Apple Computer, Inc.
1997 Director Stock Option Plan
(Effective as of August 5, 1997)
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Apple Computer, Inc.
1997 Director Stock Option Plan
1. Purposes. The purposes of the Plan are to retain the services
of qualified individuals who are not employees of the Company to serve as
members of the Board and to secure for the Company the benefits of the
incentives inherent in increased Common Stock ownership by such individuals
by granting such individuals Options to purchase shares of Common Stock.
2. Administration. The Administrator will be responsible for
administering the Plan. The Administrator will have authority to adopt such
rules as it may deem appropriate to carry out the purposes of the Plan, and
shall have authority to interpret and construe the provisions of the Plan and
any agreements and notices under the Plan and to make determinations
pursuant to any Plan provision. Each interpretation, determination or other
action made or taken by the Administrator pursuant to the Plan shall be final
and binding on all persons. The Administrator shall not be liable for any
action or determination made in good faith, and shall be entitled to
indemnification and reimbursement in the manner provided in the Company's
Articles of Incorporation and By-Laws as such documents may be amended from
time to time.
3. Shares Available.
Subject to the provisions of Section 7(b) of the Plan, the maximum
number of shares of Common Stock which may be issued under the Plan shall
not exceed 400,000 shares (the 'Section 3 Limit''). Either authorized and
unissued shares of Common Stock or treasury shares may be delivered
pursuant to the Plan. For purposes of determining the number of shares that
remain available for issuance under the Plan, the following rules shall apply:
(a) the number of shares of Common Stock underlying Options
shall be charged against the Section 3 Limit; and