Apple 2005 Annual Report Download - page 119
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similar objectively determinable performance objectives related to the Participant’s job responsibilities with the Company.
(u)
“ Employee ” means any person employed by the Company or any Parent or Subsidiary of the Company subject to
(k) above.
(v)
“ Exchange Act ” means the Securities Exchange Act of 1934, as amended.
(w)
“ Fair Market Value ” means, as of any date, the value of Common Stock determined as follows:
(i)
If the Common Stock is listed on any established stock exchange or a national market system, including
without limitation the Nasdaq National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its Fair Market Value shall be
the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system, on the date of
determination or, if the date of determination is not a trading day, the immediately preceding trading day;
(ii)
If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not
reported, the Fair Market Value of a Share of Common Stock shall be the mean between the high bid and low asked prices for the Common
Stock on the date of determination or, if there are no quoted prices on the date of determination, on the last day on which there are quoted
prices prior to the date of determination; or
(iii)
In the absence of an established market for the Common Stock, the Fair Market Value shall be determined
in good faith by the Administrator.
(x)
“ Incentive Stock Option ” means an Option intended to qualify as an incentive stock option within the meaning of
Section 422 of the Code and the regulations promulgated thereunder and is expressly designated by the Administrator at the time of grant as an
incentive stock option.
(y)
“ Net Income ” means as to any Fiscal Year, the income after taxes of the Company for the Fiscal Year determined
in accordance with generally accepted accounting principles.
(z)
“ Operating Cash Flow ” means the Company’s or a business unit’s sum of Net Income plus depreciation and
amortization less capital expenditures plus changes in working capital comprised of accounts receivable, inventories, other current assets, trade
accounts payable, accrued expenses, product warranty, advance payments from customers and long-term accrued expenses, determined in
accordance with generally acceptable accounting principles.
(aa)
“ Operating Income ” means the Company’s or a business unit’s income from operations determined in accordance
with generally accepted accounting principles.
(bb)
“ Nonstatutory Stock Option ” means an Option not intended to qualify as an Incentive Stock Option.
(cc)
“ Option ” means a stock option granted pursuant to the Plan.
3