Form 4: NetApp Executive O'Callahan Reports Stock Transactions
SEC Form 4 Filing
Elizabeth M. O'Callahan, EVP and Chief Legal Officer of NetApp, Inc., reports the vesting and disposal of restricted stock units and common shares on May 15, 2024.
Summary
- On May 17, 2024, Elizabeth M. O'Callahan, the EVP and Chief Legal Officer of NetApp, Inc., filed a Form 4 with the SEC.
- The report details transactions that occurred on May 15, 2024, involving NetApp's common shares and restricted stock units (RSUs).
- O'Callahan disposed of 3,432 common shares at a price of $110.62.
- She also acquired 6,855 common shares through the vesting of RSUs.
- The transactions involved the vesting of RSUs granted on July 1, 2021 (1,794 shares), July 1, 2022 (1,047 shares), and July 13, 2023 (4,014 shares).
- Following these transactions, O'Callahan directly owns 12,153 common shares and various RSUs.
- The RSUs convert into common stock on a one-for-one basis and vest quarterly over three years from their grant dates.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions, with no inherent positive or negative sentiment. It reflects routine executive compensation practices.
Industry Context
Form 4 filings are routine disclosures required by the SEC to provide transparency into the transactions of company insiders, allowing investors to track executive compensation and potential alignment with shareholder interests.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units that vest over time to incentivize long-term performance.
- The vesting schedules described in the document (quarterly vesting over three years) are typical for RSU grants.
- Comparing O'Callahan's holdings and transactions to those of executives at peer companies like Pure Storage or Dell Technologies would provide a broader context for assessing the magnitude of these transactions.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders.
- The filing provides transparency to shareholders regarding executive compensation.
Key Dates
| Date | Description |
|---|---|
| July 1, 2021 | Grant date of 28,700 restricted stock units. |
| July 1, 2022 | Grant date of 16,758 restricted stock units. |
| July 13, 2023 | Grant date of 16,058 restricted stock units. |
| May 15, 2024 | Date of stock transactions (vesting and disposal). |
| May 17, 2024 | Date of Form 4 filing. |
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