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This excerpt taken from the AAPL 10-Q filed May 4, 2005. Exercise of Option.
Unless a participant withdraws from the Plan as provided in Section 10,
his or her option for the purchase of shares will be exercised automatically at
the end of the offering period, and the maximum number of full shares subject
to option will be purchased for him or her at the applicable option price with
the accumulated payroll deductions in his or her account. During his or her
lifetime, a participant’s option to purchase shares hereunder is exercisable
only by him or her.
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