Ont.-based producer of the Black Berry wireless device revealed that it had launched an internal review of its stock option grants.RIM ultimately revised its past earnings by $250 million US to cover accounting errors uncovered in the review.Before Thursday's hearing, approximately $33 million of that had not been reimbursed or repaid to RIM, or forfeited or cancelled.WASHINGTON (Reuters) - Black Berry maker Research in Motion’s RIM. However, the four agreed to pay penalties totaling $1.43 million — fines that are much smaller than those Balsillie and Lazaridis agreed to pay in settling with the Ontario Securities Commission.RIM financial statements declared that the options were priced at fair market value at the date they were granted, the OSC said.From December 1996 to July 2006, Jim Balsillie, Dennis Kavelman (then CFO), Mike Lazaridis and certain other RIM officers and directors engaged in improper stock option granting practices, including backdating and repricing of executive, director and employee stock option awards. In the February 2009 settlement of the Ontario Securities Commission’s enforcement action, Balsillie, Lazaridis and Kavelman agreed that they engaged in option backdating and repricing and that the total “in-the-money” undisclosed benefit from the incorrect option dating practices was approximately $66 million.

.5 million in penalties and 0,000 in costs. Also under the terms of the deal revealed yesterday:- Kavelman, now the chief operating officer, will pay penalties of

The Ontario market regulator had accused RIM officials, including Balsillie, Lazaridis and several executives, of getting back-dated stock options over the decade leading up to July 2006.

Stock options give company employees the right to buy shares at a set price on a particular date, typically the price at the end of the trading session on the date a grant is given.

Backdating refers to improperly setting the grant date to coincide with a stock's lowest price, creating an instant paper gain.

Lazaridis will pay $1.5 million in penalties and $150,000 in costs. Also under the terms of the deal revealed yesterday:- Kavelman, now the chief operating officer, will pay penalties of $1.5 million and another $150,000 in investigation costs;- Angelo Loberto, RIM's vice-president of corporate operations will pay $50,000 in investigation costs;- directors Kendall Cork, Douglas Wright, and James Estill were reprimanded;- Douglas Fregin, also a co-founder of RIM and former director, must complete a course on the duties of directors and officers.

About 1,400 of 3,200 options granted during this time were made using incorrect dating practices, the commission said in its statement of allegations.

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The Ontario market regulator had accused RIM officials, including Balsillie, Lazaridis and several executives, of getting back-dated stock options over the decade leading up to July 2006.Stock options give company employees the right to buy shares at a set price on a particular date, typically the price at the end of the trading session on the date a grant is given.Backdating refers to improperly setting the grant date to coincide with a stock's lowest price, creating an instant paper gain.Lazaridis will pay $1.5 million in penalties and $150,000 in costs. Also under the terms of the deal revealed yesterday:- Kavelman, now the chief operating officer, will pay penalties of $1.5 million and another $150,000 in investigation costs;- Angelo Loberto, RIM's vice-president of corporate operations will pay $50,000 in investigation costs;- directors Kendall Cork, Douglas Wright, and James Estill were reprimanded;- Douglas Fregin, also a co-founder of RIM and former director, must complete a course on the duties of directors and officers.About 1,400 of 3,200 options granted during this time were made using incorrect dating practices, the commission said in its statement of allegations.The OSC probe began in early October 2006, shortly after the Waterloo, Ont.-based producer of the Black Berry wireless device revealed that it had launched an internal review of its stock option grants.RIM ultimately revised its past earnings by $250 million US to cover accounting errors uncovered in the review.Before Thursday's hearing, approximately $33 million of that had not been reimbursed or repaid to RIM, or forfeited or cancelled.WASHINGTON (Reuters) - Black Berry maker Research in Motion’s RIM. However, the four agreed to pay penalties totaling $1.43 million — fines that are much smaller than those Balsillie and Lazaridis agreed to pay in settling with the Ontario Securities Commission.RIM financial statements declared that the options were priced at fair market value at the date they were granted, the OSC said.From December 1996 to July 2006, Jim Balsillie, Dennis Kavelman (then CFO), Mike Lazaridis and certain other RIM officers and directors engaged in improper stock option granting practices, including backdating and repricing of executive, director and employee stock option awards. In the February 2009 settlement of the Ontario Securities Commission’s enforcement action, Balsillie, Lazaridis and Kavelman agreed that they engaged in option backdating and repricing and that the total “in-the-money” undisclosed benefit from the incorrect option dating practices was approximately $66 million.

