Apple 2007 Annual Report Download - page 118
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Compensation of Directors
The form and amount of director compensation are determined by the Board after a review of recommendations made by the Nominating
Committee. The current practice of the Board is to base a substantial portion of a director's annual retainer on equity. Under the Company's 1997
Director Stock Option Plan (the "Director Plan"), the Company's Non-Employee Directors are granted an option to acquire 30,000 shares of the
Company's common stock upon their initial election to the Board (an "Initial Option"). Initial Options vest and become exercisable in equal
installments on each of the first three anniversaries of the grant date. On the fourth anniversary of a Non-Employee Director's initial election to
the Board and on each subsequent anniversary thereafter, the director is granted an option to acquire 10,000 shares of the Company's common
stock (an "Annual Option"). Annual Options are fully vested and immediately exercisable on the date of grant.
Upon his initial appointment to the Board on August 29, 2006, Dr. Schmidt declined the annual retainer fee and the automatic stock option grant
to purchase 30,000 shares to which new directors are entitled under the Director Plan. Instead, Dr. Schmidt purchased 10,000 shares of the
Company's common stock on the open market.
Non
-Employee directors also receive a $50,000 annual retainer paid in quarterly installments. Beginning in the 2008 fiscal year, the chairperson
of the Audit and Finance Committee will also be entitled to an annual retainer of $25,000, in addition to the annual retainer paid to all non-
employee directors. Directors do not receive any additional consideration for serving as a member or chairperson of any other committee. In
addition, directors receive up to two free computer systems per year and are eligible to purchase additional equipment at a discount.
Compensation Committee Interlocks and Insider Participation
The Compensation Committee members whose names appear on the Compensation Committee Report above were committee members during
all of fiscal year 2007. Mr. Campbell formerly served as an officer of the Company and of FileMaker, Inc., a subsidiary of the Company. No
other member of the Compensation Committee is or has been a former or current executive officer of the Company, and no member of the
Compensation Committee had any relationships requiring disclosure by the Company under the SEC's rules requiring disclosure of certain
relationships and related-party transactions. None of the Company's executive officers served as a director or a member of a compensation
committee (or other committee serving an equivalent function) of any other entity, the executive officers of which served as a director or
member of the Compensation Committee during the fiscal year ended September 29, 2007.
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