Feeds

Apple to unbackdate (some) stock options

Tax pity on the peons

Internet Security Threat Report 2014

With a huge tax mess looming for recipients of Apple's backdated stock options, the Cupertino firm has told the SEC it is offering relief for some those affected.

Option holders have until April 16 to take up an offer which will modify the exercise price to the share price on the day the grants were actually finalised. Backdated options remove risk: their price is set at a date in the past when the stockwas lower than on the day they were really offered. Backdating is not illegal - so long as the company accounts for them properly and recipients inform the IRS.

In today's SEC filing, Apple said employees who take up the offer will get a cash payment next year to make up the shortfall that shifting the date would cause.

Apple said the value of the options covered by the IRS-pacifying offer was $67,142. With this trifling figure in mind, it's unsurprising to learn that board members and top executives are not included in the scheme.

Apple is one of more than 130 US companies engulfed in the options backdating scandal. An internal investigation last year led by Al Gore absolved the firm and its boss Steve Jobs of wrongdoing, but in December it merged that Apple has Steve Jobs was given share options on the basis of falsified documents which claimed to show the board of directors had approved the stock grant.

In January, prosecutors from the US Attorney's office and the Securities and Exchange Commission, interviewed Jobs. Government investigators have yet to show their hand against the company. ®

Beginner's guide to SSL certificates

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
4chan outraged by Emma Watson nudie photo leak SCAM
In the immortal words of Shaggy, it wasn't me us ... amirite?
prev story

Whitepapers

A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.