Apple 2002 Annual Report Download - page 72

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Option Grants in Last Fiscal Year
The following table provides information about option grants to the Named Executive Officers during fiscal year 2002.
OPTION GRANTS IN LAST FISCAL YEAR
(1)
Individual Grants
Number of
Securities
Underlying
Options
Granted (#)
Percent of Total
Options Granted to
Employees in
Fiscal Year(1)
Potential Realizable Value at Assumed Annual Rates
of Stock Price Appreciation for Option Term(3)
Name
Exercise or
Base Price
($/Sh)(2)
Expiration Date
5% ($)
10% ($)
Steven P. Jobs
7,500,000
32.27
%
$
18.30
10/19/2011
$
86,315,788
$
218,741,153
Fred D. Anderson
—
—
—
—
—
—
Timothy D. Cook
—
—
—
—
—
—
Jonathan Rubinstein
—
—
—
—
—
—
Avadis Tevanian, Jr.
—
—
—
—
—
—
Based on an aggregate of 23,239,444 options granted to all employees during fiscal year 2002. Options granted in fiscal year 2002
typically vest over four years in sixteen equal quarterly increments. Options granted to executive officers including those granted to the
Named Executive Officers typically vest in four equal annual installments commencing on the first anniversary of the date of grant. Of
the options granted to Mr. Jobs, 25% were vested as of the date of grant and the remainder vest in three equal annual installments
commencing on the first anniversary of the date of grant.
(2) All options were granted at an exercise price equal to the fair market value based on the closing market value of Common Stock on the
Nasdaq National Market on the date of grant.
(3) Potential gains are net of exercise price, but before taxes associated with exercise. These amounts represent certain assumed rates of
appreciation only, based on SEC rules, and do not represent the Company's estimate or projection of the price of the Company's stock in
the future. Actual gains, if any, on stock option exercises depend upon the actual future price of Common Stock and the continued
employment of the option holders throughout the vesting period. Accordingly, the potential realizable values set forth in this table may
not be achieved.
93
Options Exercised and Year-End Option Holdings
The following table provides information about stock option exercises by the Named Executive Officers during fiscal year 2002 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)
Number of Securities Underlying
Unexercised Options at Fiscal
Year-End (#)
Value of Unexercised
In-the-Money Options at Fiscal Year-End ($)
(2)
Name
Shares
Acquired on
Exercise (#)
Value Realized ($)(1)
Exercisable
Unexercisable
Exercisable
Unexercisable
Steven P. Jobs
—
—
21,935,000
(3)
5,625,000
$
193,200
$
0
Fred D. Anderson
583,332
$
10,122,169
600,000
1,350,000
$
0
$
0
Timothy D. Cook
700,000
$
10,710,393
250,000
1,350,000
$
0
$
0
Jonathan Rubinstein
—
—
1,050,000
1,350,000
$
3,960,000
$
0
Avadis Tevanian, Jr.
87,920
$
1,514,782
1,050,000
1,350,000
$
2,996,283
$
0
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.