Feeds

Apple to unbackdate (some) stock options

Tax pity on the peons

The essential guide to IT transformation

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. ®

Next gen security for virtualised datacentres

More from The Register

next story
BBC: We're going to slip CODING into kids' TV
Pureed-carrot-in-ice cream C++ surprise
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Twitter: La la la, we have not heard of any NUDE JLaw, Upton SELFIES
If there are any on our site it is not our fault as we are not a PUBLISHER
Facebook, Google and Instagram 'worse than drugs' says Miley Cyrus
Italian boffins agree with popette's theory that haters are the real wrecking balls
Sit tight, fanbois. Apple's '$400' wearable release slips into early 2015
Sources: time to put in plenty of clock-watching for' iWatch
Facebook to let stalkers unearth buried posts with mobe search
Prepare to HAUNT your pal's back catalogue
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
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?