[Form 4] Arista Networks, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Kenneth Duda, President and CTO and a director of Arista Networks (ANET), reported transactions under a Rule 10b5-1 plan on 09/17/2025. He exercised a non-qualified stock option to acquire 30,000 shares at an exercise price of $3.515. Concurrently he sold multiple blocks of common stock in a series of transactions at weighted-average prices ranging from about $139.14 to $143.35, with individual sale lots shown and weighted-average prices disclosed. Following the reported transactions, direct beneficial ownership reflects 120,000 derivative shares exercisable and varying direct share counts. Substantial additional holdings are reported indirectly through children’s trusts, a foundation, GRATs, and family trusts with reported indirect share counts (for example 1,206,654 and 762,035 in certain vehicles).

Positive

• Exercise at low strike: Non-qualified option exercised at $3.515, enabling significant intrinsic gain before sales
• Use of Rule 10b5-1 plans: Transactions were effected under pre-established 10b5-1 plans, which provides an affirmative defense and procedural transparency
• Continued indirect ownership: Large indirect holdings retained in children’s trusts, foundation, GRATs, and family trusts, indicating ongoing economic interest

Negative

• Substantial sales: Multiple sizable dispositions across accounts reduced direct share counts, representing insider monetization
• Concentrated indirect holdings: Significant ownership through related trusts may complicate assessment of true free-float and control

Insights

Corporate Governance Expert

TL;DR: Insider exercised options and sold sizable share blocks under 10b5-1 plans while retaining material indirect holdings via trusts and foundations.

The filing shows coordinated option exercise and systematic disposition of shares pursuant to Rule 10b5-1 plans entered March 13, 2025. Use of pre-established plans indicates transactions were planned and intended to provide an affirmative defense under Rule 10b5-1. The reporting person disclaims beneficial ownership for many shares held in trusts, yet maintains shared voting and investment control as co-trustee in some vehicles, which is relevant to governance and alignment with other shareholders.

Securities Analyst

TL;DR: Exercise at low strike cost followed by multiple sales at ~ $139–$143 suggests monetization of vested equity while preserving significant indirect stakes.

The non-qualified option exercise at $3.515 for 30,000 shares and immediate sales at weighted-average prices between $139.14 and $143.35 represent substantial realized proceeds per share relative to strike. Post-transaction holdings include 120,000 derivative shares exercisable and large indirect positions across family vehicles. For investors, this demonstrates insider liquidity-taking under pre-set plans while retaining economic exposure via trusts.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Duda Kenneth

(Last) (First) (Middle)

5453 GREAT AMERICA PARKWAY

(Street)

SANTA CLARA CA 95054

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Arista Networks, Inc. [ ANET ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CTO

3. Date of Earliest Transaction (Month/Day/Year)
09/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/17/2025		M(1)		30,000	A	$3.515	42,976	D
Common Stock	09/17/2025		S(1)		965	D	$139.1365(2)	42,011	D
Common Stock	09/17/2025		S(1)		2,143	D	$140.3482(3)	39,868	D
Common Stock	09/17/2025		S(1)		16,247	D	$141.3302(4)	23,621	D
Common Stock	09/17/2025		S(1)		4,699	D	$142.64(5)	18,922	D
Common Stock	09/17/2025		S(1)		5,946	D	$143.35(6)	12,976	D
Common Stock	09/17/2025		S(7)		514	D	$139.1365(2)	1,206,654	I	By Childrens' Trust(8)
Common Stock	09/17/2025		S(7)		1,142	D	$140.3482(3)	1,205,512	I	By Childrens' Trust(8)
Common Stock	09/17/2025		S(7)		8,666	D	$141.3302(4)	1,196,846	I	By Childrens' Trust(8)
Common Stock	09/17/2025		S(7)		2,506	D	$142.64(5)	1,194,340	I	By Childrens' Trust(8)
Common Stock	09/17/2025		S(7)		3,172	D	$143.35(6)	1,191,168	I	By Childrens' Trust(8)
Common Stock	09/17/2025		S(9)		321	D	$139.1365(2)	572,079	I	By Foundation(10)
Common Stock	09/17/2025		S(9)		715	D	$140.3482(3)	571,364	I	By Foundation(10)
Common Stock	09/17/2025		S(9)		5,415	D	$141.3302(4)	565,949	I	By Foundation(10)
Common Stock	09/17/2025		S(9)		1,567	D	$142.64(5)	564,382	I	By Foundation(10)
Common Stock	09/17/2025		S(9)		1,982	D	$143.35(6)	562,400	I	By Foundation(10)
Common Stock								762,035	I	By GRAT JD(11)
Common Stock								762,035	I	By GRAT KD(12)
Common Stock								9,303	I	by Trust(13)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-Qualified Stock Option (right to buy)	$3.515	09/17/2025		M(1)			30,000	(14)	02/11/2026	Common Stock	30,000	$0.0	120,000	D

