Feeds

Apple to unbackdate (some) stock options

Tax pity on the peons

Beginner's guide to SSL certificates

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. ®

The next step in data security

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Bono: Apple will sort out monetising music where the labels failed
Remastered so hard it would be difficult or impossible to master it again
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
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.