Apple, executives and directors from the company have settled a stock options backdating case for $14 million in an agreement that includes Chief Executive Steve Jobs.
The Sunnyvale, California, computer maker also agreed to pay $7.3 million in attorney fees. Under the deal, Apple also agreed to make changes in its corporate governance.
The settlement, which has received preliminary approval, comes after a company-appointed investigation committee found irregularities in the backdating of stock option grants from 1997 to 2002. The company’s investigation led to a write-down of $84 million in expenses in the face of shareholder lawsuits.
Apple management, including CEO Steve Jobs, was cleared of wrongdoing in the case.
Defendants in the case included CEO Steve Jobs, former general counsel Nancy Heinen, former CFO Fred Anderson, current CFO Peter Oppenheimer, COO Tim Cook, Senior VP Ronald Johnson, former Senior VPs Mitchell Mandich, Avadis Tevanian, and Jonathan Rubinstein, as well as board members Jerome York, Arthur Levinson, Millard Drexler, and William Campbell.
Former general counsel Nancy Heinen settled options backdating charges with the U.S. Securities and Exchange Commission for $2.2 million last month. That came after former CFO Fred Anderson paid $3.5 million to settle with the SEC last year.