Apple 1995 Annual Report Download - page 61

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Please find page 61 of the 1995 Apple annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

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Rehires
Plan participants who terminate their employment during the Plan year, and who are rehired and are employed by Apple on the last day of the
biannual payment period, are eligible to receive an award. Such an award will be prorated to reflect only the period of time the participant was
employed by Apple and according to the above Eligibility Proration Criteria.
Disability or Death
Awards will normally be prorated at the end of the plan year based on the amount of time the employee was an active participant (see
Eligibility Proration Criteria section). In the case of a participant's death, any such award will be paid to the beneficiary as determined pursuant
to the participant's designation of beneficiary under the employee's Apple life insurance plan.
Corrective Actions/Disciplinary Situations If, during the applicable biannual bonus period or any time before the biannual bonus has actually
been paid to the employee, management has determined that corrective action, discipline or demotion of an employee is appropriate,
management may, in its discretion and in consultation with Human Resources, reduce or eliminate entirely the amount of bonus the employee
would otherwise be eligible to receive. If, at the time a biannual bonus would otherwise be payable, such corrective action, discipline or
demotion is being considered but has not yet been implemented, the entire bonus, or any portion of it, may be withheld until a decision on such
action has been finalized and implemented.
Other Provisions
Participation in this Plan is not an agreement (express or implied) between the Plan participant and Apple that the participant will be employed
by Apple for any specific period of time, nor is there any agreement for continuing or long-term employment. The Plan participant and Apple
each have the right to terminate the employment relationship at any time and for any reason. This at-will employment relationship can only be
modified by an agreement signed by the participant and Apple's Senior Vice President of Human Resources.
Any determination of performance, payment or other matters under this plan by management and/or the Board of Directors is binding on all
interested persons.
Apple Computer Inc.'s obligation to pay out a Senior/Executive Incentive Bonus Plan award shall be unfunded and all payment of benefits shall
be made from the general assets of Apple Computer, Inc. Title to and beneficial ownership of any assets of the 1995 Accrued Senior/Executive
Incentive Bonus Plan accounts or any other assets which Apple Computer, Inc. may designate to pay bonuses hereunder shall before payment
remain in Apple Computer, Inc.
This summary highlights the principle features of the bonus plan, but it does not describe every situation that can occur.
Apple Computer, Inc. retains the right to interpret, revise, modify or delete the plan at its sole discretion at any time
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