MCAFEE, INC. CHRISTOPHER BOLIN EMPLOYMENT AGREEMENT
Exhibit 10.24
▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ EMPLOYMENT AGREEMENT
This Agreement is made by and between McAfee (the “Company”), and ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
(“Executive”) as of October 1, 2004.
1. Duties and Scope of Employment.
(a) Positions; Employment Commencement Date; Duties. Executive’s
employment with the Company commenced April 7, 1997 (the “Employment Commencement
Date”). As of the date of this Agreement, the Company employs Executive as Executive Vice President
and Chief Technology Officer of the Company for the McAfee Engineering Department reporting into
the President of the Company (the “President”). The period of Executive’s employment hereunder is
referred to herein as the “Employment Term.” During the Employment Term, Executive shall render
such business and professional services in the] performance of his/her duties that are consistent
with Executive’s position within the Company, as shall reasonably be assigned to him/her by the
Chief Executive Officer of the Company (the “CEO”) and or the President.
(b) Obligations. During the Employment Term, Executive shall devote his/her full
business efforts and time to the Company. Executive agrees, during the Employment Term, not to
actively engage in any other employment, occupation or consulting activity for any direct or
indirect remuneration without the prior approval of the CEO; provided, however, that Executive may
serve in any capacity (i) with any civic, educational or charitable organization, or (ii) as a
member of corporate boards of directors or committees of another corporation so long as such
organization does not compete with the Company if Executive obtains the prior written approval of
the CEO with respect to serving in such capacity, which may be withheld in the sole discretion of
the CEO. The term “Board” means the Board of Directors of the Company.
2. Employee Benefits. During the Employment Term, Executive shall be eligible to
participate in the employee and fringe benefit plans maintained by the Company (as such plans
are amended from time to time) that are applicable to other management personnel serving at
levels no higher than Executive to the full extent provided for under those plans.
3. At-Will Employment. Executive and the Company agree and acknowledge that
Executive’s employment with the Company constitutes “at-will” employment. Subject to the
Company’s obligation to provide severance benefits as specified herein, Executive and the
Company agree that this employment relationship may be terminated at any time, upon written
notice to the other party, with or without good cause or for any or no cause, at the option of
either the Company or Executive.
4. Compensation.
(a) Base Salary. During the Employment Term, the Company shall pay the
Executive as compensation for his/her services a base salary at the annualized rate of Three
Hundred Fifty Thousand ($350,000.00). Such base salary shall be paid periodically in accordance
with normal Company payroll practices and subject to the usual, required withholding. The Company
will review (in accordance with the policies set by the Compensation Committee of the Board)
Executive’s base salary at least once annually starting in January 2005 and, if it deems it
appropriate, modify the base salary. Executive’s annualized base salary, as modified as provided
herein, shall be referred to as his/her “Base Salary.”
(b) Bonuses. Executive shall be eligible to participate in the executive
quarterly incentive bonus program (as it may be amended from time to time), with milestones
based in part on Company performance and/or in part on Executive’s individual performance
Executive’s quarterly target incentive is 42.857% of Base Salary for such quarter (the
“Target Bonus”). The payment of all or any portion of the Target Bonus for any calendar
quarter shall depend on whether the relevant goals are met (or, in the case of a Target Bonus that has
tiered goals, which, if any, tier or tiers of goals are met).
(c) Severance.
(i) Termination For Any Reason. Notwithstanding Executive’s entitlement
to severance benefits under certain circumstances discussed below in this Section
6(c), upon termination of Executive’s employment for any reason, the Company shall pay Executive all Base Salary and accrued but unpaid vacation earned through the date of termination,
reimburse Executive for all necessary and reasonable expenses in accordance with Section 4
and continue Executive’s benefits under the Company’s then-existing benefit plans and policies for
so long as required by applicable law. In addition, if, and only if, the relevant goals for the
calendar quarter in which the termination of Executive’s employment occurs are met then the Company
shall also pay executive the Target Bonus (or the portion of the Target Bonus that would be paid
based on the tiers of goals that are met) for such calendar quarter but prorated based on the
quotient of (A) the number of days in the calendar quarter through the date of termination, divided
by (B) the number of days in such calendar quarter. For illustration purposes only, if Executive’s
Target Bonus is $1,000, and Executive is terminated on May 15, and Executive met sufficient goals
to receive a $600 Target Bonus, then his/her actual bonus for the year of termination would be $297
($600 x (45/91)).
