January 6, 2006
SAN JOSE, Calif. -- Redback Networks Inc. (NASDAQ:RBAK), a leading provider of next-generation broadband networking systems, today announced the addition of William Sherry as vice president of finance. Reporting to the chief financial officer, Thomas L. Cronan III, Mr. Sherry will assume responsibility for corporate financial planning, analysis and worldwide sales finance. Mr. Sherry brings more than 20 years of finance experience in senior management positions at technology companies including most recently Cisco Systems.
In accordance with NASDAQ Marketplace Rule 4350, Redback granted inducement stock options to Mr. Sherry. The options are classified as non-qualified stock options with an exercise price equal to fair market value on the date of grant and have a ten-year term. Mr. Sherry's grant is for 100,000 shares and provides for 25 percent vesting of his shares upon completion of one year of service, with the balance vesting in monthly installments over 36 months, and a 12 month acceleration of vesting if the company experiences a change of control.
Redback Networks Inc.
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