RBAK Redback Networks

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. About Redback Networks Redback Networks Inc., a leading provider of next-generation broadband networking equipment, enables carriers and service providers to build Smart Broadband Networks that are personalized, adaptive and efficient. The Smart Broadband Network enables advanced IP based subscriber services to consumers, businesses and wholesale customers. The company's carrier-class, consumer-scale SmartEdge(R) product family combines advanced subscriber management, carrier-class IP edge routing and highly scalable Ethernet aggregation functions. In conjunction with the NetOp(TM) Element and Policy Manager platforms the SmartEdge family provides a powerful and flexible infrastructure solution that enables delivery of next-generation Broadband IP services. Founded in 1996 and headquartered in San Jose, Calif., with sales and technical support centers located worldwide, Redback Networks maintains a growing and global customer base of more than 500 carriers and service providers, including major local exchange carriers (LECs), inter-exchange carriers (IXCs), PTTs, service providers and ISPs. For more information, visit Redback Networks at www.redback.com. REDBACK and SmartEdge are trademarks registered at the U.S. Patent and Trademark Office and in other countries. NetOp is a trademark of Redback Networks Inc. All other products or services mentioned are the trademark, service marks, registered trademarks or registered service marks of their respective owners.