Apple 2014 Annual Report Download - page 92

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TERMS AND CONDITIONS OF RESTRICTED STOCK UNIT AWARD
1. General. These Terms and Conditions of Restricted Stock Unit Award (these “Terms”) apply to a particular restricted stock unit
award (the “Award”) granted by Apple Inc., a California corporation (the “Company”), and are incorporated by reference in the Notice
of Grant (the “Grant Notice”) correspondin
g
to that particular
g
rant. The recipient of the Award identified in the Grant Notice is referred
to as the “Participant.” The effective date of grant of the Award as set forth in the Grant Notice is referred to as the “Award Date.” The
Award was granted under and is subject to the provisions of the Apple Inc. 2014 Employee Stock Plan (the “Plan”). Capitalized terms
are defined in the Plan if not defined herein. The Award has been
g
ranted to the Participant in addition to, and not in lieu of, any othe
r
form of compensation otherwise payable or to be paid to the Participant. The Grant Notice and these Terms are collectively referred to
as the “Award Agreement” applicable to the Award.
2. Stock Units. As used herein, the term “Stock Unit” shall mean a non-votin
unit of measurement which is deemed fo
bookkeeping purposes to be equivalent to one outstanding share of the Company’s Common Stock (“Share”) solely for purposes of the
Plan and this Award A
g
reement. 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 this Award A
g
reement. The Stock Units shall not be treated as property o
r
as a trust fund of any kind.
3. Vesting. Subject to Section 8 below, the Award shall vest and become nonforfeitable as set forth in the Grant Notice. (Each
vesting date set forth in the Grant Notice is referred to herein as a “Vesting Date”).
4. Continuance of Employment. The vestin
g
schedule requires continued employment or service throu
g
h each applicable
Vestin
g
Date as a condition to the vestin
g
of the applicable installment of the Award and the ri
g
hts and benefits under this Award
A
g
reement. Employment or service for only a portion of the vestin
g
period, even if a substantial portion, will not entitle the Participant to
any proportionate vestin
g
or avoid or miti
g
ate a termination of ri
g
hts and benefits upon or followin
g
a termination of employment o
r
services as provided in Section 8 below or under the Plan.
Nothin
g
contained in this Award A
g
reement 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
ri
g
ht to remain employed by or in service to the Company or any Subsidiary, interferes in any way with the ri
g
ht of the Company or any
Subsidiary at any time to terminate such employment or services, or affects the ri
g
ht of the Company or any Subsidiary to increase o
r
decrease the Participant’s other compensation or benefits. Nothin
g
in this para
g
raph, however, is intended to adversely affect any
independent contractual right of the Participant without his consent thereto.
1