This excerpt taken from the AAPL DEF 14A filed Jan 12, 2010.
Approval of Amendments to the 1997 Director Stock Option Plan
At the Annual Meeting, shareholders will be asked to approve an amended and restated version of the 1997 Director Stock Option Plan (the 1997 Director Stock Option Plan, as proposed to be amended, has been renamed the Apple Inc. 1997 Director Stock Plan and is referred to as the Director Plan). The amended and restated version of the Director Plan was adopted, subject to shareholder approval, by the Board on November 10, 2009. The principal amendments reflected in the amended and restated version of the Director Plan are the following:
Shareholders are not being asked to approve any increase in the number of shares of the Companys common stock that may be delivered pursuant to awards granted under the Director Plan. The Director Plans existing aggregate share limit of 1,600,000 shares would be retained. As of December 4, 2009, 240,000 shares were available for future award grants under the Director Plan and 489,000 shares were subject to stock options then outstanding under the Director Plan.