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(who broke the backdating story), Jobs was awarded 7.5 million shares approved at Apple’s August 29, 2001, board meeting. However, because Jobs continued to argue over the point at which they would vest, Apple missed the deadlines it needed to file the right information with the Securities and Exchange Commssion and its auditors.It took until December that year until terms were finally agreed upon, at which point Apple’s stock price was .01.(Over the next year, this perception that Apple was no longer a scrappy underdog fighting the establishment would again be challenged when Apple sought legal action against bloggers for reporting on the company’s trade secrets.) In the end, the SEC announced in April 2007 that it would not pursue a case against Apple — in part because the company had set up an internal investigation into the stock scandal so rapidly.
Technically, any options granted today should bear a strike price of $45.
In a backdated situation, however, the options would be granted today (August 16), but their listed day of granting would be June 1 in order to give the options a lower strike price.
However, it was certainly enough to cause a bit of concern at Apple, considering the crucial role Jobs had played in turning the company around since his return a decade earlier.
The scandal also challenged people’s perception of Apple as “the good guys” and Jobs’ as a CEO who wasn’t money-hungry.
The company was the most prominent of several to have engaged in similar behavior, including Broadcom, Novell, Mc Afee and CNET.
Because of how widespread the behavior was, it never presented a realistic possibility that Jobs would lose his, err, job as part of the scandal.
Backdating was then carried out to give Jobs a lower share price which, on paper, made him million richer.
News of the Apple backdating scandal didn’t find its way into the public consciousness until late 2006.
have led to the resignation of dozens of top executives and investigations by the Securities and Exchange Commission and federal prosecutors. 29, Apple discussed the report and accounted for the impact of the earnings restatements in its 10-Q.
But the options scandal has never touched a more exciting company than Apple or a more thrilling executive than Jobs. In June 2006, a special committee of Apple outside directors, chaired by former Vice President Al Gore, hired its own attorneys to investigate options backdating at the company. It turns out there were literally thousands of examples of backdating at Apple—6,428 options grants on 42 dates over a period of several years.
Some people even suggest Jobs might have to step down as Apple CEO. Stock options are frequently tied into executives’ compensation, giving them the option of purchasing a certain amount of stock at a set price.Tags: Adult Dating, affair dating, sex dating