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This excerpt taken from the AAPL 10-Q filed May 4, 2005. Determination and Certification.
After the end of each Performance Period, the Committee shall certify in
writing (which may be by approval of the minutes in which the certification was
made) the extent to which the Performance Goals applicable to each Participant
for the Performance Period were achieved or exceeded. The Award for each
Participant shall be determined by applying the Payout Formula to the level of
actual performance that has been certified by the Committee. Notwithstanding
any contrary provision of the Plan, the Committee, in its sole discretion, may
eliminate or reduce the Award payable to any Participant below that which
otherwise would be payable under the Payout Formula.
(b) |
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