Summary Notice of Pendency and Proposed Settlement of Shareholder Derivative Actions - Seite 2

Under the terms of the Amended Stipulation, as a part of the proposed Settlement, Apple will adopt and/or implement corporate governance reforms, which are attached as Exhibit A to the Amended Stipulation (“Enhancements”). All Parties agree the Enhancements confer substantial benefits upon Apple and its shareholders. In addition, Apple’s Board, including each of its independent, non-employee directors (including the members of the DEC), advised by outside counsel for the Company, has unanimously approved a resolution reflecting the Board’s determination, in the good faith exercise of its business judgment, that the Settlement confers substantial benefits upon Apple and its shareholders, and that the Settlement and each of its terms are fair and reasonable and serve the best interests of Apple and its shareholders.

In light of the substantial benefits conferred upon Apple by Plaintiffs’ Counsel’s efforts, Apple shall pay or cause to be paid attorneys’ fees and expenses to Plaintiffs’ Counsel in the agreed amount of $6,000,000 (the “Fee and Expense Amount”), subject to Court approval. Plaintiffs’ Counsel will apply to the Court for service awards of $5,000 (“Service Awards”) to each of the Plaintiffs to be drawn from the Fee and Expense Amount.

A Settlement Fairness Hearing will be held on July 16, 2024 at 2:00 p.m., before the Honorable Yvonne Gonzalez Rogers at the United States District Court for the Northern District of California, Oakland Courthouse, Courtroom 1 – Fourth Floor, 1301 Clay Street, Oakland, CA 94612. At the Settlement Fairness Hearing, the Federal Court will, among other things: (i) determine whether the proposed Settlement on the terms and conditions provided for in the Amended Stipulation is fair, reasonable, and adequate to Apple and its shareholders, and should be approved; (ii) determine whether the Judgment, substantially in the form attached as Exhibit C to the Amended Stipulation, should be entered dismissing the Federal Action with prejudice; (iii) determine whether the agreed-to Fee and Expense Amount and Service Awards should be approved; and (iv) consider any other matters that may properly be brought before the Federal Court in connection with the Settlement.