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Standard Pacific settles lawsuit with former CEO
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IRVINE, Calif. - Home builder Standard Pacific Corp. said Friday it settled an employment-related lawsuit with Stephen J. Scarborough, its former chairman, chief executive and president.
The settlement is over claims for $23 million in damages from the company. Scarborough agreed to dismiss his claims against the company in exchange for a mutual release, the payment of attorney's fees, an additional payment of $1 million dollars, and the extension of the vesting period on 280,000 stock options granted on Feb. 7, 2008 — from April 4, 2010, to Dec. 31, 2013.
Scarborough retired earlier this year.
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