Former iPod boss gets $300,000

While his successor is facing a lawsuit with IBM, the former senior vice president of Apple's iPod division is laughing.

Apple has released a statement explaining that Tony Fadell is going to be paid $300,000 to be "special advisor" to Steve Jobs until 24 March 2010.

He will also be entitled to a bonus and health benefits.

But there is a catch - the golden handshake is tied to him staying away from rivals for a year after he leaves Apple otherwise he could be facing the same sort of lawsuit that the man taking his job, Mark Papermaster, is now embroiled in with IBM.

As Apple has laid out: "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".