.5 million and another 0,000 in investigation costs;- Angelo Loberto, RIM's vice-president of corporate operations will pay ,000 in investigation costs;- directors Kendall Cork, Douglas Wright, and James Estill were reprimanded;- Douglas Fregin, also a co-founder of RIM and former director, must complete a course on the duties of directors and officers.About 1,400 of 3,200 options granted during this time were made using incorrect dating practices, the commission said in its statement of allegations.The OSC probe began in early October 2006, shortly after the Waterloo, Ont.-based producer of the Black Berry wireless device revealed that it had launched an internal review of its stock option grants.RIM ultimately revised its past earnings by 0 million US to cover accounting errors uncovered in the review.Before Thursday's hearing, approximately million of that had not been reimbursed or repaid to RIM, or forfeited or cancelled.WASHINGTON (Reuters) - Black Berry maker Research in Motion’s RIM. However, the four agreed to pay penalties totaling

The Ontario market regulator had accused RIM officials, including Balsillie, Lazaridis and several executives, of getting back-dated stock options over the decade leading up to July 2006.

Stock options give company employees the right to buy shares at a set price on a particular date, typically the price at the end of the trading session on the date a grant is given.

Backdating refers to improperly setting the grant date to coincide with a stock's lowest price, creating an instant paper gain.

Lazaridis will pay $1.5 million in penalties and $150,000 in costs. Also under the terms of the deal revealed yesterday:- Kavelman, now the chief operating officer, will pay penalties of $1.5 million and another $150,000 in investigation costs;- Angelo Loberto, RIM's vice-president of corporate operations will pay $50,000 in investigation costs;- directors Kendall Cork, Douglas Wright, and James Estill were reprimanded;- Douglas Fregin, also a co-founder of RIM and former director, must complete a course on the duties of directors and officers.

About 1,400 of 3,200 options granted during this time were made using incorrect dating practices, the commission said in its statement of allegations.

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The Ontario market regulator had accused RIM officials, including Balsillie, Lazaridis and several executives, of getting back-dated stock options over the decade leading up to July 2006.Stock options give company employees the right to buy shares at a set price on a particular date, typically the price at the end of the trading session on the date a grant is given.Backdating refers to improperly setting the grant date to coincide with a stock's lowest price, creating an instant paper gain.Lazaridis will pay $1.5 million in penalties and $150,000 in costs. Also under the terms of the deal revealed yesterday:- Kavelman, now the chief operating officer, will pay penalties of $1.5 million and another $150,000 in investigation costs;- Angelo Loberto, RIM's vice-president of corporate operations will pay $50,000 in investigation costs;- directors Kendall Cork, Douglas Wright, and James Estill were reprimanded;- Douglas Fregin, also a co-founder of RIM and former director, must complete a course on the duties of directors and officers.About 1,400 of 3,200 options granted during this time were made using incorrect dating practices, the commission said in its statement of allegations.The OSC probe began in early October 2006, shortly after the Waterloo, Ont.-based producer of the Black Berry wireless device revealed that it had launched an internal review of its stock option grants.RIM ultimately revised its past earnings by $250 million US to cover accounting errors uncovered in the review.Before Thursday's hearing, approximately $33 million of that had not been reimbursed or repaid to RIM, or forfeited or cancelled.WASHINGTON (Reuters) - Black Berry maker Research in Motion’s RIM. However, the four agreed to pay penalties totaling $1.43 million — fines that are much smaller than those Balsillie and Lazaridis agreed to pay in settling with the Ontario Securities Commission.RIM financial statements declared that the options were priced at fair market value at the date they were granted, the OSC said.From December 1996 to July 2006, Jim Balsillie, Dennis Kavelman (then CFO), Mike Lazaridis and certain other RIM officers and directors engaged in improper stock option granting practices, including backdating and repricing of executive, director and employee stock option awards. In the February 2009 settlement of the Ontario Securities Commission’s enforcement action, Balsillie, Lazaridis and Kavelman agreed that they engaged in option backdating and repricing and that the total “in-the-money” undisclosed benefit from the incorrect option dating practices was approximately $66 million.

.43 million — fines that are much smaller than those Balsillie and Lazaridis agreed to pay in settling with the Ontario Securities Commission.RIM financial statements declared that the options were priced at fair market value at the date they were granted, the OSC said.From December 1996 to July 2006, Jim Balsillie, Dennis Kavelman (then CFO), Mike Lazaridis and certain other RIM officers and directors engaged in improper stock option granting practices, including backdating and repricing of executive, director and employee stock option awards. In the February 2009 settlement of the Ontario Securities Commission’s enforcement action, Balsillie, Lazaridis and Kavelman agreed that they engaged in option backdating and repricing and that the total “in-the-money” undisclosed benefit from the incorrect option dating practices was approximately million.