Apple 2007 Annual Report Download - page 153

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Exhibit 10.15
APPLE INC.
2003 EMPLOYEE STOCK PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT
THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this " Agreement ") is dated as of by and between
Apple Inc., a California corporation (the " Company "), and (the " Participant ").
W I T N E S S E T H
WHEREAS , pursuant to the 2003 Employee Stock Plan (the " Plan "), the Company has granted to the Participant effective as of the date
hereof (the " Award Date "), a credit of stock units under the Plan (the " Award "), upon the terms and conditions set forth herein and in the
Plan.
NOW THEREFORE , in consideration of services rendered and to be rendered by the Participant, and the mutual promises made herein
and the mutual benefits to be derived there from, the parties agree as follows:
1. Defined Terms . Capitalized terms used herein and not otherwise defined herein shall have the meaning assigned to such terms in
the Plan.
2. Grant . Subject to the terms of this Agreement, the Company hereby grants to the Participant an Award with respect to an
aggregate of stock units (subject to adjustment as provided in Section 11 of the Plan) (the " Stock Units "). As used herein, the
term "stock unit" shall mean a non-voting unit of measurement which is deemed for bookkeeping purposes to be equivalent to one outstanding
share of the Company's Common Stock (subject to adjustment as provided in Section 11 of the Plan) solely for purposes of the Plan and this
Agreement. The Stock Units shall be used solely as a device for the determination of the payment to eventually be made to the Participant if such
Stock Units vest pursuant to Section 3. The Stock Units shall not be treated as property or as a trust fund of any kind.
3. Vesting . Subject to Section 8 below, the Award shall vest and become nonforfeitable with respect to of the total
number of Stock Units (subject to adjustment under Section 7.1 of the Plan) on (each, a " Vesting Date ").
4. Continuance of Employment . The vesting schedule requires continued employment or service through each applicable vesting
date as a condition to the vesting of the applicable installment of the Award and the rights and benefits under this Agreement. Employment or
service for only a portion of the vesting period, even if a substantial portion, will not entitle the Participant to any proportionate vesting or avoid
or mitigate a termination of rights and benefits upon or following a termination of employment or services as provided in Section 8 below or
under the Plan.
Nothing contained in this Agreement or the Plan constitutes an employment or service commitment by the Company, affects the
Participant's status as an employee at will who is subject to termination with or without cause, confers upon the Participant any right to remain
employed by or in service to the Company or any Subsidiary, interferes in any way with the right of the Company or any Subsidiary at any time
to terminate such employment or services, or affects the right of the Company or any Subsidiary to increase or decrease the Participant's other
compensation or benefits. Nothing in this paragraph, however, is intended to adversely affect any independent contractual right of the Participant
without his consent thereto.
5. No Shareholder Rights . The Participant shall have no rights as a shareholder of the Company, no dividend rights and no voting
rights with respect to the Stock Units or any shares of Common Stock underlying or issuable in respect of such Stock Units until such shares of
Common Stock are actually issued to and held of record by the Participant. No adjustments will be made for dividends or other rights of a holder
for which the record date is prior to the date of issuance of the stock certificate evidencing such shares.