Steve jobs apple options backdating
According to (who broke the backdating story), Jobs had an award of 7.5 million shares approved at Apple’s August 29 board meeting, at which point Apple’s share price was .83.
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.
The lower this “strike price” is, the cheaper the executive can buy the stock.
When these options then “vest” after a period of time, the executive can sell them at the new share price: giving them a nice bonus if the company has increased in value.