Form 4: NetApp Executive Cesar Cernuda Reports Stock Transactions
SEC Form 4 Filing
President Cesar Cernuda of NetApp, Inc. reports the vesting and subsequent disposal of restricted stock units, along with a related tax withholding transaction.
Summary
- On May 15, 2025, Cesar Cernuda, President of NetApp, Inc., reported transactions involving NetApp's common shares and restricted stock units (RSUs).
- These transactions included the vesting of 10,750 restricted stock units, which converted into common stock on a one-for-one basis.
- Cernuda also disposed of 5,052 common shares to cover tax obligations at a price of $99.82 per share.
- Following these transactions, Cernuda directly owns 17,626 common shares and holds various amounts of unvested restricted stock units.
Sentiment
Score: 5
Explanation: This is a neutral report on stock transactions, with no inherent positive or negative implications for the company's performance.
Industry Context
This Form 4 filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency into the transactions of company insiders.
Comparison to Industry Standards
- Executive compensation packages including restricted stock units are standard practice among publicly traded technology companies like NetApp.
- Vesting schedules of 3-4 years with quarterly or annual vesting tranches are typical to incentivize long-term performance and retention.
- Companies like Pure Storage, Dell, and Hewlett Packard Enterprise also utilize similar equity-based compensation strategies for their executives.
Stakeholder Impact
- The transactions have a minimal direct impact on shareholders, as they represent a small portion of the overall outstanding shares.
- Employees may be interested in the vesting schedules and equity compensation practices of the company.
Key Dates
| Date | Description |
|---|---|
| July 1, 2021 | Reporting person was granted 35,700 restricted stock units. |
| May 15, 2022 | First vesting date (25%) for restricted stock units granted on July 1, 2021. |
| July 1, 2022 | Reporting person was granted 31,422 restricted stock units. |
| May 15, 2023 | First vesting date (25%) for restricted stock units granted on July 1, 2022. |
| July 13, 2023 | Reporting person was granted 28,101 restricted stock units. |
| May 15, 2024 | First vesting date (25%) for restricted stock units granted on July 13, 2023. |
| July 1, 2024 | Reporting person was granted 19,193 restricted stock units. |
| May 15, 2025 | Date of the reported transactions, including vesting of RSUs and disposal of shares for tax obligations; First vesting date (25%) for restricted stock units granted on July 1, 2024. |
| May 19, 2025 | Date of signature on the Form 4 filing. |
Keywords
NetApp, Cesar Cernuda, Stock Transactions, Form 4, Restricted Stock Units, Common Shares, Vesting, Insider Trading
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