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CSCO Form 4: 70,970 RSU Award to EVP with Dividend Equivalents

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Thimaya K. Subaiya, Executive Vice President, Operations at Cisco (CSCO), received a restricted stock unit (RSU) award. The RSU grant covers 70,970 shares, granted on 09/16/2025, that vest in installments: 34% vests on November 10, 2026 and thereafter 8.25% vests quarterly. Following the award, the reporting person beneficially owns 228,978.632 shares, which include 2,909.916 dividend equivalents accrued on unvested RSUs (each dividend equivalent equals one share economically). The reported award has a $0 per-share acquisition price, consistent with typical equity-compensation grants.

Positive

  • Material RSU grant: 70,970 restricted stock units awarded, creating a strong retention incentive
  • Clear vesting schedule: 34% vests on 11/10/2026 with 8.25% vesting quarterly thereafter, aligning compensation with multi-year performance
  • Economic enhancement: 2,909.916 dividend equivalents accrued on unvested RSUs, increasing recipient's economic exposure to company stock

Negative

  • None.

Insights

TL;DR: A routine executive RSU grant with multi-year vesting, aligning the EVP with long-term shareholder value.

The award of 70,970 restricted stock units with a front-loaded 34% vesting tranche and subsequent quarterly 8.25% vesting is structured to retain and incentivize the executive through 2026 and beyond. Inclusion of 2,909.916 dividend equivalents increases the economic value of the award while maintaining typical equity-compensation mechanics. The grant price of $0 indicates these are standard RSUs rather than purchased shares or option exercises. For investors, this is a governance signal that management incentives are tied to future performance rather than immediate cash compensation.

TL;DR: Transaction is a non-cash equity grant; not an immediate dilution or liquidity event.

The Form 4 reports acquisition of RSUs, not open-market purchases or sales. Because RSUs convert to shares only upon vesting, there is no immediate market dilution from the grant date. The disclosed beneficial ownership of 228,978.632 shares provides transparency on the executive's stake, and the recorded dividend equivalents reflect customary economic adjustments on unvested awards. This filing appears routine and not materially impactful to near-term share supply or cash flows.

Insider Subaiya Thimaya K.
Role EVP, Operations
Type Security Shares Price Value
Grant/Award Common Stock 70,970 $0.00 --
Holdings After Transaction: Common Stock — 228,978.632 shares (Direct)
Footnotes (1)
  1. Represents a restricted stock unit award that vests in installments, with thirty-four percent (34%) of the shares vesting on November 10, 2026 and eight-and-one-quarter percent (8.25%) of the shares vesting quarterly thereafter. Includes 2,909.916 dividend equivalents accrued on unvested restricted stock units. Each dividend equivalent is the economic equivalent of one share of Cisco common stock.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Subaiya Thimaya K.
(Last) (First) (Middle)
170 WEST TASMAN DRIVE
(Street)
SAN JOSE CA 95134
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
CISCO SYSTEMS, INC. [ CSCO ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
EVP, Operations
3. Date of Earliest Transaction (Month/Day/Year)
09/16/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 09/16/2025 A 70,970(1) A $0 228,978.632(2) D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. Represents a restricted stock unit award that vests in installments, with thirty-four percent (34%) of the shares vesting on November 10, 2026 and eight-and-one-quarter percent (8.25%) of the shares vesting quarterly thereafter.
2. Includes 2,909.916 dividend equivalents accrued on unvested restricted stock units. Each dividend equivalent is the economic equivalent of one share of Cisco common stock.
Remarks:
/s/ Thimaya K. Subaiya by Jay Higdon, Attorney-in-Fact 09/18/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What did Thimaya K. Subaiya report on Form 4 for CSCO?

The filing reports acquisition of 70,970 restricted stock units (RSUs) on 09/16/2025, with a vesting schedule and inclusion of dividend equivalents.

How do the RSUs vest for the CSCO grant?

34% of the RSUs vest on November 10, 2026, and 8.25% vest quarterly thereafter.

How many shares does the reporting person beneficially own after the transaction?

228,978.632 shares beneficially owned, which include 2,909.916 dividend equivalents on unvested RSUs.

Did the Form 4 report any cash paid for the shares?

No cash was paid; the RSUs have an acquisition price of $0 per share, consistent with standard equity grants.

Does this Form 4 indicate immediate dilution or open-market trading?

No. RSUs convert to shares only upon vesting, so the grant does not create immediate share dilution or reflect an open-market transaction.