Backdating of executive
despite the Black Berry maker announcing a change to its board of directors and taking a 0-million (U. Options are supposed to be granted with an exercise price equal to the company's share price, so they only become valuable in the future if the share price rises. Lascaris added his client will proceed with its lawsuit despite yesterday's announcement. regulators will continue to investigate Research in Motion Ltd. The review found instances in which "hindsight was used" to select favourable dates to grant stock options, resulting in employees getting options that were already valuable when they were granted.
If you don’t even get a pronouncable acronym, why go with a tortured name?
And the murkier realm of spring-loading grants could pose more headaches -- and legal hazards -- for HR because it is so much more ambiguous than backdating.
It all adds up to a loud wake-up call for HR executives, alerting them to the necessity not only of knowing when to sense a legal hazard, but to act proactively to prevent their organizations and executives from being wiped out by the next big wave, or even the last old one.
One thing that prosecutors have so far failed satisfactorily to explain is why so many top executives engaged in backdating, which was done so openly and widely in Silicon Valley that it is hard to believe anyone thought they were committing a crime.
Even Steve Jobs, the iconic boss of Apple, did it—though, unlike dozens of other executives, he has not (so far) had his collar felt by the authorities.
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No." RIM's special committee of the board, which conducted a seven-month internal probe of stock option practices, said yesterday no one at the company will lose his or her job over the options problems.