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The complaint also alleges that Kavelman and Loberto took steps to hide the backdating from regulators, RIM's independent auditor and outside lawyer.For instance, Kavelman and Loberto usually picked low strike prices within reporting periods and in some instances avoided the lowest price so regulators would not detect the backdating.In addition, according to the complaint, the backdating violated the terms of RIM's stock option plan and a listing requirement of the Toronto Stock Exchange.
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Options are supposed to be granted with an exercise price equal to the company's share price, so they only become more valuable in the future if the share price rises.
Backdating occurs when companies look backward to pick a favourable date in the past to grant options, giving employees an instant gain when the options are granted.
is reporting that in addition to over million CAD being repaid, the company's co-CEO will be stepping down from its executive board as part of the deal.
Jim Balsillie will reportedly have to fork over million CAD (~.1 million USD) and his position on the board for at least 12 months -- though we're not sure if he intends to return (or if he'll be welcomed back).