Cisco said its Board of Directors appointed Kevin Weil, Chief Product Officer of OpenAI, as a board member effective on May 12, 2025, the same day, May 12.

1. 01

   Cisco said its Board of Directors appointed Kevin Weil, Chief Product Officer of OpenAI, as a board member effective on May 12, 2025, the same day, May 12.

2. 02

   The company said the Board determined that Weil is independent under the applicable listing standards of the Nasdaq Stock Market LLC. It said it has not yet decided which Board committees, if any, Weil will serve on.

3. 03

   Cisco said Weil will receive a pro rata share of the $105,000 annual cash retainer, paid quarterly in arrears, for his service through the rest of the year ending at Cisco's 2025 annual meeting of stockholders. It said his initial equity award was granted automatically under the Board's equity grant policy, is fully vested, and has a grant date fair value equal to a pro rata portion of $245,000.

4. 04

   Cisco said Weil has entered into the company's standard Indemnity Agreement, which provides for indemnification to the fullest extent permitted by law. It said the maximum charitable matching gift amount for non-employee directors for calendar year 2025 is $25,000.

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