Steve jobs apple options backdating borat dating school
Stock options frequently tie into executives’ compensation.Typically, execs get the option to purchase a certain amount of stock at a set price.The latest revelation is likely to add to questions about Apple’s disclosures about its internal investigation into the backdating issue. Jobs over the matter, saying that while he had been “aware” of the backdating “in a few instances,” he “did not receive or otherwise benefit from these grants and was unaware of the accounting implications.” According to an Apple filing in 2002, the options under review were handed to Mr.Jobs in October 2001, at an exercise price of .30 a share.Today, we’re used to the fact that Apple can be both a shrewd business titan and a “force for good” in the world.The Apple stock-backdating scandal was one of the first times these two seemingly opposite poles — Apple’s countercultural ethos and the realities of big business — collided.Ultimately, the Apple stock-backdating scandal did not get pinned on Jobs.
Apple's practice of backdating stock options began in 1997 and continued into January 2002.
That resulted in Apple missing the deadlines for filing the proper information with the Securities and Exchange Commission and its auditors. Ultimately, it seems Jobs swapped these options for restricted stock of lesser value.
Today is a significant date in Apple history, though, because it was one of the big scandals that rocked Apple during its big climb back to the top in the mid-2000s.
News of the irregularities, which is expected to be revealed in a regulatory filing by Apple before the end of this week, will add to pressure that has been growing on one of Silicon Valley’s most highly-regarded companies since the middle of 2005.
Apple is among more than 160 companies that have owned up to stock option backdating — handing options to executives and other employees at exercise prices that were set in hindsight at favorable levels — a scandal which has led to the departure of a number of chief executives.