Form 4: NetApp VP, Controller & CAO Daniel De Lorenzo Reports Stock Transactions
SEC Form 4 Filing
Daniel De Lorenzo, VP, Controller & CAO of NetApp, Inc., reported the vesting and conversion of restricted stock units into common shares on February 15, 2025.
Summary
- On February 15, 2025, Daniel De Lorenzo, VP, Controller & CAO of NetApp, Inc., reported transactions involving restricted stock units.
- These transactions involved the conversion of restricted stock units into common shares.
- Specifically, 498 common shares were acquired through the conversion of restricted stock units.
- Additionally, 199 common shares were disposed of at a price of $119.06.
- The transactions were related to restricted stock units granted on July 1, 2021, November 15, 2021, July 1, 2022, and July 13, 2023.
- These restricted stock units vest quarterly over three years, subject to continued service.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions, indicating a neutral sentiment.
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
- Stock-based compensation is a common practice in the tech industry, including companies like NetApp, to attract and retain talent.
- Vesting schedules, such as the quarterly vesting described in the document, are standard for restricted stock units.
- Companies like Pure Storage, Dell, and Hewlett Packard Enterprise also utilize similar equity compensation plans for their executives.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they reflect the ongoing vesting of executive compensation.
- Employees holding similar restricted stock units may be interested in the vesting schedule and potential value of their holdings.
Key Dates
| Date | Description |
|---|---|
| July 1, 2021 | Reporting person was granted 2,800 restricted stock units. |
| November 15, 2021 | Reporting person was granted 1,110 restricted stock units. |
| May 15, 2022 | 25% of the shares granted on July 1, 2021 vested. |
| November 15, 2022 | 25% of the shares granted on November 15, 2021 vested. |
| July 1, 2022 | Reporting person was granted 1,720 restricted stock units. |
| May 15, 2023 | 25% of the shares granted on July 1, 2022 vested. |
| July 13, 2023 | Reporting person was granted 2,341 restricted stock units. |
| May 15, 2024 | 25% of the shares granted on July 13, 2023 vested. |
| February 15, 2025 | Restricted stock units converted into common shares; transaction date. |
| February 20, 2025 | Date of signature for the Form 4 filing. |
Keywords
NetApp, Daniel De Lorenzo, restricted stock units, common shares, Form 4, insider trading, stock options, vesting
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