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This excerpt taken from the AAPL DEF 14A filed Apr 16, 2007. Adjustments;
Corporate Transactions. As is customary in
incentive plans of this nature, the share limit and the number and kind of
shares available under the Director Plan and any outstanding awards, as well as
the exercise prices of awards are subject to adjustment in the event of certain
reorganizations, mergers, combinations, recapitalizations, stock splits, stock
dividends, or other similar events that change the number or kind of shares
outstanding, and extraordinary dividends or distributions of property to the
shareholders. Generally, and subject to limited exceptions set forth in the
Director Plan, if the Company dissolves or undergoes certain corporate
transactions such as a merger, business combination, or other reorganization,
or a sale of substantially all of its assets, all options then outstanding
under the plan will terminate or be terminated in such circumstances, unless
the plan administrator provides for the assumption, substitution or other
continuation of the option.
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