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For the communications reported below as a foundation for Apple's revision of its report and commitment to adopt "Say on Pay," see

 

Apple, Inc. (as published by PR Newswire), April 27, 2009 press release

 

Apple Corrects Form 10-Q


CUPERTINO, Calif., April 27 /PRNewswire-FirstCall/ -- Apple(R) today filed an amendment to correct the Form 10-Q it submitted to the Securities and Exchange Commission on Thursday, April 23. Last week's filing incorrectly reported the voting percentages for shareholder-submitted proposals because abstentions were counted as "No" votes. Very shortly after the original filing, the company learned that these votes had been incorrectly tallied and an internal investigation confirmed the mistake was due to human error, which Apple regrets. Today's amendment correctly reports the voting results.

As a result of the corrected vote count, Shareholder Proposal No. 5 Regarding Advisory Vote on Compensation, known as "Say on Pay," was approved with a majority of votes cast. The Compensation Committee of Apple's Board of Directors has been closely following the Say on Pay issue, and anticipates that new laws or regulations will require some form of Say on Pay vote at all public companies in the near future. Even if that does not occur, Apple is committed to implementing an advisory Say on Pay vote next year.

Apple ignited the personal computer revolution in the 1970s with the Apple II and reinvented the personal computer in the 1980s with the Macintosh. Today, Apple continues to lead the industry in innovation with its award-winning computers, OS X operating system and iLife and professional applications. Apple is also spearheading the digital media revolution with its iPod portable music and video players and iTunes online store, and has entered the mobile phone market with its revolutionary iPhone.


(C) 2009 Apple Inc. All rights reserved. Apple, the Apple logo, Mac, Mac OS and Macintosh are trademarks of Apple. Other company and product names may be trademarks of their respective owners.


SOURCE Apple

 

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This Forum program is open, free of charge, to anyone concerned with investor interests relating to shareholder advisory voting on executive compensation, referred to by activists as "Say on Pay." As stated in the posted Conditions of Participation, the Forum's purpose is to provide decision-makers with access to information and a free exchange of views on the issues presented in the program's Forum Summary. Each participant is expected to make independent use of information obtained through the Forum, subject to the privacy rights of other participants.  It is a Forum rule that participants will not be identified or quoted without their explicit permission.

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