The Ontario Securities Commission held a hearing to consider a settlement agreement between Staff and Research In Motion Limited (RIM) and several of its directors and officers regarding the improper backdating and repricing of stock options over a ten-year period.
The misconduct resulted in an undisclosed benefit of approximately $66 million and misleading public disclosure.
The Commission approved the settlement agreement, finding it to be in the public interest.
The settlement included substantial financial contributions to RIM, administrative penalties totaling $8 million, costs of $1.05 million, reprimands, and various prohibitions and educational requirements for the individual respondents.
