Who is Mark Garrett and what is his background?

Mark Garrett is the former Executive Vice President and Chief Financial Officer of Adobe Systems Incorporated. His extensive financial and executive leadership experience in the technology sector is the primary reason for his appointment to Cisco's Board.

What role will Mark Garrett play on the Board?

Mr. Garrett has been appointed as a member of the Board of Directors. He is also expected to serve on the Audit Committee, which is a key governance body responsible for financial oversight.

How will Mark Garrett be compensated for his service?

Mr. Garrett will receive Cisco’s standard compensation for non-employee directors. This includes a pro-rated annual cash retainer and an initial pro-rated equity award of 3,307 shares, valued at approximately $215,000 on a full-year basis, with additional fees if he attends committee meetings.

What is the purpose of the director indemnification agreement?

The director indemnification agreement is a standard legal document that protects Mr. Garrett from liabilities that may arise from his service as a director of Cisco, ensuring he is held harmless to the fullest extent permitted by law and Cisco's governing documents.

CSCO 8-K: Leadership Changes

Summary

Cisco Systems, Inc. (CSCO) announced a change to its Board of Directors on April 12, 2018, through an 8-K filing. The company appointed Mark Garrett, former Executive Vice President and Chief Financial Officer of Adobe Systems Incorporated, to its Board. Mr. Garrett's expertise as a former CFO of a major technology company is expected to be a valuable asset to Cisco's governance and strategic oversight. In connection with his appointment, Mr. Garrett will receive standard compensation for non-employee directors, including an annual retainer and equity awards, with amounts pro-rated for his service period. He is also expected to join the Audit Committee, further strengthening the board's financial oversight capabilities. Cisco has also entered into a standard indemnification agreement with Mr. Garrett to protect him against potential liabilities related to his directorial duties.

Key Highlights

1Cisco Systems, Inc. appointed Mark Garrett to its Board of Directors.
2Mark Garrett previously served as EVP and CFO of Adobe Systems Incorporated.
3Mr. Garrett is expected to be appointed to the Board's Audit Committee.
4He will receive standard pro-rata compensation for non-employee directors, including cash and equity awards.
5Mr. Garrett received an initial equity award of 3,307 shares, vesting immediately.
6Cisco entered into a standard director indemnification agreement with Mr. Garrett.

CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Apr 12, 2018)

Summary

Key Highlights

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