Explanation of Responses:

1. The exercise and/or sale of shares was effected pursuant to a Rule 10b5-1 trading plan entered into by the reporting person on March 13, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $138.67 to $139.57, inclusive. The reporting person undertakes to provide Arista Networks, Inc., any security holder of Arista Networks, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $139.72 to $140.71, inclusive. The reporting person undertakes to provide Arista Networks, Inc., any security holder of Arista Networks, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $140.72 to $141.71, inclusive. The reporting person undertakes to provide Arista Networks, Inc., any security holder of Arista Networks, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $141.72 to $142.64, inclusive. The reporting person undertakes to provide Arista Networks, Inc., any security holder of Arista Networks, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $142.73 to $143.35, inclusive. The reporting person undertakes to provide Arista Networks, Inc., any security holder of Arista Networks, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

7. The sale of shares was effected pursuant to a Rule 10b5-1 trading plan entered into by the reporting person for the benefit of the reporting person's children on March 13, 2025.

8. These shares are held in a trust for the benefit of a Child of the reporting person for which the reporting person serves as co-trustee. The reporting person shares voting and investment control over the shares but disclaims beneficial ownership of the shares.

9. The sale of shares was effected pursuant to a Rule 10b5-1 trading plan entered into on March 13, 2025 by the reporting person's 501(c) Foundation, for which the reporting person and his spouse serve as co-trustee.

10. These shares are held by a 501(c) Foundation for which the reporting person and his spouse serve as co-trustee.

11. Reporting person's spouse is the trustee of the Jennifer Duda Annuity Trusts.

12. Reporting person is the trustee of the Kenneth Duda Annuity Trusts.

13. These shares are held by a family trust for which the reporting person is co-trustee.

14. 1/60th of the shares subject to the option vested and became exercisable on April 1, 2017 and 1/60th of the shares subject to the option shall vested monthly thereafter.

	By: Isabelle Bertin-Bailly, Attorney-in-Fact For: Kenneth Duda	09/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Kenneth Duda do in the ANET Form 4 filed 09/19/2025?

He exercised a non-qualified option to acquire 30,000 shares at $3.515 and sold multiple blocks of common stock on 09/17/2025 under Rule 10b5-1 plans.

At what prices were the ANET shares sold?

Sales were executed in multiple transactions with weighted-average prices reported between approximately $139.14 and $143.35.

How many derivative shares does Duda beneficially own after the transactions?

The report shows 120,000 derivative shares (options) beneficially owned following the reported transactions.

Does Duda retain holdings through family or charitable vehicles?

Yes. The filing discloses substantial indirect holdings in children’s trusts, a 501(c) foundation, GRATs, and family trusts, with reported indirect counts such as 1,206,654 and 762,035 in certain vehicles.

Were the transactions pre-planned or spontaneous?

They were effected pursuant to Rule 10b5-1 trading plans entered on March 13, 2025, per the filing.