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02-Jun-2017 23:34

A company may decide to grant options on a specific date but the corporate formalities may not be completed until a later date.

This problem occurs most often when boards or committees act by unanimous written consent but there is a delay in the receipt of all of the signed consents.

Some states will the amount of backdate to six months.

A couple other important points about backdating and health insurance.

That’s fraud and you can sue to recover any out-of-pocket costs you incurred for medical bills during the period you thought you were covered.

SEC Chairman Christopher Cox recently stated that the proposed SEC rules on disclosure of executive compensation will “almost certainly address options backdating explicitly.” I. Companies have considerable discretion in determining the timing of stock option awards.

The SEC’s Enforcement Division and the offices of the United States Attorney are investigating the option granting practices of dozens of companies and actions taken by their executives.

Several companies have expressed their intent to restate financial statements due to option timing issues, and opportunistic attorneys have already filed derivative and class action lawsuits.

Backdating Life Insurance Policies What you pay for a life insurance policy is based in part of your age at the date of issue.

The insurer will either use your actual age or the age you are nearest to based on the birthday you’re closest to.

SEC Chairman Christopher Cox recently stated that the proposed SEC rules on disclosure of executive compensation will “almost certainly address options backdating explicitly.” I. Companies have considerable discretion in determining the timing of stock option awards.The SEC’s Enforcement Division and the offices of the United States Attorney are investigating the option granting practices of dozens of companies and actions taken by their executives.Several companies have expressed their intent to restate financial statements due to option timing issues, and opportunistic attorneys have already filed derivative and class action lawsuits.Backdating Life Insurance Policies What you pay for a life insurance policy is based in part of your age at the date of issue.The insurer will either use your actual age or the age you are nearest to based on the birthday you’re closest to.Options granted as of the commencement of employment based on the market price as of the date of acceptance may be problematic if the plan does not permit below-market grants or the grant is not treated as a discounted option for accounting and tax purposes.