TORONTO, Feb 5 (Reuters) - Research In Motion (RIM.TO: Quote, Profile, Research) (RIMM.O: Quote, Profile, Research) Co-Chief Executive Jim Balsillie will step down from the technology firm's board for at least a year as part of a settlement agreed to with Canadian regulators over a stock-options controversy.

Under the pact reached with the Ontario Securities Commission and made public on Thursday, Balsillie will pay a penalty of C$5 million ($4.1 million), while Co-Chief Executive Mike Lazaridis will pay a C$1.5 million penalty.

The settlement will also see executives at the maker of the BlackBerry e-mail device repay tens of millions of dollars to the company.

($1=$1.23 Canadian) (Reporting by Wojtek Dabrowski; Writing by Jeffrey Hodgson; Editing by Peter Galloway)