CSCO Form 4: EVP & Chief Legal Officer disposes 9,783 shares via 10b5-1

Rhea-AI Filing Summary

Deborah L. Stahlkopf, Executive Vice President and Chief Legal Officer of Cisco Systems, sold a total of 9,783 shares of Cisco common stock on 08/15/2025 under a pre-existing Rule 10b5-1 trading plan. The sales occurred in multiple transactions at prices ranging from $65.90 to $68.38 per share; the filing discloses weighted-average sale prices for each block. The reporting shows dividend equivalents credited on various restricted stock units were included in the shares sold. After these transactions the reporting person beneficially owned 161,662.413 shares of Cisco common stock, reported as direct ownership.

Positive

• Sales executed under a Rule 10b5-1 plan, adopted November 15, 2024, which provides an affirmative defense and indicates preplanned transactions
• Full disclosure of dividend equivalents included in the sold shares (1,412 + 991 + 4,851) improves transparency about share composition
• Reporting person retained substantial holdings after transactions: 161,662.413 shares beneficially owned

Negative

• Total of 9,783 shares sold on 08/15/2025, which reduced direct holdings reported in this filing
• Sales occurred at prices spanning $65.90 to $68.38, indicating multiple executed trades rather than a single block sale

Insights

Corporate Governance Expert

TL;DR: Insider sales executed under a 10b5-1 plan reduce holdings but followed an established trading plan, indicating a prearranged and compliant disposition.

The filing shows the reporting person utilized a Rule 10b5-1 plan adopted November 15, 2024, to effect sales totaling 9,783 shares on August 15, 2025. Use of a documented 10b5-1 plan is a governance-positive practice because it provides an affirmative defense to insider trading claims and signals transactions were preplanned rather than opportunistic. The disclosure of dividend equivalents included in the sold shares improves transparency. The transactions are routine for executive equity management and do not, by themselves, demonstrate changes in company strategy or governance.

Securities Analyst

TL;DR: The filing records modest insider sales that slightly reduced direct holdings; impact on valuation or market view is likely minimal.

The report details three sale blocks (6,183; 3,400; 200 shares) at weighted-average prices within a $65.90–$68.38 range, resulting in a final reported direct beneficial ownership of 161,662.413 shares. The inclusion of dividend equivalents from vested and unvested restricted stock units is explicitly disclosed, clarifying the composition of shares sold. Given the absolute size of sales relative to the reported post-transaction ownership, these disposals appear limited in scale and were executed under a preapproved plan, implying low informational content for investors about Cisco's fundamentals.

Insider Trade Summary

Net Seller: 9,783 shares ($651,568)

Net Sell 3 txns

Insider Stahlkopf Deborah L

Role EVP and Chief Legal Officer

Sold 9,783 shs ($652K)

Type	Security	Shares	Price	Value
Sale	Common Stock	6,183	$66.2149	$409K
Sale	Common Stock	3,400	$67.2118	$229K
Sale	Common Stock	200	$68.205	$14K

Holdings After Transaction: Common Stock — 165,262.413 shares (Direct)

Footnotes (1)

1. This transaction was effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on November 15, 2024. Represents a weighted average sales price per share. These shares were sold in multiple transactions at prices ranging from $65.90 to $66.89. The reporting person has provided to the issuer, and undertakes to provide to the staff of the Commission or any security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within the range. Includes 1,412 dividend equivalents accrued on vested deferred restricted stock units, 991 dividend equivalents accrued on unvested deferred restricted stock units and 4,851 dividend equivalents accrued on unvested restricted stock units. Each dividend equivalent is the economic equivalent of one share of Cisco common stock. Represents a weighted average sales price per share. These shares were sold in multiple transactions at prices ranging from $66.94 to $67.72. The reporting person has provided to the issuer, and undertakes to provide to the staff of the Commission or any security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within the range Represents a weighted average sales price per share. These shares were sold in multiple transactions at prices ranging from $68.03 to $68.38. The reporting person has provided to the issuer, and undertakes to provide to the staff of the Commission or any security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within the range.

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).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Stahlkopf Deborah L

(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 and Chief Legal Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

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	08/15/2025		S(1)		6,183	D	$66.2149(2)	165,262.413(3)	D
Common Stock	08/15/2025		S(1)		3,400	D	$67.2118(4)	161,862.413	D
Common Stock	08/15/2025		S(1)		200	D	$68.205(5)	161,662.413	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. This transaction was effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on November 15, 2024.

2. Represents a weighted average sales price per share. These shares were sold in multiple transactions at prices ranging from $65.90 to $66.89. The reporting person has provided to the issuer, and undertakes to provide to the staff of the Commission or any security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within the range.

3. Includes 1,412 dividend equivalents accrued on vested deferred restricted stock units, 991 dividend equivalents accrued on unvested deferred restricted stock units and 4,851 dividend equivalents accrued on unvested restricted stock units. Each dividend equivalent is the economic equivalent of one share of Cisco common stock.

4. Represents a weighted average sales price per share. These shares were sold in multiple transactions at prices ranging from $66.94 to $67.72. The reporting person has provided to the issuer, and undertakes to provide to the staff of the Commission or any security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within the range

5. Represents a weighted average sales price per share. These shares were sold in multiple transactions at prices ranging from $68.03 to $68.38. The reporting person has provided to the issuer, and undertakes to provide to the staff of the Commission or any security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within the range.

Remarks:

	/s/ Deborah L. Stahlkopf by Jay Higdon, Attorney-in-Fact	08/19/2025
	** 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 Cisco insider Deborah L. Stahlkopf sell on 08/15/2025 (CSCO)?

The filing reports Deborah L. Stahlkopf sold a total of 9,783 shares of Cisco common stock on 08/15/2025 in multiple transactions.

Were the sales by the Cisco insider part of a trading plan?

Yes. The transactions were effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on November 15, 2024.

What prices were the Cisco shares sold at in the Form 4?

The filing discloses sales executed at prices ranging from $65.90 to $68.38 per share, with weighted-average prices reported for each block.

How many shares did the reporting person own after the reported transactions?

After the reported transactions the reporting person beneficially owned 161,662.413 shares of Cisco common stock (direct ownership).

Did the filing disclose dividend equivalents related to the sold shares?

Yes. The filing states inclusion of dividend equivalents totaling 1,412 (vested deferred RSUs), 991 (unvested deferred RSUs), and 4,851 (unvested RSUs).