The recurrence engine of the Scheduler also follows RFC5545 specs. The recurrence rule, you are referring to, however, shows only one event at the first weekday of the month. The RecurrenceEditor actually sets the following recurrence rule when "first weekday" is set:
We tend to behave like MS Outlook will. Here is a screencast that demonstrates what we are trying to achieve:
If you need different behavior, then you will need to modify the recurrenceRule to match your business requirements. Probably, you will need and custom recurrence editor template in this case.
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