(ii) Termination Due to Tuiai Disability. Death. Resignation for Good Reason and
Involuntary Termination Other Than for Cause. If (A) Executive dies, (B) Executive resigns
his/her employment with the Company due to a Total Disability, (C) Executive resigns his/her
employment with the Company for Good Reason, or (D) Executive’s employment with the Company is
terminated by the Company other than for Cause, then, subject to Executive executing, and not
revoking, the Mutual Release of Claims attached hereto as Exhibit A with the Company, (1)
Executive shall receive six (6) monthly payments, each equal to the product of (A) one-twelfth
(1/12) multiplied by the sum of Executive’s Base Salary plus (B) one third of the Target Bonus;
less applicable withholding, and otherwise in accordance with the Company’s standard payroll
practices, and (2) the Company shall pay the portion of the group health, dental and vision plan
continuation coverage premiums for Executive and his/her covered dependents under Title X of the
Consolidated Budget Reconciliation Act of 1985, as amended (“COBRA”). that would have been
paid by the Company were he/she still employed by the Company, through the lesser of (x) six (6)
months from the date of Executive’s termination of employment, or
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(y) the date upon which Executive and his/her covered dependents are eligible to be covered by
similar plans of Executive’s new employer, and (3) if, and only if, such termination is
within six (6) months following a Change in Control, then all of Executive’s remaining unvested
stock options and shares of restricted stock shall vest immediately, and, if applicable, the
Company’s right to repurchase all of the same such shares immediately shall lapse.
(iii) Involuntary Termination for Cause or Resignation Other Than For
Good Reason. In the event Executive terminates his/her employment other than for Good
Reason or Executive’s employment is involuntarily terminated by the Company for Cause, then all
vesting of stock options, restricted stock and any other equity compensation shall terminate
immediately and all payments of compensation by the Company to Executive hereunder shall
immediately terminate (except as to amounts already earned, as specified in Section 6(c)(i)
above, and the right, subject to the terms of the relevant stock option agreement(s), to
exercise any stock options vested through the date of termination).
(iv) Definitions.
(1) Termination for Cause. A termination of Executive’s
employment for “Cause” means a termination of Executive’s employment by the Company based
upon a good faith determination by the Board that one or more of the following has occurred: (a)
Executive’s commission of a material act of fraud with respect to the Company in connection with
Executive carrying out his/her responsibilities as an employee, (b) any intentional refusal or
willful failure to carry out the reasonable instructions of the CEO or the Board, (c) Executive’s
conviction of, or plea of nolo contendere to, a misdemeanor crime of moral turpitude or a
felony, (d) Executive’s gross misconduct in connection with the performance of his/her
duties hereunder, or (e) Executive’s material breach of his/her obligations under this Agreement
and any other agreement to which Executive and the Company or its Affiliate is a party.
(2) Change in Control. “Change in Control” shall mean any of
the following:
(A) the acquisition by any individual, entity, or group
(within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act), other than by the Company
or any Affiliate thereof or any Affiliate of a shareholder of the Company immediately prior to
such acquisition, of beneficial ownership (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) of 50% or more of the combined voting power or economic interests of the
then outstanding voting securities of the Company entitled to vote generally in the election of
directors;
(B) A change in the composition of the Board occurring
within a twenty-four month period, as a result of which fewer than a majority of the directors of
the Board are Incumbent Directors. The term “Incumbent Directors” means members of the
Board who are (I) members of the Board of the date hereof, or (II) elected, or nominated for
election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors
at the time of such election or nomination (but shall not include an individual whose election or
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nomination is in connection with an actual or threatened proxy contest relating to the election of
directors to the Company);
(C) a reorganization, merger, or consolidation, in each
case, with respect to which all or substantially all of the Persons that were the respective
beneficial owners of the voting securities of the Company immediately prior to such
reorganization, merger, or consolidation do not, following such reorganization, merger, of
consolidation, beneficially own, directly or indirectly, more than 50% of the combined voting power
of the then outstanding voting securities entitled to vote generally in the election of directors
of Company resulting from such reorganization, merger, or consolidation; or
(D) the sale or other disposition of all or substantially
all of the assets of the Company in one transaction or series of related transactions.
