Stock options are promoted by their supporters as the most effective way to align executive and employee interests with those of shareholders. They are supposed to transform executives from fly-by-night plunderers in the mold of former Tyco or WorldCom executives into rational leaders who make prudent, long-term-oriented decisions with shareholder capital. But are options really as great for all parties as many have assumed? The SEC and other federal authorities are currently investigating more than 50 companies suspected of illegal, undisclosed options backdating practices, and the first criminal charges relating to these practices are expected shortly. The practice of backdating options is not illegal as long as it is disclosed to shareholders. This fact is often used as a reason to downplay the seriousness of the issue.
repricing stock optionsSome executives have, well, at least when it comes to their stock options. In order to lock in a profit on day one of an options grant, some executives simply backdate set the date to an earlier time than the actual grant date the exercise price of the options to a date when the stock was trading at a lower level. This can often result in instantaneous profits!
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In this way, the exercise price of the granted option can be set at a lower price than that of the company's stock at the granting date. This process makes the granted option "in the money" and of value to the holder. Companies would simply wait for a period in which the company's stock price fell to a low and then moved higher within a two-month period. The company would then grant the option but date it at or near its lowest point. This is the granted option that would be reported to the SEC.
Салон вагона также был освещен. Сидений не было, от пола к потолку тянулись вертикальные шесты, разбросанные по вагону в кажущемся беспорядке. Примерно через пятнадцать секунд после прибытия вагона дверь его скользнула в сторону, а через пять секунд на противоположной оконечности платформы появился идентичный аппарат, почти в десять раз Макс, Патрик и Эпонина не раз слыхали историю о двух загадочных вагонах подземки, но одно дело слышать, а другое - видеть своими глазами. - Так что, друг, ты действительно решился на .
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