SafeNet Recoups $1.6M From Former Execs

Law360, New York (April 4, 2007, 12:00 AM EDT) -- Two former SafeNet Inc. executives will reportedly transfer $1.6 million back to the company for their role in backdating stock options.

Under the settlement, which was disclosed Tuesday in a filing with the Securities and Exchange Commission, SafeNet agreed to drop its claims against former CEO Anthony Caputo in exchange for $1.5 million. Caputo will also drop his claims against the company.

Additionally, SafeNet will cancel certain options it granted to Caputo in 2001 and increase the strike price of other options granted the same year,...
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