(E) Notwithstanding the foregoing, a Change in Control
shall not be deemed to occur because a majority or more of the outstanding voting securities of the
Company is acquired by (I) a trustee or other fiduciary holding securities under one or more
employee benefit plans maintained by the Company or any of its Affiliates, or (II) any Person that,
immediately prior to such acquisition, is owned directly or indirectly by the stockholders of the
Company in approximately the same proportion as their ownership of stock in the Company immediately
prior to such acquisition.
(3) Resignation for Good Reason. A resignation for “Good
Reason” means the resignation by Executive of his/her employment within ninety (90) days of the
occurrence of any one or more of the following events without Executive’s written consent,
provided that Executive has complied with the Good Reason Process: (a) a material reduction by the
Company in Executive’s Base Salary and/or Target Bonus, (b) a material reduction by the Company in
Executive’s benefits, (c) a reduction by the Company in Executive’s title and/or a material
reduction in Executive’s authority and/or duties without a Sufficient Basis, or (d) the
requirement by Executive’s supervisor that Executive relocate more than thirty-five (35) miles
from his/her then-current office location. Notwithstanding the foregoing sentence to the contrary,
it is agreed that Executive’s receiving less bonus or no bonus as a result of not meeting the
relevant goals for a Target Bonus is not a Good Reason.
The term “Good Reason Process” shall mean that (i) a Good
Reason has occurred; (ii) Executive notifies the Company in writing of the occurrence of the Good
Reason; (iii) Executive cooperates in good faith with the Company’s efforts, for a period of at
least 30 days following such notice, to modify Executive’s employment situation in a manner
reasonably acceptable to Executive and the Company; (iv) notwithstanding such efforts, one or more
of the Good Reasons continues to exist for a period of 30 days following such notice and has not
been modified in a manner reasonably acceptable to Executive. The term “Sufficient Basis”
shall include a reassignment or reduction in duties as a result of disciplinary action by the
Company based upon a serious violation of Company policy or this Agreement or any other agreement
between the Company (or its Affiliate) and Executive, or Executive’s failure to perform his/her
duties pursuant to this Agreement.
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(4) Total Disability. “Total Disability” shall mean
Executive’s
mental or physical impairment which prevents Executive from performing the responsibilities and
duties of his/her position for 180 consecutive days or six (6) months in the aggregate during any
twelve (12) month period. Any question as to the existence or extent of Executive’s mental or
physical impairment upon which Executive and the Company cannot agree shall be resolved by a
qualified independent physician who is an acknowledged expert in the area of the mental or physical
impairment, selected in good faith by the Board and approved by Executive, which approval shall not
unreasonably be withheld. Upon the existence and required duration of such Total Disability, the
Company may then terminate Executive’s employment for such reason by giving Executive written
notice of termination for such reason.
(5) Affiliate and Person. “Affiliate” means any
Person that
directly or indirectly controls, is controlled by, or is under common control with, the Person in
question. As used in this definition, the term “control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of a
Person, whether through ownership of voting securities, by contract or otherwise. The term
“Person” means an individual or a corporation, partnership, trust, estate, unincorporated
organization, association, or other entity.
(d) Parachute Payments. The Company shall indemnify Executive, on an after tax basis,
for any taxes imposed on Executive pursuant to Section 4999 of the Internal Revenue Code of 1986,
as amended, that result from any compensation or payments made by the Company to Executive
pursuant to this Agreement.
5. Assignment. This Agreement shall be binding upon and inure to the benefit of
(a) the heirs, beneficiaries, executors and legal representatives of Executive upon
Executive’s
death, and (b) any successor of the Company. Any such successor of the Company shall be
deemed substituted for the Company under the terms of this Agreement for all purposes. None
of the rights of Executive to receive any form of compensation payable pursuant to this
Agreement shall be assignable or transferable except through a testamentary disposition or by
the laws of descent and distribution upon the death of Executive. Any attempted assignment,
transfer, conveyance or other disposition (other than as aforesaid) of any interest in the
rights of
Executive to receive any form of compensation hereunder shall be null and void.
