Feeds

Apple to unbackdate (some) stock options

Tax pity on the peons

Boost IT visibility and business value

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. ®

Build a business case: developing custom apps

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Netflix swallows yet another bitter pill, inks peering deal with TWC
Net neutrality crusader once again pays up for priority access
Judge nixes HP deal for director amnesty after $8.8bn Autonomy snafu
Lawyers will have to earn their keep the hard way, says court
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Top 10 endpoint backup mistakes
Avoid the ten endpoint backup mistakes to ensure that your critical corporate data is protected and end user productivity is improved.
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.
Backing up distributed data
Eliminating the redundant use of bandwidth and storage capacity and application consolidation in the modern data center.
The essential guide to IT transformation
ServiceNow discusses three IT transformations that can help CIOs automate IT services to transform IT and the enterprise
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.