Apple 2007 Annual Report Download - page 83
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Please find page 83 of the 2007 Apple annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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Rule 10b5-1(c)(1) of the Securities Exchange Act of 1934, as amended. A trading plan is a written document that pre-establishes the amounts,
prices and dates (or formula for determining the amounts, prices and dates) of future purchases or sales of the Company's stock including the
exercise and sale of employee stock options and shares acquired pursuant to the Company's employee stock purchase plan and upon vesting of
RSUs.
Employee Stock Purchase Plan
The Company has a shareholder approved employee stock purchase plan (the "Purchase Plan"), under which substantially all employees may
purchase common stock through payroll deductions at a price equal to 85% of the lower of the fair market values as of the beginning and end of
six-month offering periods. Stock purchases under the Purchase Plan are limited to 10% of an employee's compensation, up to a maximum of
$25,000 in any calendar year. During 2007, the Company's shareholders approved an amendment to the Purchase Plan to increase the number of
shares authorized for issuance by 6 million shares and limit the number of shares that may be purchased in any calendar year to 3 million shares.
As of September 29, 2007, approximately 7 million shares were reserved for future issuance under the Purchase Plan.
Employee Savings Plan
The Company has an employee savings plan (the "Savings Plan") qualifying as a deferred salary arrangement under Section 401(k) of the
Internal Revenue Code. Under the Savings Plan, participating U.S. employees may defer a portion of their pre-tax earnings, up to the Internal
Revenue Service annual contribution limit ($15,500 for calendar year 2007). The Company matches 50% to 100% of each employee's
contributions, depending on length of service, up to a maximum 6% of the employee's eligible earnings. The Company's matching contributions
to the Savings Plan were $39 million, $33 million, and $28 million in 2007, 2006, and 2005, respectively.
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