Form 4: NetApp Executive Daniel De Lorenzo Reports Stock Transactions
SEC Form 4
Daniel De Lorenzo, VP, Controller & CAO of NetApp, Inc., reported the vesting and subsequent disposal of restricted stock units on May 15, 2024.
Summary
- On May 15, 2024, Daniel De Lorenzo, VP, Controller & CAO of NetApp, Inc., reported transactions involving NetApp's common shares.
- These transactions involved the vesting of restricted stock units (RSUs) and the subsequent disposal of some of the acquired shares to cover tax obligations.
- Specifically, 937 shares were acquired through the vesting of RSUs, and 327 shares were disposed of at a price of $110.62 to satisfy tax withholding requirements.
- Following these transactions, De Lorenzo directly owns 610 common shares.
- The reported transactions also detail the vesting of various tranches of restricted stock units granted on different dates, including July 1, 2021, November 15, 2021, July 1, 2022, and July 13, 2023.
Sentiment
Score: 5
Explanation: This is a routine regulatory filing related to executive compensation. It doesn't inherently indicate positive or negative sentiment about the company's performance.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. These filings are closely monitored by investors seeking insights into management's perspective on the company's stock.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies and their executives.
- The vesting schedules and tax-related disposals are typical components of executive compensation packages across the industry.
- Similar filings can be observed for executives at comparable companies like Pure Storage, Dell Technologies, and Hewlett Packard Enterprise.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders.
- The filing provides transparency to shareholders regarding executive compensation and stock ownership.
Key Dates
| Date | Description |
|---|---|
| July 1, 2021 | Reporting person was granted 2,800 restricted stock units, vesting as to twenty-five percent (25%) of the shares on May 15, 2022 and 1/16th (6.25%) of the shares quarterly thereafter for the next three years. |
| November 15, 2021 | Reporting person was granted 1,110 restricted stock units, vesting as to twenty-five percent (25%) of the shares on November 15, 2022 and 1/16th (6.25%) of the shares quarterly thereafter for the next three years. |
| July 1, 2022 | Reporting person was granted 1,720 restricted stock units, vesting as to twenty-five percent (25%) of the shares on May 15, 2023 and 1/16th (6.25%) of the shares quarterly thereafter for the next three years. |
| July 13, 2023 | Reporting person was granted 2,341 restricted stock units, vesting as to twenty-five percent (25%) of the shares on May 15, 2024 and 1/16th (6.25%) of the shares quarterly thereafter for the next three years. |
| May 15, 2024 | Date of transaction: vesting of restricted stock units and disposal of shares for tax obligations. |
| May 17, 2024 | Date of Form 4 filing. |
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