Tony Fadell gets $300,000 annual salary as new ‘Special Advisor’ to Apple CEO Steve Jobs

Apple revealed today in their latest 10-K (filed Nov. 05, 2008):

On November 3, 2008, Tony Fadell, Senior Vice President, iPod Division of the Company became Special Advisor to the Company’s Chief Executive Officer. In this new position, Mr. Fadell no longer will be an executive officer of the Company. In connection therewith, Mr. Fadell and the Company have entered into a Transition Agreement and a Settlement Agreement and Release (the “Transition Agreement” and the “Settlement Agreement,” respectively), under which Mr. Fadell will receive a salary of three hundred thousand dollars annually, and will be entitled to bonus and other health and welfare benefits generally available to other senior managers for the duration of the Transition Agreement, which remains in effect until March 24, 2010.

The Transition Agreement also provides for the cancellation of outstanding and unvested 155,000 restricted stock units held by Mr. Fadell. Upon approval by the Compensation Committee of the Company’s Board of Directors, Mr. Fadell 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. The restricted stock units are payable upon vesting in shares of the Company’s common stock on a one-for-one basis. The Settlement Agreement includes Mr. Fadell’s release of claims against the Company and agreement not to solicit the Company’s employees for one year following the termination of his employment.

Source: Apple Inc.

Full 10-K filing ” target=”_blank”>here.

[Attribution: AllThingsD. Thanks to MacDailyNews Reader “Jen” for the heads up.]

37 Comments

  1. I wouldn’t worry about taxes, no-one that high up in Apple can fail to be a multi-millionaire without even trying.

    Kind of depressing that the day after the election the first comment about a completely unrelated matter is a big negative about taxes.

    Way to go “Manna” 🙁 Must be hard work being a negative jerk.

  2. I can’t believe so many conservatives read this site… Freaking disgusting people.

    You can make an informed decision about computers, but you spew out the same tired conservative FUD? Freaking. Disgusting. People.

  3. Yeah, those disgusting conservatives. How dare they read a site, especially if they don’t agree with every opinion or news item there-in?! Disgusting, that they might be informed about something even if they don’t always agree.

    Nice job, Luke Dyer. Good thing you know everything and are right about everything, thus you can propogate the popular myths about Apple users…

    MW: normal – sad but true, this is normal

  4. @Luke Dyer

    Are you kidding me?!

    You sound like a conservative just ran over your cat.

    Get a life.

    By the way, as a conservative, I have great admiration and appreciation for different viewpoints…read: Barack Obama’s views. I respect that it takes diversity in opinion sometimes to get this country going in the right direction.

  5. @ApplePi

    “…Hopefully he will be taxed higher. He earns more. That’s the way it works unless you want the rich to get richer and the poor poorer. …”

    If you had even a modicum of economic sense, you’d know just how wrong this ridiculously simple minded adage is.

    Consider that I run my own business. By your standards I would be considered wealthy. My business has slowed down recently and the city of Los Angeles is hitting me up for new business taxes as well as the state of California.

    As a result, I:

    1. Did not start the home improvements I had planned.
    2. Reduced the hours of my house keeper to once a week instead of every other day.
    3. Let one of the coders I had on staff go and nixed plans to hire a part time iPhone developer.

    Did my lifestyle change? No.
    Nonetheless, several other people are much poorer due to my increased tax burden. On top of this, I am anticipating more taxes due to the election of Obama. At which point I will let the house keeper go all together, and possibly move the coding side of my business to India, releasing the last two coders I have working for me.

    The truth my simple minded friend is that as the rich get poorer, the poor get seriously screwed. As the rich get richer, wealth spreads.

    It’s not rocket science.

  6. “Hopefully he will be taxed higher. He earns more. That’s the way it works unless you want the rich to get richer and the poor poorer.”

    Can you tell me how taxing him more will keep the poor from getting poorer? There is no correlation. Besides even at a flat percentage, he would already be paying more! 10% (I wish it were that low) of $300,000 is $30,000, 10% of $30,000 is $3000. So why should he be charged at a higher rate?

    On the other hand, if he is charged more, then maybe he won’t hire a gardening service….and the gardening service may lay an employee off, guaranteeing that employee becomes poorer.

    Think about it……

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