Pankaj Patel, Cisco’s former executive VP and chief development officer, will receive a multi-million dollar payout for ending his tenure with the networking firm. Patel gave notice in January and left the company in October.
According to the termination agreement Cisco filed with the SEC last week, Patel will receive approximately $5.5 million in severance pay, bonuses, and stock.
Specifically, the termination agreement said that Patel will receive the following:
- $1.041 million in severance pay (he gets $520,625 now and $520,625 in six months);
- A cash bonus of $1,498,298;
- 99,758 stock shares, which are worth $2,992,740 (based upon Cisco’s current share price of $30); and
- A lump sum of $12,209.57 for 17 months of health insurance under COBRA.
Patel was a 19-year veteran with Cisco and led the company’s engineering organization.
Cisco has had a spate of high-profile executive departures during the past year. Chief Technology Officer Zorawar Biri Singh also left at the end of October. Senior Vice President Rob Soderbery departed in September, and Kelly Ahuja, senior vice president of the service provider business, left in the spring.
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