Apple Gives Fadell Hefty Good-Bye Package
The Apple exec Tony Fadell will retire from an active position in the company and demonstrates that Apple is one company worth quitting.
November 5, 2008
According to a recent Apple SEC filing, Fadell and the company, the former will be granted 77,500 restricted stock units “that will vest in full on March 24, 2010, subject to his continued employment with the Company through the vesting date and further subject to accelerated vesting if the Company terminates his employment without cause”.
In addition, Fadell will be entitled to bonus and other health and welfare benefits granted to senior managers until March 24, 2010. At present time, the stocks are worth $8.4 million.
In return, Fadell agrees not to solicit Apple’s employees for one year following the termination of his employment, as well as to stay away from company rival. For instance, he can't get a job with a big company with a big logo featuring the I, B and M letters.