Apple and backdating


27-Jan-2018 00:45

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It also charged the former executive with having directed her staff to prepare documents falsely indicating that Apple's Board had approved the Executive Team grant on January 17."As a result, Apple failed to record approximately .9 million in compensation expenses associated with the option grant," the Commission said.In the first instance, Apple granted 4.8 million options to six members of its Executive Team (including Heinen) in February 2001.Because the options were in-the-money when granted (i.e.What comes through in the deposition is how Jobs sees himself and his’ fierce loyalty to those who work for him. So I felt if I took the job, the Pixar shareholders and employees would think I was abandoning them. For instance, after selling Ne Xt to Apple in 1997, his initial reason for acting as a consultant was to get “some of the Ne Xt people into some jobs where they could help Apple.” He himself was reluctant at first to take on the CEO role at Apple because he didn’t want the people at his other company, Pixar, to “think I was abandoning them.” Then when it came time to reward his “ultra key” executives with one million options each, two of them were from Ne XT. Q: Okay, Did the board in fact fire [Gil Amelio] the following week? Apple eventually restated its earnings by million after taxes due to improper grants made from 1997 to 2002.

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That allows Gibney to play rare — and fascinating — footage of Jobs parrying with Securities and Exchange Commission lawyers during a 2008 deposition. Here’s an excerpt of that conversation: Your film doesn’t have any on-camera interviews with current Apple employees, or anyone who didn’t end up distanced from Jobs in some significant way. In that SEC deposition, where he’s talking about how, when he wasn’t given a bigger stock option package by the board, he felt hurt — that just struck me like, you’re a very very powerful guy, and the board didn’t do what you wanted to do by themselves, and you’re hurt? That seemed like a person who couldn’t get outside himself. Is that because you thought they were telling, or because you could talk to people who would talk about it, or both? This film really looks very carefully at his values.While he was taking care of his top lieutenants by trying ti “surprise and delight them with what a career at Apple could be”, he was “hurt” that Apple’s board didn’t do the same for him. So he had to have a little talk with them about swapping his 20 million then-underwater options for 7.5 million new ones, which they did. I was trying to help Apple by getting some of the Ne XT people into some jobs where they could help Apple, and that’s pretty much all I was doing. Nancy Heinen (pictured), the former general counsel at Apple has agreed to pay .2 million in disgorgement, interest and penalties and be barred from serving as an officer or director of any public company for five years to settle complaints arising from the alleged backdating of Apple options, according to a release put out today by the Securities and Exchange Commission.

backdate two large options grants to senior executives of Apple — a February 2001 grant of 4.8 million options to Apple’s Executive Team and a December 2001 grant of 7.5 million options to Apple Chief Executive Officer Steve Jobs — and altered company records to conceal the fraud.

Most biographies of Jobs mention the backdating story, and incidents like his fight with Gizmodo, after the site got its hands on his i Phone prototype. That’s something Steve would bring up over and over again: Values.