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This excerpt taken from the AAPL 10-Q filed May 4, 2005. Dissolution or Liquidation. In the
event of the proposed dissolution or liquidation of the Company, all
outstanding Awards will terminate immediately prior to the consummation of such
proposed action, unless otherwise provided by the Administrator. The
Administrator in its discretion may provide for a Participant to have the right
to exercise his or her Option, SAR or Stock Purchase Right until ten
(10) days prior to such transaction as to all of the Awarded Stock covered
thereby, including Shares as to which the Award would not otherwise be
exercisable. In addition, the Administrator may provide that any Company
repurchase option or forfeiture rights applicable to any Award shall lapse
100%, and that any Award vesting shall accelerate 100%, provided the proposed
dissolution or liquidation takes place at the time and in the manner
contemplated. To the extent it has not been previously exercised (with respect
to Options, SARs and Stock Purchase Rights) or vested (with respect to other
Awards), an Award will terminate immediately prior to the consummation of such
proposed action.
(c) |
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