Disney/Pixar Will Resolve Stock Option Issues
Disney/Pixar Will Resolve Stock Option Issues
by , 3:50 PM EDT, May 7th, 2007
The Walt Disney Company said in a regulatory filing on Monday that it will resolve issues with employee stock options in a similar fashion to Apple.
The amendments involve options on 15.47 million shares and US$31.1 million in payments to employees and are based on a Disney internal investigation that found evidence of [option] backdating at Pixar.
"In order to deal with the backdating, which resulted in employees getting options with exercise prices lower than the fair market value price, Disney offered to raise the exercise prices and compensate employees for the change," Dow Jones reported.
The amendment is similar to one instituted by Apple earlier. However, in Apple's case, the number of shares was only about 110,000 and the financial impact was small.
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