Apple 2005 Annual Report Download - page 135
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5.
Tax Consequences . Grantee understands that [he or she] (and not Apple) shall be responsible for [his or her] own tax
liability that may arise as a result of the transactions contemplated by this Agreement. Grantee understands that [he or she] will recognize
ordinary income in an amount equal to the fair market value of the Shares received as of each payout date for such Shares, and Grantee is
obligated to pay applicable income tax withholding on the amount of ordinary income recognized upon receipt of such Shares. Grantee shall
pay such income tax withholding amounts to Apple within 24 hours of the payout date for such Shares. In addition, Grantee understands that
Apple will be required to withhold applicable employment taxes on each Release Date from compensation due Grantee. To the extent that the
compensation due Grantee is insufficient to cover the applicable employment taxes on each Release Date, Grantee agrees to pay to Apple
within 24 hours of such Release Date, the amount due for employment taxes.
[Note: For grants permitting net share settlement: Grantee may satisfy such tax withholding obligations, in whole or in part by:
(a) paying cash, or (b) electing to have Apple withhold otherwise deliverable Shares having a fair market value equal to the minimum amount
required to be withheld. Unless Grantee notifies Apple otherwise within a reasonable time prior to the applicable payout date, Grantee will be
deemed to have elected to satisfy the withholding obligations through Apple retaining otherwise deliverable Shares as provided in clause (b).]
6.
General Provisions .
(a)
This Agreement and the 2003 Employee Stock Option Plan represent the entire agreement and understanding
between the parties as to the subject matter hereof and supersede all prior or contemporaneous agreements, whether written or oral. In the
event of a conflict between this Agreement and the 2003 Plan, the provisions of the 2003 Plan will govern. The Administrator has the power to
interpret the 2003 Plan and this Agreement. All interpretations and determinations made by the Administrator will be binding upon Grantee,
Apple, and all other interested parties.
(b)
This Agreement shall be governed by the laws of the State of California without reference to its conflicts of law
principles.
(c)
No waiver, alteration or modification of any of the provisions of this Agreement shall be binding, unless in writing
and signed by duly authorized representatives of the parties hereto. This Agreement shall be binding on, and shall inure to the benefit of, the
parties and their respective successors and assigns.
(d)
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of
which together shall constitute one instrument.