[Form 4] COMMVAULT SYSTEMS INC Insider Trading Activity

Rhea-AI Filing Summary

COMMVAULT SYSTEMS INC (CVLT) reporting person Gary Merrill, Chief Commercial Officer, reported multiple dispositions of common stock on 09/12/2025. The Form 4 shows five sales under an existing Rule 10b5-1 trading plan adopted on 11/20/2024 and amended on 06/13/2025. The transactions sold 2,814, 6,295, 1,929, 3,506, and 700 shares at weighted-average prices of $176.16, $177.62, $178.65, $179.43, and $180.17, respectively. The filing notes the reporting person is subject to a lock-up that expires 11/01/2025 and states these sales were permissible under that agreement. The Form is signed by an attorney-in-fact on 09/16/2025.

Positive

• Sales executed under a documented Rule 10b5-1 trading plan, with adoption date (11/20/2024) and amendment date (06/13/2025) disclosed
• Lock-up expiration date (11/01/2025) disclosed, and the filing states the sales were a permissible exemption under that agreement
• Weighted-average prices provided for each tranche and availability of per-transaction details upon request

Negative

• Insider dispositions totaling 15,244 shares (2,814 + 6,295 + 1,929 + 3,506 + 700) were reported on 09/12/2025
• Post-sale beneficial ownership declined across the reported tranches (final reported beneficial ownership 71,837 shares)

Insights

Securities Analyst

TL;DR: Insider sold 15,244 CVLT shares under a preexisting 10b5-1 plan; sales complied with a lock-up that extends to 11/01/2025.

The Form 4 discloses five discrete dispositions executed on 09/12/2025 under a Rule 10b5-1 plan adopted 11/20/2024 and amended 06/13/2025. Reported weighted-average prices per tranche are provided and post-sale beneficial ownership totals are listed after each tranche. The filing explicitly states the transactions were a permissible exemption to an existing lock-up agreement. No derivatives or acquisitions are reported. From a compliance perspective, disclosures are complete as to plan adoption and amendment dates and weighted-average pricing with availability of per-transaction detail upon request.

Corporate Governance Expert

TL;DR: Disclosure aligns with standard Section 16 reporting for planned sales; lock-up and 10b5-1 details are included.

The reporting identifies the officer role (Chief Commercial Officer), lists the Rule 10b5-1 plan adoption and amendment dates, and confirms the lock-up expiration date, meeting key governance disclosure elements. The report provides weighted-average prices and indicates supplementary per-trade details are available upon request, which supports transparency. The signature by an attorney-in-fact is provided with a filing date of 09/16/2025. The disclosure contains no statements about motives or future transactions.

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).

1. Name and Address of Reporting Person^*

Merrill Gary

(Last) (First) (Middle)

1 COMMVAULT WAY

(Street)

TINTON FALLS NJ 07724

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
COMMVAULT SYSTEMS INC [ CVLT ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Commercial Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2025

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(1)	09/12/2025		S		2,814	D	$176.16(2)	84,267	D
Common Stock(1)	09/12/2025		S		6,295	D	$177.62(3)	77,972	D
Common Stock(1)	09/12/2025		S		1,929	D	$178.65(4)	76,043	D
Common Stock(1)	09/12/2025		S		3,506	D	$179.43(5)	72,537	D
Common Stock(1)	09/12/2025		S		700	D	$180.17	71,837	D

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

Explanation of Responses:

1. The sale reported in this Form 4 was effected pursuant to an existing Rule 10b5-1 trading plan adopted by the reporting person on November 20, 2024, as amended on June 13, 2025. The reporting person is subject to a lock-up agreement that expires on November 1, 2025. The sale of shares is a permissible exemption under the terms of the lock-up agreement.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $175.66 and $176.63, inclusive. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $176.95 and $177.91, inclusive. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $177.95 and $178.84, inclusive. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.

5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $179.16 and $179.97, inclusive. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.

Remarks:

	/s/ Danielle Abrahamsen, Attorney-in-Fact	09/16/2025
	** 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 Gary Merrill (CVLT) report on Form 4 dated 09/12/2025?

Gary Merrill reported five stock sales

Were the sales by the reporting person compliant with any agreements?

Yes. The Form states the sales were effected under a Rule 10b5-1 plan and were a permissible exemption to a lock-up agreement that expires 11/01/2025.

What prices were reported for the CVLT share sales?

Weighted-average prices reported per tranche: $176.16, $177.62, $178.65, $179.43, and $180.17.

How many shares did the reporting person own after the transactions?

The filing lists post-sale beneficial ownership after each tranche: 84,267, 77,972, 76,043, 72,537, and 71,837 shares respectively.

When was the Rule 10b5-1 trading plan adopted and amended?

The plan was adopted on 11/20/2024 and amended on 06/13/2025, as stated in the Form 4.

Who signed the Form 4 and when?

The Form 4 is signed by Danielle Abrahamsen, Attorney-in-Fact on 09/16/2025.