6. Notices. All notices, requests, demands and other communications called for
hereunder shall be in writing and shall be deemed given if (i) delivered personally or by
facsimile, (ii) one (1) day after being sent by Federal Express or a similar commercial
overnight
service, or (iii) three (3) days after being mailed by registered or certified mail, return
receipt
requested, prepaid and addressed to the parties at the following addresses, or at such other
addresses as the parties may designate by written notice in the manner aforesaid:
| If to the Company: | McAfee, Inc | |||
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| ▇▇ ▇▇ ▇▇▇ |
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| ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇ | ||||
| Attn: General Counsel | ||||
| If to Executive: | ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ |
7. Severability. In the event that any provision hereof becomes or is declared by a
court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall
continue in full force and effect without said provision.
8. Entire Agreement. This Agreement; the Employee Inventions and Confidentiality
Agreement between Executive and the Company; Executive’s acknowledgement of the
Employee Handbook; the Executive’s acknowledgement of the Company’s ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Policy and the various Stock Option Grant Agreements between the Executive and the Company
represent the entire agreement and understanding between the Company and Executive
concerning Executive’s employment relationship with the Company, and supersede and replace
any and all prior agreements and understandings concerning Executive’s
employment
relationship with the Company.
9. Non-Binding Mediation. Arbitration and Equitable Relief.
(a) The parties agree to make a good faith attempt to resolve any dispute or
claim arising out of or related to this Agreement through negotiation.
(b) In the event that any dispute or claim arising out of or related to this
Agreement is not settled by the parties hereto, the parties shall attempt in good faith to
resolve such dispute or claim by non-binding mediation in Santa Clara, California to be conducted by
one mediator belonging to either the American Arbitration Association or JAMS. The mediation
shall be held within thirty (30) days of the request therefore, unless the parties agree to a
later deadline. The costs of the mediator shall be borne by the Company.
(c) Executive and the Company each agree, to the extent permitted by law, to
arbitrate before a single neutral arbitrator, in accordance with the National Rules for the
Resolution of Employment Disputes of the American Arbitration Association regarding
discovery, any dispute or controversy arising out of, relating to, or in connection with this
Agreement, or the interpretation, validity, construction, performance, breach, or termination
thereof, which has not been resolved by negotiation or mediation as set forth in Sections
9(a) and 9(b), except that any dispute or claim for workers’ compensation benefits or
unemployment insurance benefits, shall be excluded from this agreement to arbitrate.
(d) The Company shall pay the cost of the arbitration filing and hearing fees
and the cost of the arbitrator, and any other expense or cost that is unique to arbitration or
that Executive would not be required to bear if he/she were free to bring the dispute or claim in
court. Each party shall bear its own attorneys’ fees, unless otherwise determined by the arbitrator.
The arbitration shall take place in Santa Clara, California. The arbitrator shall apply California
law, without reference to rules of conflicts of law, to the resolution of any dispute. The
arbitrator shall issue a written award that sets forth the essential findings and conclusions on which
the
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award is based. Judgment on the award rendered by the arbitrator may be entered in any court having
jurisdiction thereof. The award shall be subject to correction, confirmation, or vacation, as
provided by any applicable California case law setting forth the standard of judicial review of
arbitration awards. Executive and the Company each understand and agree that the arbitration of any
dispute or controversy listed in Section 9(c) shall be instead of a hearing or trial before
a court or jury. Executive and the Company each understand that Executive and the Company are
expressly waiving any and all rights to a hearing or trial before a court or jury regarding any
dispute or controversy listed in Section 9(c) which they now have or which they may have in
the future. Nothing in this Agreement shall be interpreted as restricting or prohibiting Executive
from filing a charge or complaint with a federal, state, or local administrative agency charged
with investigating and/or prosecuting such charges or complaints under any applicable federal
state, or municipal law or regulation.
(e) Notwithstanding the foregoing provisions of this Section 9. the parties may
apply to any court of competent jurisdiction for preliminary or interim equitable or injunctive
relief, or to compel arbitration in accordance with this Section 9. without breach of this
Section 9.
