Form 4: NetApp Director George T. Shaheen Reports Changes in Beneficial Ownership Following Departure
SEC Form 4 Filing
George T. Shaheen, a director at NetApp, reports the acquisition of common shares through the conversion of restricted stock units and subsequent disposal following his departure from the Board.
Summary
- On September 12, 2024, George T. Shaheen, a director of NetApp, filed a Form 4 with the SEC.
- The report details changes in his beneficial ownership of NetApp common shares.
- Shaheen acquired shares through the vesting and conversion of restricted stock units (RSUs) on September 10 and 11, 2024.
- These RSUs were granted in previous years (2013, 2014, 2015 and 2023) and vested over time.
- The payout of some previously vested RSUs was deferred until September 11, 2024, coinciding with Shaheen's departure from the NetApp Board.
- The transactions involved the conversion of 3,526 RSUs on September 10, 2024, and 2,856, 5,922, and 7,916 RSUs on September 11, 2024, into common shares.
- Following these transactions, Shaheen directly owns 23,670 common shares.
Sentiment
Score: 5
Explanation: This is a routine regulatory filing related to a director's departure and equity compensation, so the sentiment is neutral.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing reflects the standard vesting and conversion of equity compensation, coupled with a director's departure from the board.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Director | George T. Shaheen | September 11, 2024 | Departure from the Board |
Stakeholder Impact
- Shareholders are informed about insider transactions, promoting transparency.
- Employees may be indirectly affected by changes in board composition.
Key Dates
| Date | Description |
|---|---|
| September 13, 2013 | Reporting person was granted 2,856 restricted stock units. |
| September 5, 2014 | Reporting person was granted 5,922 restricted stock units. |
| September 11, 2015 | Reporting person was granted 7,916 restricted stock units. |
| September 13, 2023 | Reporting person was granted 3,526 restricted stock units. |
| September 10, 2024 | 3,526 restricted stock units vested. |
| September 11, 2024 | Reporting person ceased service as a Board Member; 2,856, 5,922, and 7,916 restricted stock units converted to common shares. |
| September 12, 2024 | Form 4 filing date. |
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