Irvine-based chipmaker Broadcom Corp. has raised the strike prices for options granted to three executives from 1998 to 2003, according to a Securities and Exchange Commission filing Thursday.
The change covers 375,000 options granted to David A. Dull, senior vice president and general counsel, Thomas F. Lagatta, senior vice president for worldwide sales, and Bruce E. Kiddoo, acting chief financial officer.
The move seems to be tied to Broadcom’s investigation into the timing of stock option grants, though the company didn’t connect the matters in its filing.
Broadcom is under federal investigation for the timing of its option grants. It already has canceled unexercised options valued at more than $37 million awarded to three former executives, including ex-chief financial officer Bill Ruehle.
The company is restating earnings and is expected to report a charge of about $1.5 billion related to the options issue.
The options for the three executives originally were granted at strike prices of $10.49 to $13.63. They now are exercisable at $10.68 to $20.50.
