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This excerpt taken from the AAPL 10-Q filed May 4, 2005. Section 162(m) Performance Restrictions.
For purposes of qualifying grants of Restricted Stock subject to Stock Purchase
Rights, Performance Shares or Restricted Stock Units as “performance-based
compensation” under Section 162(m) of the Code, the Administrator, in its
discretion, may set restrictions based upon the achievement of Performance
Goals. The Performance Goals shall be set by the Administrator on or before the
latest date permissible to enable the Restricted Stock subject to Stock
Purchase Rights, Performance Shares or Restricted Stock Units to qualify as “performance-based
compensation” under Section 162(m) of the Code. In granting Restricted
Stock subject to Stock Purchase Rights, Performance Shares or Restricted Stock
Units which are intended to qualify under Section 162(m) of the Code, the
Administrator shall follow any procedures determined by it from time to time to
be necessary or appropriate to ensure qualification of the Award under
Section 162(m) of the Code (e.g., in determining the Performance Goals).
(d) |
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