Research in motion stock option backdating

Rather, the practice of backdating stock option is a non-event in Canada due to the “Backdating has occurred – Research in Motion is an example – but it doesn’t tend to be a big issue in this country.Backdating destroys the equivalent of capital gains treatment and basically doubles your tax.The SEC settlement comes on top of an earlier settlement with the Ontario Securities Commission (OSC).

Prior to the manufacture of the Black Berry, RIM worked with RAM Mobile Data and Ericsson to turn the Ericsson-developed Mobitex wireless data network into a two-way paging and wireless e-mail network.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.Following an internal investigation, in May 2007, RIM restated its historical financial statements with a cumulative, non-cash, stock-based compensation expense of U. They confirmed that they returned the improper financial benefits they received from the incorrectly priced options and undertook to contribute, in aggregate, .1 million to RIM and to pay administrative penalties and OSC costs totalling million.In doing so, the company violated the terms of its own stock option plan and a listing requirement of the Toronto Stock Exchange.RIM is listed on the American NASDAQ stock market and the Canadian TSE.

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