Cisco Systems Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
$CSCO
Computer Communications Equipment
Telecommunications
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 15, 2024
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements of Certain Officers.
Compensatory Arrangement of Certain Officer
On July 15, 2024, Jeff Sharritts, former Executive Vice President and Chief Customer and Partner Officer of Cisco Systems, Inc. (“Cisco”), entered into a Separation Agreement and General Release (the “Separation Agreement”) in connection with his termination of employment as an executive advisor effective July 15, 2024. The Separation Agreement provides that Mr. Sharritts will be entitled to accelerated vesting of the time-based restricted stock unit awards which are scheduled to vest through December 10, 2025 and will be deemed eligible for retirement vesting of certain performance-based restricted stock units. Mr. Sharritts will also be entitled to a cash payment in the amount of $2,585,710.91, which is equal to eighteen months of his annual base salary, his annual target bonus award, and 17 months of COBRA premiums.
In consideration for such benefits, Mr. Sharritts executed a release of claims relating to his employment and agreed to comply with the terms of the Separation Agreement, Cisco’s Code of Business Conduct and related policies, and Cisco’s Proprietary Information and Inventions Agreement.
The foregoing description of the Separation Agreement is qualified in its entirety by reference to the Separation Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number | Description of Document | |||||||
| 10.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CISCO SYSTEMS, INC. | ||||||||||||||
| Dated: July 19, 2024 | By: | /s/ Evan Sloves | ||||||||||||
| Name: | Evan Sloves | |||||||||||||
| Title: | Secretary | |||||||||||||