New York - A group of Apple (NASD: AAPL) senior executives, including CEO Steve Jobs, has agreed to settle a derivative lawsuit that alleged they damaged the company through their involvement in the backdating of Apple stock options, the Associated Press reports.

Under the terms, insurers representing the executives will pay damages of $14 million back to the company, as the shareholders who initially sued did so on behalf of the company, and not themselves.

However, Apple will also have to pay $8.5 million in attorneys' fees and $350,000 in expenses.

The company previously took an $84 million charge related to backdating, where the date on which stock options grants to employees are changed in order to increase their value.

Terms of the settlement also call for Apple's board to change the way it handles the granting of stock options.

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