Apple 2007 Annual Report Download - page 116

Option Exercises and Stock Vested
The following table presents information regarding the exercise of stock options by Named Executive Officers during fiscal year 2007, and on
the vesting during fiscal year 2007 of other stock awards previously granted to the Named Executive Officers.
(1)
Option Awards Stock Awards
Name
(a)
Number of Shares
Acquired on
Exercise
(#)
(b)
Value Realized
on Exercise
($)(1)
(c)
Number of Shares
Acquired on
Vesting
(#)
(d)
Value Realized
on Vesting
($)(1)
(e)
Steven P. Jobs
120,000
(2)
14,644,800
—
—
Timothy D. Cook
—
—
—
—
Peter Oppenheimer
—
—
—
—
Ronald B. Johnson
600,000
36,614,020
—
—
Tony Fadell
83,313
5,946,344
5,000
681,250
The dollar amounts shown in Column (c) above for option awards are determined by multiplying (i) the number of shares of the
Company's common stock to which the exercise of the option related, by (ii) the difference between the per-share closing price of the
Company's common stock on the date of exercise and the exercise price of the options. The dollar amounts shown in Column (e) above
for stock awards are determined by multiplying the number of shares or units, as applicable, that vested by the per-share closing price of
the Company's common stock on the vesting date.
(2)
These shares were acquired by Mr. Jobs on August 13, 2007 through an exercise of stock options granted to him under the 1997 Director
Stock Option Plan that were to expire on August 14, 2007. Mr. Jobs has not sold any of the shares acquired in that exercise.
Potential Payments Upon Termination or Change in Control
As noted above, the Company does not have employment agreements with any of its Named Executive Officers, nor does the Company maintain
any other plans or arrangements that provide for any Named Executive Officer to receive cash severance or other cash payments in connection
with a termination of their employment with the Company and/or a change in control of the Company.
Effective for grants made after April 9, 2007, the Company's 2003 Employee Stock Plan (the "2003 Plan") was amended to eliminate accelerated
vesting of outstanding awards in connection with a change in control of the Company. With respect to awards granted under the 2003 Plan prior
to that date, such awards, to the extent then outstanding and unvested, will generally become fully vested and, in the case of options, exercisable
upon a change in control of the Company, unless the Compensation Committee provides for the substitution, assumption, exchange or other
continuation of such awards. Any options that become vested in connection with a change in control generally must be exercised prior to the
change in control, or they will be canceled in exchange for the right to receive a cash payment in connection with the change in control
transaction.
The award agreements evidencing certain grants of restricted stock units to the Company's Named Executive Officers prior to January 1, 2005
generally provide that if, in connection with a change in control of the Company, the executive's employment is terminated by the Company
without cause or by the executive for good reason (as those terms are defined in the applicable award agreement), the restricted stock units that
are then outstanding and unvested will vest in full.
The following table lists the Named Executive Officers and the estimated amounts they would have become entitled to under the terms of stock
option and restricted stock unit awards granted to them under the 2003 Plan prior to April 9, 2007 had a change of control of the Company
occurred on September 29,
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