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Moreover, for the first time, the Commission has used the clawback provisions in SOX to require an officer to return compensation to a company following a restatement.On closer examination, however, the case is more bark than bite.Options backdating occurs when companies grant options to their executives that correspond to a day where there was a significantly lower share price.It is suspected that these situations are not a coincidence and that the board or executives were granted options based on a past date in order to make these options more profitable.According to the litigation release, Mc Guire must disgorge somewhere around million, including interest and pay a penalty of million.

It requires reimbursement even if the misconduct was committed by others, with no good faith defense.Options backdating is the practice of altering the date a stock option was granted, to a usually earlier (but sometimes later) date at which the underlying stock price was lower.This is a way of repricing options to make them valuable or more valuable when the option "strike price" (the fixed price at which the owner of the option can purchase stock) is fixed to the stock price at the date the option was granted.At first glance, call options represent the perfect way to tie an executive's level of compensation to the company's performance because as the company's share price increases, so does the payoff the executive will receive.However, this concept is not perfect and there are ways that executives can take advantage of the way that options are granted in order to earn money.

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