BlackBerry developer Research in Motion made payments of $12 million to its founding co-CEOs after they quit earlier this year, the company told the U.S. Securities and Exchange Commission.
Jim Balsillie received $8 million, while his partner, Michael Laziridis, got $4 million; he remains a director of the Waterloo, Ontario, company, while Balsillie resigned as a director.
Both remain major shareholders of RIM, which under new CEO Thorstein Heins has hired JPMorgan Chase (NYSE: JPM) and a unit of Royal Bank of Canada (NYSE: RYC) to advise on its next steps.
Shares of RIM rose 49 cents to $10.89 by the close on Friday. They've declined 69 percent over the past year.