Summary
This SEC 8-K filing by Cisco Systems, Inc. (CSCO) on September 20, 2006, primarily concerns the awarding of year-end incentive payments to its executive officers for Fiscal Year 2006. The Compensation and Management Development Committee approved these payments under the company's Professional and Leadership Incentive Plan (PLI Plan) and also granted additional discretionary cash incentives. Key executive officers, including Senior Vice Presidents and the CEO John T. Chambers, received substantial incentive payments reflecting the company's achievement of its performance targets. These awards are material as they directly impact executive compensation and demonstrate the company's financial performance as perceived by its board during FY2006.
Key Highlights
- 1Cisco Systems awarded year-end incentive payments to key named executive officers for Fiscal Year 2006.
- 2Payments were made under the Professional and Leadership Incentive Plan (PLI Plan), indicating performance targets were met.
- 3Additional discretionary year-end cash incentives were also awarded to several executive officers.
- 4CEO John T. Chambers received a significant discretionary year-end incentive payment of $1,300,000.
- 5The Compensation and Management Development Committee approved these awards, highlighting their importance in executive compensation.
- 6The filing indicates a positive assessment of the company's performance for FY2006 by the leadership.