Employment Agreement - Apple Computer Inc. and Jeanne Seeley
May 1, 1996
Jeanne Seeley
27501 Black Mountain Road
Los Altos Hills, CA 94022
Re: Employment
Dear Jeanne:
The following sets forth our agreement ("Letter Agreement")
regarding the terms and conditions of your employment, participation in Apple's
Executive Severance Plan ("Plan") and special bonus upon the termination of
your employment in accordance with this Letter Agreement. This Letter
Agreement supersedes the previous Letter Agreement in its entirety dated on or
about January 12, 1996 between you and Apple.
Subject to the conditions of this Letter Agreement, Apple shall
designate you for participation in the Apple Computer, Inc. Executive Severance
Plan on or about August 25, 1996 provided that Apple's Q3 books are closed and
provided further that (1) you have not obtained or been offered another
comparable position with the Apple or its affiliates, and (2) the termination
of your employment was not the result of your voluntary resignation, except for
a resignation for 'good cause" under the terms of the Plan, and (3) the
decision to terminate your employment was not for "Business Reasons".
"Business Reasons" shall mean that you are terminated for any of the following
reasons: (i) engaging in unfair or unlawful competition with Apple; or (ii)
inducing any customer of Apple to breach any contract with Apple; or (iii)
making any unauthorized disclosure of or otherwise misusing any of the secrets
or confidential information of Apple; or (iv) committing any act of
embezzlement, fraud or material theft with respect to any Apple property; or
(v) violating any Apple policy or guideline or the terms of this Letter
Agreement; or (vi) causing material loss, damage or injury to or otherwise
endangered the property, reputation or employees of Apple; or (vii)
engaging in malfeasance, negligence or misconduct, or failing to perform
reasonable duties and responsibilities consistent with your duties and
responsibilities to Apple; or (viii) failure to act in accordance with
specific, reasonable and lawful instructions from Apple's Chief Financial
Officer. To the extent practical, you agree to use accrued vacation time
during the month of August. Separate and apart from any benefits to which you
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may be entitled under Apple's Executive Severance Plan, and subject to the
employment termination conditions of this paragraph, Apple shall pay you a
special bonus in the amount of one-hundred fifty thousand dollars ($150,000),
ninety thousand dollars ($90,000) of which shall be paid to you on or before
May 10, 1996, and the balance of sixty thousand dollars ($60,000) to be paid
to you at the end of your employment with Apple.
The terms and conditions of Apple's Executive Severance Plan in effect
at the time you are designated for participation in the Plan shall govern with
respect to your eligibility for and level of benefits under the Plan.
If this letter sets forth our agreement on the subject matter hereof,
kindly sign and return to me the enclosed copy of this letter which will then
constitute our agreement on this subject.
Sincerely,
APPLE COMPUTER, INC.
By /s/ Fred Anderson
Fred Anderson
Executive Vice President
Chief Financial Officer
By /s/ Kevin Sullivan
Kevin Sullivan
Senior Vice President
Human Resources
Agreed to as of this 2nd day of May, 1996
/s/ Jeanne Seeley
Jeanne Seeley