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This excerpt taken from the AAPL 10-Q filed May 4, 2005. Grant of Performance Shares.
Subject to the terms and conditions of the Plan, Performance Shares may be
granted to Participants at any time as shall be determined by the
Administrator, in its sole discretion. Subject to Section 7(b) hereof, the
Administrator shall have complete discretion to determine (i) the number
of Shares subject to a Performance Share award granted to any Participant, and
(ii) the conditions that must be satisfied, which typically will be based
principally or solely on achievement of performance milestones but may include
a service-based component, upon which is conditioned the grant or vesting
of Performance Shares. Performance Shares shall be granted in the form of units
to acquire Shares. Each such unit shall be the equivalent of one Share for purposes
of determining the number of Shares subject to an Award. Until the Shares are
issued, no right to vote or receive dividends or any other rights as a
stockholder shall exist with respect to the units to acquire Shares.
(b) |
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