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This excerpt taken from the AAPL DEF 14A filed Apr 16, 2007. Grants
Of Stock Options. Each newly elected or
appointed non-employee director receives an initial grant of an option to
purchase 30,000 shares of common stock (an “Initial Option”).
Each non-employee director is also granted an option to purchase 10,000 shares
of common stock on the fourth anniversary of the non-employee director’s
initial election or appointment to the Board and on each subsequent anniversary
thereafter (each, an “Annual Option”).
The exercise price of each option is the closing sales price for the common
stock on the date of grant. Initial Options vest and become exercisable in
equal annual installments on each of the first through third anniversaries of
the date of grant. Annual Options are fully vested and immediately exercisable
on their date of grant.
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