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Ray, the head of human resources, The Journal said.Hirst resigned and Ray was terminated, The Journal said.The options exercises accounted for the bulk of Karatz's pay, The Journal said.

Backdating allows executives to choose a past date when the market price was particularly low, thereby inflating the value of the options.Karatz, a 34-year veteran of KB Home, had been chief executive since 1986.Karatz had been among the nation's most highly compensated corporate executives, The Journal said.Backdating does not violate shareholder-approved option plans.Most shareholder approved option plans prohibit in-the-money option grants (and thus, backdating to create in-the-money grants) by requiring that option exercise prices must be no less than the fair market value of the stock on the date when the grant decision is made. For example, because backdating is used to choose a grant date with a lower price than on the actual decision date, the options are effectively in-the-money on the decision date, and the reported earnings should be reduced for the fiscal year of the grant.

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