10. Covenants Not to Compete and Not to Solicit.
(a) Covenant Not to Compete. Upon Executive’s resignation for any reason after a
Change in Control has occurred or termination by the Company for any reason after a Change in
Control has occurred, Executive agrees that until the end of the twelve (12) month period
following the date of the termination of his/her employment, Executive will not directly engage in
(whether as an employee, consultant, proprietor, shareholder, owner, partner, director or
otherwise), or have any ownership interest in, or participate in the financing, operation,
management, or control of, any Subject Entity that is engaged in the design, development,
marketing, distribution, or sale of network management software or hardware or anti-virus network
security software anywhere in the world. For purposes of this Section 10, the term
“Subject Entity” means any entity engaged in the design, development, marketing, distribution, or
sale of anti virus or network security software or hardware, including but not limited to the
following entities: Cisco Systems (security business unit only), Computer Associates , ▇▇. ▇▇▇’▇,
Fortinet, Fsecure, Internet Security Systems, Intrusion Inc., Juniper, Panda, RSA, Secure
Computing, Sophos, Sourcefire, Symantec, Tipping Point and Trend Micro or any successor thereof
(the “Subject Entity List”). Executive understands and agrees that the Company may delete from,
add to or otherwise amend the entities included in the Subject Entity List from time to time, and
the Company will provide written notice to Executive of any such deletion, addition or amendment.
Notwithstanding the foregoing provisions to the contrary, nothing in this Section 10(a)
shall prevent Executive from being employed by, or providing services to, any division or business
unit of any Subject Entity if that division or business unit is not involved in the design,
development, marketing, distribution, or sale of network management software or hardware or
anti-virus network security software, as long as Executive has no responsibilities or duties for
any division or business unit of such Subject Entity that is involved in the design, development,
marketing, distribution or sale of network management software or hardware or anti-virus network
security software. Ownership of less than 3% of the outstanding voting stock of a Subject Entity
shall not constitute a violation of this Section 10(a).
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(b) Covenant Not to Solicit. Upon Executive’s resignation for any ▇▇▇▇▇▇
after a Change in Control has occurred or termination by the Company for any reason after a
Change in Control has occurred, Executive agrees that he/she will not, at any time during the
twenty four (24) months following his termination date, directly or indirectly solicit any
individuals to leave the Company’s employ for any reason or interfere in any other manner with
the employment relationships at the time existing between the Company and its current
employees.
(c) Reformation. In the event that the provisions of this Section 10 should
ever be deemed to exceed the time, geographic or scope of activities limitations permitted by
applicable law, then such provisions shall be reformed to the maximum time, geographic or
scope of activities limitations, as the case may be, permitted by applicable laws.
(d) Forfeiture of Severance. If Executive has engaged in any conduct
prohibited by Section 10(a) or 10(b) above, the Company will have the right to
immediately suspend any payments to or made on behalf of Executive pursuant to Section 4(c)(ii) of
this Agreement, and Executive forfeits any rights he/she has to such payments.
(e) Representations. Executive represents that he/she (i) is familiar with the
covenants in this Section 10. and (ii) is fully aware of his/her obligations hereunder,
and (iii) the covenants contained in this Section 10 are reasonable.
11. No Oral Modification. Cancellation or Discharge. This Agreement may only be
amended, canceled or discharged in writing signed by Executive and the Company acting
through the CEO, its general counsel or the Chief Financial Officer of the Company.
12. Withholding. The Company shall be entitled to withhold, or cause to be withheld,
from payment any amount of withholding taxes required by law with respect to payments made
to Executive in connection with his/her employment hereunder.
13. No Mitigation. Executive shall not be required to mitigate the value of any
severance benefits contemplated by this Agreement, nor shall any such benefits be reduced by
any earnings or benefits that Executive may receive from any other source.
14. Governing Law. This Agreement shall be governed by the laws of the State of
California without reference to rules relating to conflict of law.
15. Acknowledgment. Executive acknowledges that he/she has had the opportunity
to discuss this matter with and obtain advice from his/her private attorney, has had
sufficient time to, and has carefully read and fully understands all the provisions of this Agreement,
and is knowingly and voluntarily entering into this Agreement.
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IN WITNESS WHEREOF, the undersigned have executed this Agreement:
| MCAFEE, INC.
|
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By:
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/S/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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| Executive Vice President and General Counsel | ||||
EXECUTIVE |
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/s/ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
|
Attachments:
Exhibit A: Mutual Release of Claims
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EXHIBIT A
RELEASE OF CLAIMS
(“Release”)
(“Release”)
(“the Executive”) ceased his/her employment with McAfee, Inc.
(“the Company”), a Delaware corporation, effective , . For purposes of
this Release, the term “the Company” shall mean NAI and its subsidiaries and affiliates.
