Apple 2000 Annual Report Download - page 70

OPTIONS EXERCISED AND YEAR-END OPTION HOLDINGS
The following table provides information about stock option exercises by the Named Executive Officers during fiscal year 2000 and stock
options held by each of them at fiscal year-end.
AGGREGATED OPTION EXERCISES IN THE LAST FISCAL YEAR
AND FISCAL YEAR-END OPTION VALUES
(1) Market value of underlying securities (based on the fair market value of Common Stock on the Nasdaq National Market) at the time of
exercise, minus the exercise price.
(2) Market value of securities underlying in-the-money options at the end of fiscal year 2000 (based on $25.75 per share, the closing price of
Common Stock on the Nasdaq National Market on September 29, 2000), minus the exercise price.
(3) Includes 60,000 options granted to Mr. Jobs in his capacity as a director pursuant to the 1997 Director Stock Option Plan.
(4) Mr. Mandich resigned from his position of Senior Vice President, Worldwide Sales on October 9, 2000.
DIRECTOR COMPENSATION
In 1997, the Company ended its practice of paying cash retainers and fees to directors, and approved the Apple Computer, Inc. 1997 Director
Stock Option Plan (the "DIRECTOR PLAN"). The Director Plan was approved by the shareholders in April 1998 and 800,000 shares have
been reserved for issuance under the Director Plan. Pursuant to the Director Plan, the Company's non-employee directors are granted an option
to acquire 30,000 shares of Common Stock upon their initial election to the Board ("INITIAL OPTIONS"). On the fourth anniversary of a non-
employee director's initial election to the Board and on each subsequent anniversary, the director will be entitled to receive an option to acquire
10,000 shares of Common Stock ("ANNUAL OPTIONS"). 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. As
of the end of the fiscal year, there were options for 360,000 shares outstanding under the Director Plan.
COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION
Until April 2000, the members of the Compensation Committee were Messrs. Edgar S. Woolard and Gareth C.C. Chang. Mr. Woolard retired
from the Board of Directors in April 2000 and the Company ceased to have an active Compensation Committee. Since that time, the entire
Board of Directors has acted with respect to matters previously considered by the Compensation Committee. Neither Messrs. Woolard or
Chang were employees of the Company. No person who was an employee of the Company in fiscal year 2000 served on the Compensation
Committee in fiscal year 2000. During fiscal year 2000, no executive officer of the Company (i) served as a member of the compensation
committee (or other board committee performing similar functions or, in the absence of any such committee, the board of
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NUMBER OF SECURITIES
UNDERLYING UNEXERCISED VALUE OF UNEXERCISED IN-THE-
SHARES OPTIONS AT FISCAL YEAR-END MONEY OPTIONS AT FISCAL
ACQUIRED ON VALUE (#) YEAR-END ($)(2)
EXERCISE REALIZED ---------------------------- ----------------------------
NAME (#) ($)(1) EXERCISABLE UNEXERCISABLE EXERCISABLE UNEXERCISABLE
---- ----------- ----------- ------------ ------------- ------------ -------------
Steven P. Jobs.......... -- -- 15,060,000(3) 5,000,000 $ 855,000 $ 0
Fred D. Anderson........ 458,332 $16,821,525 333,332 1,200,000 $6,374,975 $12,742,188
Ronald B. Johnson....... -- -- -- 1,200,000 -- $ 0
Mitchell Mandich(4)..... 395,960 $20,987,967 63,432 1,200,000 $1,287,484 $14,622,596
Jonathan Rubinstein..... 233,334 $ 9,575,949 200,000 1,200,000 $3,803,125 $13,265,625