Form 4: NetApp Executive Cesar Cernuda Reports Stock Transactions
SEC Form 4 Filing
Cesar Cernuda, President of NetApp, reports the vesting and subsequent disposal of restricted stock units, along with associated tax withholding.
Summary
- Cesar Cernuda, President of NetApp, filed a Form 4 detailing changes in beneficial ownership of NetApp stock.
- On May 15, 2024, Cernuda vested restricted stock units and converted them into common stock.
- A total of 11,221 shares were acquired through the vesting of restricted stock units.
- 5,273 shares were disposed of to cover tax obligations at a price of $110.62 per share.
- Following these transactions, Cernuda directly owns 49,062 common shares.
- The reported transactions relate to restricted stock units granted on July 1, 2021 (35,700 units), July 1, 2022 (31,422 units), and July 13, 2023 (28,101 units), which vest quarterly.
Sentiment
Score: 5
Explanation: Neutral sentiment as the document simply reports routine stock transactions related to executive compensation.
Positives
- The vesting of restricted stock units indicates that performance milestones were likely met.
Industry Context
Form 4 filings are a routine part of executive compensation and provide transparency into insider transactions, which are closely monitored by investors.
Stakeholder Impact
- The transactions have a minimal impact on shareholders as they are related to routine executive compensation.
Key Dates
| Date | Description |
|---|---|
| July 1, 2021 | Grant date of 35,700 restricted stock units. |
| July 1, 2022 | Grant date of 31,422 restricted stock units. |
| July 13, 2023 | Grant date of 28,101 restricted stock units. |
| May 15, 2024 | Transaction date: vesting of restricted stock units and sale of shares for tax obligations. |
| May 17, 2024 | Date of Form 4 filing. |
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