Cisco Systems Inc. has announced new compensation terms for Mark Patterson, who has been appointed as the Executive Vice President and Chief Financial Officer. The Compensation and Management Development Committee of Cisco's Board of Directors approved an equity award for Patterson, granting him 47,832 restricted stock units (RSUs). These RSUs will vest over a three-year period, with a one-year cliff at 34% followed by quarterly vesting at 8.25%. The award is governed by the terms of Cisco's 2005 Stock Incentive Plan and a stock unit agreement.
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