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Jobs Helped Negotiate Lasseter Deal with Well-Timed Options

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  • Jobs Helped Negotiate Lasseter Deal with Well-Timed Options

    http://www.marketwatch.com/news/stor...1F6A0B5400F%7D


    By Steve Goldstein
    Last Update: 4:27 AM ET Feb 9, 2007

    LONDON (MarketWatch) -- Steve Jobs helped negotiate an employment contract with top film director John Lasseter and Pixar Inc. that included a large stock-options grant with an especially well-timed date, The Wall Street Journal reported Friday, citing a person familiar with the matter. The options grant carried the lowest share price of the previous year -- on a date more than three months before the employment contract was actually signed, the report said. Jobs, then Pixar's chairman and chief executive, signed the agreement on behalf of Pixar, though it's unclear if he played a role in selecting the date, the report said.

  • #2
    Re: Jobs Helped Negotiate Lasseter Deal with Well-Timed Options

    Having professional ties to Silicon Valley over the years, I'm fully well-aware that this questionable practice with the stock options has been the mainstay of executive compensation, particularly during the dot com era.

    That being said, I would hope that John Lasseter was somewhat ignorant about the document he was signing, and blindly trusted the Pixar bean counters to do the right thing. My current opinion of the man's integrity will be significantly lowered should he prove to have been fully knowledgeable and compliant with the backdating of the stock price.
    "Dope smoking insects and reckless driving always work." -- Cousin Orville

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    • #3
      Re: Jobs Helped Negotiate Lasseter Deal with Well-Timed Options

      Originally posted by BlueSkyDriveBy View Post
      Having professional ties to Silicon Valley over the years, I'm fully well-aware that this questionable practice with the stock options has been the mainstay of executive compensation, particularly during the dot com era.

      That being said, I would hope that John Lasseter was somewhat ignorant about the document he was signing, and blindly trusted the Pixar bean counters to do the right thing. My current opinion of the man's integrity will be significantly lowered should he prove to have been fully knowledgeable and compliant with the backdating of the stock price.
      even if he did..so what? Its just money. Guy's gotta eat too.

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      • #4
        Re: Jobs Helped Negotiate Lasseter Deal with Well-Timed Options

        according to another article in the times DIsney thinks that it's possible that the value of pixar was overstated because of backdated options SO far several ceo's have been let go because of the SEC probes and I hope it doesn't happen at pixar but it could very well happen. Not only that but jobs could end up getting kicked off the board because of it.
        it seems the practice happened at apple but according to the SEC jobs didn't excersize the options so he didn't benefit from the shares. NOt sure about pixar though.

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        • #5
          Re: Jobs Helped Negotiate Lasseter Deal with Well-Timed Options

          Originally posted by Ghostbuster626 View Post
          even if he did..so what? Its just money. Guy's gotta eat too.
          That's right. And six million buys a lot of groceries.
          "Dope smoking insects and reckless driving always work." -- Cousin Orville

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          • #6
            Re: Jobs Helped Negotiate Lasseter Deal with Well-Timed Options

            All Pixar had to do to make this above-board was to disclose to shareholders that Lasseter was being given assets to the company in a way that didn't affect the publicly recorded earnings (according to rules in place at the time).

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            • #7
              Re: Jobs Helped Negotiate Lasseter Deal with Well-Timed Options

              Originally posted by sediment View Post
              All Pixar had to do to make this above-board was to disclose to shareholders that Lasseter was being given assets to the company in a way that didn't affect the publicly recorded earnings (according to rules in place at the time).
              apparently they didn't do it.

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              • #8
                Re: Jobs Helped Negotiate Lasseter Deal with Well-Timed Options

                Originally posted by Cmash95 View Post
                apparently they didn't do it.
                That's my guess.
                I don't kow what anyone is supposed to do about it. Some number of Disney shareholders could sue, I guess. Sue Jobs? Maybe.

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                • #9
                  Re: Jobs Helped Negotiate Lasseter Deal with Well-Timed Options

                  well catmull and lessetter could be out on their behinds. and jobs could be fined and charged with fraud among other charges. the only reason that jobs wasn't out on his ear when the scandal exploded at apple was that he didn't excersize the options given him. so he could say he was sorry and decline the options. there was an article in the NY times about all this a couple of months ago and i can't remember how many ceo's have been forced to resign and companies have to recalculate earnings because of backdated options.

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                  • #10
                    Re: Jobs Helped Negotiate Lasseter Deal with Well-Timed Options

                    Catmull and Lasseter are going nowhere (thankfully).

                    And I doubt Jobs will face the music too.

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