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Shareholder Stock Options

Toronto, ONT: (Oct-05-07) The Ironworkers Ontario Pension Fund filed suit against renowned BlackBerry maker Research In Motion (RIM), alleging that the company used questionable means to grant stock options in the past. As part of a settlement reached, RIM has agreed to spruce up its corporate governance practices, which will involve excluding its independent directors from receiving stock options. Further, company co-chief executives Jim Balsillie and Mike Lazaridis have agreed to pay $2.5 million each to the company to defray the legal costs it has incurred. In March 2007, Balsillie stepped down as the Waterloo, Ontario-based company chairman and the company announced a $250 million earnings restatement related to options grants. Additionally, RIM officials stated that the fund now agrees that governance measures the company agreed to undertake in March 2007 address its concerns over RIM's compensation practices. [REUTERS: RIM STOCK OPTIONS]


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Published on Oct-8-07


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