Apple 1999 Annual Report Download - page 106

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share option price) up to a number of shares of the Company's Common Stock determined by dividing the Employee's accumulated payroll
deductions (not to exceed an amount equal to ten percent (10%) of his or her Compensation during the applicable offering period) by the lower
of (i) eighty-five percent (85%) of the fair market value of a share of the Company's Common Stock on the date of the commencement of said
offering period, or (ii) eighty-five percent (85%) of the fair market value of a share of the Company's Common Stock on the date of the
expiration of the offering period, subject to the limitations set forth in Sections 3(b) and 12 hereof, and subject to the following limitation: The
number of shares of the Company's Common Stock subject to any option granted to an Employee pursuant to this Plan shall not exceed two
hundred percent (200%) of the number of shares of the Company's Common Stock determined by dividing an amount equal to ten percent
(10%) of the Employee's semi-annual Compensation as of the date of the commencement of the applicable offering period by eighty-five
percent (85%) of the fair market value of a share of the Company's Common Stock on the date of the commencement of said offering period.
Fair market value of a share of the Company's Common Stock shall be determined as provided in Section 7(b) herein.
(b) The option price per share of such shares shall be the lower of: (i) 85% of the fair market value of a share of the Common Stock of the
Company at the commencement of the six-month offering period; or (ii) 85% of the fair market value of a share of the Common Stock of the
Company at the time the option is exercised at the termination of the six-month offering period. The fair market value of the Company's
Common Stock on a given date shall be the mean of the reported bid and asked prices for that date, or if the Common Stock is listed on an
exchange or quoted on the Nasdaq National Market, the closing sale price on such exchange or quotation system for that date.
8. 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.
9. DELIVERY; ROLL-OVER OF FRACTIONAL SHARE INTERESTS.
As promptly as practicable after the termination of each offering, the Company shall arrange for the delivery to each participant, as appropriate,
of a certificate representing the number of full shares purchased upon exercise of his or her option. No fractional shares shall be issued. Any
cash remaining to the credit of a participant's account under the Plan after a purchase by him or her of shares at the termination of each offering
period which is insufficient to purchase a full share of Common Stock of the Company subject to option shall remain in such participant's
account and shall be applied to the next succeeding offering period unless the participant has withdrawn as to future offering periods, in which
case such cash shall be returned to said participant. Any cash attributable to shares in excess of the number of shares subject to option to the
participant (as determined in accordance with
Section 7(a) hereof) shall be returned to the participant.
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