Cisco’s Lloyd, Moore Exit With Millions, Non-Competes Span 29 Companies

Soon-to-be former Cisco (CSCO) executives Rob Lloyd and Gary Moore are getting a lot of money to walk away after incoming chief executive Chuck Robbins nixed both top lieutenants from joining his new executive team.

According to an 8-K Cisco SEC filing, Cisco Development and Sales president Lloyd and president and chief operating officer Moore, both of whom were said at one point to be in line to run the company upon John Chambers’ retirement, will reap more than $10 million each in salary, bonus incentives, restricted stock awards and insurance coverage.

For starters, both executives are entitled to 18 months’ base salary and a target bonus award in cash, worth $2.2 million to Lloyd and nearly $2.3 million to Moore. Both execs will receive their lump sum payments on February 1, 2016, according to the 8-K.

In addition, Lloyd will receive immediate vesting of 289,863 restricted stock units that would have vested in September, 2015 and September, 2016. At Cisco’s current stock price of $29, that’s worth $8.4 million.

Cisco also will cover 18 months of Lloyd’s COBRA insurance premiums, totaling $37,217, the document said.

Moore’s 289,790 restricted stock units also will immediately vest for a total of $8.65 million. And, Cisco will pay his Cobra insurance premiums as well for 18 months, worth about $26,950.

Both executives’ separation agreements carry a list of 29 companies neither can work for until a year from July. The hit list includes Alcatel-Lucent, Amazon Web Services, Arista Networks, ARRIS Group, Aruba Networks, Avaya, Brocade, Check Point Software, Citrix Systems, Dell, Ericsson, Extreme Networks, F5 Networks, FireEye, Fortinet, Hewlett-Packard, Huawei, IBM, Juniper, Lenovo, Microsoft, Motorola, Nokia, Palo Alto Networks, Polycom, Riverbed, Ruckus Wireless, Symantec and VMware.

Should either Lloyd or Moore turn up at one of these companies in the next year, they’ll forfeit their benefits under the agreement. Neither executive can join the listed companies’ boards or consult with them.