1. Executive’s employment relationship with the Company is ended effective
. (the Effective Date”). Executive understands that if and only if
he/she signs and returns this Release and complies with Section 10
of the Employment Agreement (“Employment Agreement”) signed by
Executive on , 2004 and fully incorporated herein by reference,
Executive will receive the benefits described in Section 4(c)(ii) of the Employment Agreement.
2. In exchange for the benefits described in Section 4(c)(ii) of Executive’s
Employment Agreement, Executive (on his/her own behalf and on behalf of Executive’s
successors and assigns) hereby releases the Company and the officers, directors, employees,
agents, stockholders and legal successors and assigns of the Company (the “Released
Parties”) from all claims, actions and causes of action, whether now known or unknown, which Executive
now has, or at any other time had, or shall or may have against the Released Parties based
upon or arising out of any matter, cause, fact, thing, act or omission whatsoever occurring at any
time up to and including the Effective Date (as defined below), including, but not limited to, any
claims for breach of contract, wrongful termination, fraud, defamation, infliction of
emotional distress, discrimination based on national origin, race, age, sex, sexual orientation,
disability or other discrimination or harassment under Title VII of the Civil Rights Act of 1964, the Age
Discrimination In Employment Act of 1967, the Americans With Disabilities Act, the Fair
Employment and Housing Act or any other applicable state, federal or local law. Executive agrees that he/she will not file, nor will he/she voluntarily participate in any lawsuit or
other legal, regulatory or administrative proceeding to assert any such claims against any Released Party. To the extent any claims or rights held by Executive against the Company cannot be
waived or released, Executive hereby irrevocably assigns all his/her rights and interest in
such claims or rights to the Company.
3. Executive acknowledges that he/she has read section 1542 of the Civil Code of
the State of California which, in its entirety, states:
A general release does not extend to claims, which the creditor does not know or
suspect to exist in his/her favor at the time of executing the release, which if
known by him/her must have materially affected his/her settlement with the debtor.
Executive waives any rights that he/she has or may have under such section 1542 to the fullest
extent that Executive may lawfully waive such rights pertaining to this Release. If Executive is
employed by the Company in a state other than California, Executive hereby waives any right or
benefit which he/she has under the other state’s statutes similar to section 1542 of the Civil
Code of the State of California to the fullest extent that he/she may lawfully waive such rights
pertaining to this Release.
4. Executive acknowledges that he/she has carefully read and fully understands this
Release and he/she has not relied on any statement, written or oral, which is not set forth in
this document. Executive has consulted with an attorney, or understands that he/she should consult
with an attorney, before signing this Release, and that he/she is giving up any legal claims he/she
has or may have against the Company by signing this Release. Executive also understands that he/she
may take up to 21 days to decide whether to enter into this Release, and that he/she may
revoke this Release within 7 days of signing it, if he/she wishes to do so. Executive enters into this
Release knowingly, willingly and voluntarily in exchange for the benefits described in Section
4(c)(ii) of his/her Employment Agreement, and Executive has had an adequate opportunity to make whatever
investigation or inquiry he/she deems necessary or desirable in connection with the matters
addressed in this Release. Executive understands the Company is not obligated to pay him/her
the benefits described in Section 4(c)(ii) of his/her Employment Agreement. Executive further
acknowledges that he/she is signing this Release knowingly, willingly and voluntarily in
exchange for the benefits set forth in Section 4(c)(ii) of his/her Employment Agreement.
5. Executive acknowledges that he/she has continuing obligations under Section 10
of his/her Employment Agreement, under certain confidentiality and assignment of inventions
agreements Executive signed in favor of the Company, including __________________,
_________, _______________________, and under applicable law. These obligations will not be
revoked, affected or impaired in any way by this Release.
6. Executive acknowledges that as a condition of receiving the benefits described in
Section 4(c)(ii) of his/her Employment Agreement, he/she has executed and returned to the
Company on or before the Effective Date, all Company property in his/her possession, including
but not limited to, software, equipment, documents, etc.
7. Executive agrees that this Release may not be modified or amended unless such
modification or amendment is in writing and is signed by Executive and by an authorized
officerof McAfee, Inc.
Signed on ____________________,
_____________________.
McAfee, Inc
|
Executive Signature and Date |
Chief Executive Officer and Chairman of the Board |