Form 4: NetApp VP, Controller & CAO Daniel De Lorenzo Reports Stock Transactions
SEC Form 4
Daniel De Lorenzo, VP, Controller & CAO of NetApp, Inc., reports the vesting of restricted stock units and subsequent sale of shares.
Summary
- On May 15, 2025, Daniel De Lorenzo, VP, Controller & CAO of NetApp, Inc., exercised restricted stock units (RSUs) that converted into 1,198 common shares.
- Also on May 15, 2025, 417 shares were disposed of to cover tax obligations at a price of $99.82.
- On May 16, 2025, De Lorenzo sold 326 shares at a price of $99.98.
- These transactions were executed under a Rule 10b5-1 trading plan adopted on June 25, 2024.
- Following these transactions, De Lorenzo directly owns 455 common shares and holds various restricted stock units.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions by an executive. It doesn't inherently convey positive or negative sentiment about the company's performance.
Industry Context
This Form 4 filing is a routine disclosure of insider transactions, which are common among executives receiving stock-based compensation. These filings are closely monitored by investors for insights into management's perspective on the company's stock.
Comparison to Industry Standards
- Executive compensation packages in the tech industry often include restricted stock units (RSUs) that vest over time, similar to the grants received by Daniel De Lorenzo.
- The use of Rule 10b5-1 trading plans is a standard practice for corporate insiders to sell shares while avoiding accusations of insider trading.
- Companies like Microsoft, Oracle, and IBM also have executives who regularly file Form 4s related to stock option exercises and sales.
Stakeholder Impact
- The transactions may have a minor impact on shareholders due to the small volume of shares involved.
- The vesting of RSUs is part of the executive's compensation package, aligning their interests with the company's performance.
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. |
| June 25, 2024 | The reporting person adopted a Rule 10b5-1 trading plan. |
| July 1, 2024 | Reporting person was granted 2,798 restricted stock units, vesting as to twenty-five percent (25%) of the shares on May 15, 2025 and 1/16th (6.25%) of the shares quarterly thereafter for the next three years. |
| May 15, 2025 | Restricted stock units converted into common stock; shares disposed of for tax obligations. |
| May 16, 2025 | Shares sold under Rule 10b5-1 trading plan. |
| May 19, 2025 | Date of Form 4 filing. |
Keywords
NetApp, Daniel De Lorenzo, Form 4, Stock Sale, Restricted Stock Units, RSU, Insider Trading, Rule 10b5-1, NTAP
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