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This excerpt taken from the AAPL 10-Q filed May 4, 2005. Death of Participant. If a
Participant dies (i) while an Employee or Chairman, the Option or SAR may
be exercised at any time within six (6) months (or such other period of
time not exceeding twelve (12) months as determined by the Administrator)
following the date of death by the Participant’s estate or by a person who
acquired the right to exercise the Option by bequest or inheritance, but only
to the extent of the right to exercise that would have accrued had the
Participant continued living and terminated his or her employment six
(6) months (or such other period of time not exceeding twelve
(12) months as determined by the Administrator) after the date of death;
or (ii) within ninety (90) days after the termination of Continuous
Status as an Employee or Chairman, the Option or SAR may be exercised, at any
time within six (6) months (or such other period of time not exceeding
twelve (12) months as determined by the Administrator) following the date
of death by the Participant’s estate or by a person who acquired the right to
exercise the Option or SAR by bequest or inheritance, but only to the extent of
the right to exercise that had accrued at the date of termination. If the
Option or SAR is not so exercised within the time specified herein, the Option
or SAR shall terminate, and the Shares covered by such Option or SAR shall
revert to the Plan.
Notwithstanding the foregoing, however, an Option or SAR may not be exercised after the date the Option or SAR would otherwise expire by its terms due to the passage of time from the date of grant.
(e) |
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