Form 4: Cisco EVP and CFO Richard Scott Herren Reports Tax Liability Share Withholding
SEC Form 4 Filing
Richard Scott Herren, EVP and CFO of Cisco Systems, reports the withholding of shares to cover tax liabilities arising from the settlement of restricted stock units.
Summary
- On February 10, 2025, Richard Scott Herren, EVP and CFO of Cisco Systems, Inc., reported a transaction on Form 4.
- The transaction involved the withholding of 12,151 shares of common stock at a price of $62.27 per share.
- This withholding was for the payment of tax liability resulting from the partial settlement of restricted stock unit awards.
- Following the transaction, Herren beneficially owns 355,533.74 shares of Cisco common stock.
- The report also includes dividend equivalents accrued on vested and unvested deferred restricted stock units and unvested restricted stock units.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing, indicating a neutral sentiment. It reflects standard executive compensation practices.
Industry Context
This filing is a routine disclosure related to executive compensation and is common for publicly traded companies. It reflects the standard practice of settling restricted stock units and covering associated tax obligations.
Comparison to Industry Standards
- Executive compensation practices, including the use of restricted stock units, are common among large technology companies like Cisco.
- Companies such as Microsoft, Apple, and Intel also utilize similar equity-based compensation plans for their executives.
- The level of equity compensation and share ownership is generally benchmarked against peer companies to attract and retain top talent.
Stakeholder Impact
- The transaction has a minimal direct impact on shareholders, as it relates to the executive's tax obligations and does not represent a significant change in the company's financial position.
- Employees may be interested in the details of executive compensation as it relates to overall company performance and compensation policies.
Key Dates
| Date | Description |
|---|---|
| December 18, 2020 | Date of original Form 4 filing for restricted stock unit awards. |
| September 22, 2021 | Date of original Form 4 filing for restricted stock unit awards. |
| October 13, 2022 | Date of original Form 4 filing for restricted stock unit awards. |
| September 25, 2023 | Date of original Form 4 filing for restricted stock unit awards. |
| December 11, 2024 | Date of execution of Power of Attorney. |
| February 10, 2025 | Date of transaction (share withholding). |
| February 12, 2025 | Date of signature for the report. |
Keywords
Form 4, Cisco Systems, Richard Scott Herren, Executive Compensation, Stock Withholding, Tax Liability, Restricted Stock Units, Dividend Equivalents, Beneficial Ownership
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