Updated from 8:04 a.m. EST to provide analyst comments regarding cash distribution in the 11th paragraph.

NEW YORK ( TheStreet) - Apple ( AAPL) is holding its annual shareholder meeting today, and there are some incredibly important themes that could emerge as the largest technology company in the S&P 500 talks to investors about its future plans.

First and foremost, shareholders will be keeping a close eye on what Apple has to say about its cash hoard, which is now over $137 billion. This comes in light of a recent lawsuit by Greenlight Capital and David Einhorn, who sued Apple to stop Proposal 2, which he said harms shareholders. Investors will also be keen to hear if the company reveals anything about its long-term product plans and its supply chain, particularly in light of recent revenue shortfalls. Apple, as we know, strives for perfection, so it will be interesting to see how it tackles these topics.

Apple has had a rough go of it recently, with shares down more than 22% in the past three months, and 16.8% year to date. The Cupertino, Calif.-based firm continues to beat its own estimates, but not Wall Street's potentially overblown expectations. Sales in the most recent quarter were up 17.6% year over year when factoring in last year's extra week, but that wasn't good enough for Wall Street.

There are concerns over Apple's product pipeline, though recent rumors of an iWatch could put those concerns to bed. CEO Tim Cook has put his own stamp on the company, and it will be interesting to see how he talks to an increasingly frustrated shareholder group.

Here are three of the most important themes that may emerge from Apple's shareholder meeting:

Apple's Cash

Apple initiated a dividend and stock buyback program in March 2012, announcing it would return $45 billion in cash to shareholders over a period of three years. While that seems like a lot, it's still not enough for some shareholders, including Greenlight's Einhorn.

Einhorn recently held a conference call to discuss his idea of returning more cash to shareholders, in the form of a perpetual preferred stock.

Dubbed 'iPrefs', Einhorn wants Apple's management to issue preferred stock yielding 4% that would be able to unlock the value of Apple's vast balance sheet, without it actually having to use its $137.1 billion cash haul. Einhorn believes the market is not giving credit to Apple's cash hoard, of which more than $94 billion is overseas.

CEO Tim Cook and his team have hinted in that they would return more cash to shareholders, albeit in the form of a common stock dividend. In the company's recent first-quarter conference call CFO Peter Oppenheimer said that Apple does "consider increasing these programs and we'll do what we think is in the best interest of our shareholders."

Several analysts, including Jefferies' Peter Misek, believe Apple will do something with its cash, but not iPrefs. "While the concept of iPrefs as coined by Greenlight is certainly very intelligent, it handcuffs Apple in a way that we believe the Company cannot do," Misek wrote, in a note. Misek cited a smaller screen size, lower margins, and capital spending as a reason for Apple not doing iPrefs. Misek rated Apple "hold" with a $500 price target.

Misek also noted he thinks Apple could double its return of cash to shareholders, moving from $45 billion to $90 billion. An alternative would be to change the time frame. Apple said it would return $45 billion over three months, but Misek suggested decreasing the time to 18 months.

Barclays Capital's Ben Reitzes believes that Apple "has room to increase its total cash outlay for dividends and buybacks by 30-40% over the next 3 years without having to access overseas cash." He believes that an additional return of cash to shareholders will be a positive catalyst for the stock in the first half of this year.

There were rumors of a stock split floating around Twitter yesterday, with TheStreet's Doug Kass tweeting he heard Apple will announce a stock split.

Product Pipelines

Apple is notoriously secretive about its product plans, helping to build anticipation for its latest, greatest, gadgets. After Steve Jobs passed away, many wondered whether there was a product strategy already in place to keep Apple ahead of rivals such as Samsung, Google ( GOOG), and Amazon ( AMZN) in consumers' minds and wallets.

The iPad, iPad mini, and iPhone 5 are all selling incredibly well, but Wall Street wants more. It wants to see product innovation in different categories, as well as innovation in existing ones (bigger iPhone, thinner iPad) to get Apple's mojo back.

There have been countless rumors about the Apple TV, which intensified throughout 2012. Cook has said in the past that the living room is an area of intense interest for Apple. "When I go into my living room and turn on the TV, I feel like I have gone backwards in time by 20 to 30 years," Cook told NBC's Brian Williams in a December interview. "It's an area of intense interest. I can't say more than that," he added.

The iWatch rumors have ramped up in recent weeks, as Apple may make headway in a new product category. There are thought to be around 100 people working on an "iWatch," and that could be big business for Apple. Morgan Stanley analyst Katy Huberty believes the watch could be worth as much as $10 billion to $15 billion in annual revenue for Apple, and $2.50 to $4 per share in earnings, assuming a $200 price point.

These products are in addition to the expected iPhone 5S and iPad 5 refresh, due out sometime later this year.

Apple most likely will not talk about any future product plans at the shareholder event, but may try to ease investor concerns that it's running out of iDevice ideas.

Supply Chain Issues

Apple has increasingly had to deal with supply chain issues, despite Cook's reputation as an operations genius. The company experienced a shortfall in iMac production in the holiday quarter, leading Mac sales to come in sharply below estimates. There were also constraints on the iPhone 4, which surprised Apple. Cook addressed some of these issues at the recent Goldman Sachs conference, but shareholders will certainly press Apple again on this issue.

Cook noted on the earnings conference call that iMacs were down by 700,000 units year over year, but said that last year's extra week, supply constraints, and the general downturn in the PC industry hurt sales.

A recent report by NPD suggests that Apple has worked through some of those supply chain concerns, with Mac sales growing 31% year over year.

Piper Jaffray analyst Gene Munster wrote in a recent research note that Apple is just catching up to demand. "We note that the company stated there was a 700ky/y iMac unit decline in the December quarter, which we believe was caused by supplyissues around the redesigned iMacs," Munster penned, in the note.

Apple has worked diligently on improving its transparency, from releasing its supplier list, to making Cook more accessible to the media than his predecessor. Continuing to improve the supply chain is a major part of that.

Shareholders, though, are growing frustrated, as the stock price continues to decline. It's up to Cook to assuage their concerns.

-- Written by Chris Ciaccia in New York

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