According to the litigation release, Mc Guire must disgorge somewhere around million, including interest and pay a penalty of million.The bulk of the 8 million (8 million) is to be paid back to the company under the compensation clawback provision in Section 304 of SOX.As the penultimate paragraph of the litigation release notes: In other words, the only apparent addition made by the Commission was an insignificant penalty ( million is petty cash to someone who retains as the Wall Street Journal notes, "about 24 million stock options that currently could be cashed in for a gain of roughly 0 million, on top of about 0 million in pay he pocketed while running United Health from 1991 to 2006.") and a ten year bar from serving as an officer or director of a public company.Such bars, by the way, are usually for life so ten years is a bargain.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.
The backdating concern occurs when the company does not disclose the facts behind the dating of the option.
This is the provision that requires the CEO and CFO to "reimburse" the company for certain incentive/equity based compensation or stock sales in the aftermath of a restatement that resulted from "misconduct, with any financial reporting requirement under the securities laws,"All fairly impressive numbers.
But in fact, Mc Guire will actually disgorge nothing.
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