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The significant drop in Take-Two's shares since the agreement was struck makes its grant date interesting.
(The exercise price of all options in the study is the same as the market price on the grant date).
He got options to buy 1.69 million shares, valued at $7.5 million on the grant date, the company said.
Consider again the executive who received 100,000 options on a stock that was trading, on the grant date, at $30.
In backdating, a company retroactively changes the listed grant date of options, usually to a day when the stock was at a low price.
"And if the formal committee vote or consent is delayed to a later date, the grant date is that later date".
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Steve Jobs was aware or recommended the selection of some favorable grant dates, he did not receive or financially benefit from these grants or appreciate the accounting implications".
Prosecutors also said that Mr. Reyes had denied ever backdating stock options when he was questioned by investigators about the pattern of favorable grant dates.
But in the report issued Friday, Apple acknowledged that Mr. Jobs "was aware or recommended the selection of some favorable grant dates".
Backdating options can enrich the recipients by setting grant dates at times when the shares traded lower, building in extra gains.
In October the company said that Mr. Jobs was aware that favorable grant dates had been selected, but that he did not benefit from those grants and was unaware of the accounting implications.
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