Form 4: NetApp Director Scott F. Schenkel Reports Transaction in Company Stock
SEC Form 4 Filing
Director Scott F. Schenkel reports the vesting of restricted stock units and grant of additional units in NetApp, Inc.
Summary
- On September 10, 2024, Scott F. Schenkel, a director of NetApp, Inc., had 3,526 restricted stock units vest, which converted into common stock on a one-for-one basis.
- These units were granted on September 13, 2023, and vested the day before the 2024 Annual Meeting of Stockholders.
- On September 11, 2024, Schenkel was granted 2,377 additional restricted stock units.
- These new units will vest the day before the next Annual Meeting of Stockholders, contingent on continuous service on the Board.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions, indicating a neutral sentiment.
Future Outlook
The newly granted restricted stock units will vest subject to the reporting person's continuous service on the Board through the date immediately preceding the next Annual Meeting of Stockholders.
Industry Context
This filing is a routine disclosure of stock-based compensation for a company director, common in publicly traded companies to align executive incentives with shareholder value.
Stakeholder Impact
- The vesting of restricted stock units and subsequent conversion to common stock may have a minor dilutive effect on existing shareholders.
Key Dates
| Date | Description |
|---|---|
| 2023-09-13 | Reporting person was granted 3,526 restricted stock units. |
| 2024-03-03 | Date of Power of Attorney execution. |
| 2024-09-10 | 3,526 restricted stock units vested. |
| 2024-09-11 | 2,377 restricted stock units granted. |
| 2024-09-12 | Date of report signature. |
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