Backdating job steve
It took until December that year until terms were finally agreed upon, at which point Apple’s stock price was .01.
The company was the most prominent of several to have engaged in similar behavior, including Broadcom, Novell, Mc Afee and CNET.
However, because he continued to argue over the point at which they would vest, Apple missed the deadlines it needed to file the right information with the SEC and its auditors.
It took until December that year until terms were finally agreed, at which point Apple’s stock price was now .01.
Still, given that (a) backdating helps make earnings look better than they are; and (b) Jobs is a huge shareholder of Apple (10.12 million shares, as of last April), how could he not benefit from this behavior? Jobs recommended some backdating dates for other employees.
It turns out that Jobs did, indeed, receive backdated options—just not at his own direction. 18, 2001, when the stock stood at .01, the company gave Jobs a monster 7.5-million-share options grant dated Oct. By doing so, the company gave Jobs million in compensation for which it did not account properly. It also pretended the options grant was approved at a special board meeting, when no such meeting occurred. He received a massive grant that was approved at a phantom board meeting, though he didn't know about the phony meeting.
When the matter makes court, Apple’s former general counsel pays $2.2 to settle the charges that she had backdated stock options for Jobs, herself and others — as well as creating fake paperwork to hide this fact.