[Form 4] CISCO SYSTEMS, INC. Insider Trading Activity

Rhea-AI Filing Summary

Wesley G. Bush, a Cisco Systems director, reported acquiring 550 shares through a fully vested deferred restricted stock unit award in lieu of cash retainer fees on 09/15/2025 at a reported price of $67.02 per share. The award will settle in shares on, or as soon as practicable after, his separation from service under Section 409A. Following the transaction, Mr. Bush beneficially owns 49,925.115 shares directly, which includes 4,815.115 dividend equivalents tied to vested deferred restricted stock units, and 10,000 shares indirectly via the Wesley G. Bush Revocable Trust. The Form 4 was signed by attorney-in-fact Jay Higdon on 09/17/2025.

Positive

• Director acquired shares through a fully vested deferred restricted stock unit award, increasing insider alignment with shareholders
• Clear disclosure of direct and indirect holdings including 4,815.115 dividend equivalents
• Filing signed and dated (attorney-in-fact signature on 09/17/2025), meeting reporting formalities

Negative

• None.

Insights

Financial Analyst

TL;DR: Director acquired a small number of shares via deferred RSU award; transaction is routine and not materially market-moving.

The Form 4 discloses a non-derivative acquisition of 550 shares resulting from a fully vested deferred restricted stock unit award paid in lieu of a cash retainer. Such transactions align with standard director compensation practices and will settle upon separation from service, per Section 409A. The filing also clarifies accrued dividend equivalents of 4,815.115 shares included in the direct ownership total. There is no indication of exercised options, option grants, or derivative activity. From a trading-impact perspective, the disclosed transaction is administrative and likely immaterial to Cisco's valuation.

Corporate Governance Expert

TL;DR: Disclosure reflects typical director compensation mechanics and provides clear ownership detail; governance disclosure standards are met.

The submission identifies Mr. Bush as a director and details compensation settled as deferred restricted stock units in lieu of cash retainer, which is a common governance practice to align director interests with shareholders. The Form 4 clearly itemizes direct and indirect holdings, including dividend equivalents, and is signed via attorney-in-fact. The timing and explanations adhere to Section 16 reporting conventions; no governance issues or unexplained transfers are evident in the filing.

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
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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^*

BUSH WESLEY G

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

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	09/15/2025		A		550(1)	A	$67.02	49,925.115(2)	D
Common Stock								10,000	I	By Wesley G. Bush Rev. Trust

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 fully vested deferred restricted stock unit award covering shares in lieu of the reporting person's cash retainer fees which will settle in shares on, or as soon as practicable after, the reporting person's "separation from service" to Cisco within the meaning of Section 409A of the Internal Revenue Code.

2. Includes 4,815.115 dividend equivalents accrued on vested deferred restricted stock units. Each dividend equivalent is the economic equivalent of one share of Cisco common stock.

Remarks:

	/s/ Wesley G. Bush by Jay Higdon, Attorney-in-Fact	09/17/2025
	** 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.

FAQ

What did Wesley G. Bush report on the CSCO Form 4?

He reported an acquisition of 550 shares via a fully vested deferred restricted stock unit award on 09/15/2025 at a reported price of $67.02 per share.

How many Cisco shares does Wesley G. Bush beneficially own after this transaction?

He beneficially owns 49,925.115 shares directly (including dividend equivalents) and 10,000 shares indirectly via the Wesley G. Bush Revocable Trust.

What are the dividend equivalents mentioned in the filing?

The filing states there are 4,815.115 dividend equivalents accrued on vested deferred restricted stock units, each equivalent to one share of Cisco common stock.

When will the deferred restricted stock units settle into shares?

The units will settle in shares on, or as soon as practicable after, the reporting person's separation from service to Cisco within the meaning of Section 409A.

Who signed the Form 4 and when?

The Form 4 was signed by /s/ Wesley G. Bush by Jay Higdon, Attorney-in-Fact on 09/17/2025.