Summary
Cisco Systems, Inc. (CSCO) filed an 8-K on February 24, 2021, reporting on compensatory arrangements related to the international transfer of Irving Tan, former Executive Vice President and Chief of Operations. Following his departure from his operational role in December 2020, Mr. Tan entered into a Letter of Transfer Agreement on February 22, 2021, to facilitate his relocation from San Jose, California, back to Singapore. This agreement outlines various allowances and services provided to Mr. Tan, consistent with Cisco's International Transfer Policy for senior executives. These benefits include housing assistance, travel allowances, transition support, tax services, home and vehicle sales assistance, and tax restoration benefits. Importantly, these Relocation Benefits are contingent upon Mr. Tan's continued employment with Cisco. The filing also includes the Transfer Agreement as an exhibit, providing further detail on these arrangements.
Key Highlights
- 1Cisco entered into a Letter of Transfer Agreement with former EVP & Chief of Operations, Irving Tan, on February 22, 2021.
- 2The agreement facilitates Mr. Tan's relocation from San Jose, California, to Singapore.
- 3Mr. Tan previously stepped down from his operational role in December 2020.
- 4Relocation benefits include housing, travel, transition assistance, tax services, home/vehicle sales, and tax restoration.
- 5These benefits are contingent upon Mr. Tan's continued employment with Cisco.
- 6The agreement aligns with Cisco's International Transfer Policy for Vice Presidents and above.