NetApp (NTAP) president logs RSU vesting and 5,033-share tax withholding
Rhea-AI Filing Summary
NetApp, Inc. President Cesar Cernuda reported routine equity compensation transactions involving restricted stock units and related tax withholding. On May 15, 2026, he exercised derivative securities to acquire 10,705 common shares, reflecting vesting of restricted stock units that convert into common stock on a one-for-one basis.
On the same date, 5,033 common shares were disposed of at an effective price of $119.93 per share to cover tax liabilities by delivering shares, rather than through an open-market sale. Following these transactions, Cernuda directly held 96,017 common shares. The filing also shows multiple RSU grants with time-based vesting schedules tied to continued service.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 5,672 shares
Net Buy
6 txns
Insider
CERNUDA CESAR
Role
President
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Unit | 1,964 | $0.00 | $0.00 |
| Exercise | Restricted Stock Unit | 1,756 | $0.00 | $0.00 |
| Exercise | Restricted Stock Unit | 1,200 | $0.00 | $0.00 |
| Exercise | Restricted Stock Unit | 5,785 | $0.00 | $0.00 |
| Exercise | Common Shares | 10,705 | $0.00 | $0.00 |
| Exercise Price or Tax Liability | Common Shares | 5,033 | $119.93 | $604K |
Holdings After Transaction:
Restricted Stock Unit — 33,980 shares (Direct);
Common Shares — 96,017 shares (Direct)
Footnotes (5)
- F1. Restricted stock units convert into common stock on a one-for-one basis.
- F2. On July 1, 2022, the reporting person was granted 31,422 restricted stock units. Restricted stock unit awards shall vest as to twenty-five percent (25%) of the shares May 15, 2023 and 1/16th (6.25%) of the shares quarterly thereafter for the next three years, subject to continued service on each applicable vesting date.
- F3. On July 13, 2023, the reporting person was granted 28,101 restricted stock units. Restricted stock unit awards shall vest as to twenty-five percent (25%) of the shares May 15, 2024 and 1/16th (6.25%) of the shares quarterly thereafter for the next three years, subject to continued service on each applicable vesting date.
- F4. On July 1, 2024, the reporting person was granted 19,193 restricted stock units. Restricted stock unit awards shall vest as to twenty-five percent (25%) of the shares May 15, 2025 and 1/16th (6.25%) of the shares quarterly thereafter for the next three years, subject to continued service on each applicable vesting date.
- F5. On July 1, 2025, the reporting person was granted 23,142 restricted stock units. Restricted stock unit awards shall vest as to twenty-five percent (25%) of the shares May 15, 2026 and 1/16th (6.25%) of the shares quarterly thereafter for the next three years, subject to continued service on each applicable vesting date.
Key Figures
Shares acquired via exercise: 10,705 shares
Tax-withholding shares: 5,033 shares
Tax-withholding price: $119.93 per share
+3 more
6 metrics
Shares acquired via exercise
10,705 shares
Common shares acquired through derivative exercises on May 15, 2026
Tax-withholding shares
5,033 shares
Shares delivered to satisfy tax liability on May 15, 2026
Tax-withholding price
$119.93 per share
Effective price for 5,033-share tax-withholding disposition
Shares held after transactions
96,017 shares
Direct NetApp common stock holdings following Form 4 transactions
Exercise transactions
4 derivative exercises
Restricted stock unit-related exercises reported in transaction summary
Tax-withholding count
1 transaction
Tax-withholding disposition event in transaction summary
Key Terms
Restricted stock units, tax-withholding disposition, derivative security, vesting, +1 more
5 terms
Restricted stock units financial
"Restricted stock units convert into common stock on a one-for-one basis."
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
tax-withholding disposition financial
"transaction_action": "tax-withholding disposition""
A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.
derivative security financial
"transaction_code_description": "Exercise or conversion of derivative security""
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
vesting financial
"awards shall vest as to twenty-five percent (25%) of the shares May 15"
Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.
continued service financial
"subject to continued service on each applicable vesting date"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What insider transactions did NetApp (NTAP) President Cesar Cernuda report?
Cesar Cernuda reported equity compensation activity, including exercising derivative securities to acquire 10,705 NetApp common shares and a related tax-withholding disposition of 5,033 shares. These events stem from restricted stock units vesting rather than open-market buying or selling of NetApp stock.
Were Cesar Cernuda’s NetApp (NTAP) transactions open-market sales?
The filing shows no open-market sales. It records a tax-withholding disposition of 5,033 shares at $119.93 per share, used to satisfy tax obligations on vested equity. This differs from discretionary selling, as the shares are delivered to cover taxes rather than sold on the market.
What restricted stock unit activity did NetApp (NTAP) disclose for Cesar Cernuda?
The Form 4 reports several restricted stock unit exercises converting into common shares, including 10,705 underlying shares on May 15, 2026. Footnotes explain that RSUs convert one-for-one into common stock and vest over multi-year schedules, conditioned on Cernuda’s continued service at NetApp.
What do the NetApp (NTAP) Form 4 footnotes say about Cesar Cernuda’s RSU grants?
Footnotes describe RSU grants on July 1, 2022, July 13, 2023, July 1, 2024, and July 1, 2025. Each award vests 25% on a specified May 15 date, then 6.25% quarterly for three years, subject to Cernuda’s continued service.
Does Cesar Cernuda’s NetApp (NTAP) Form 4 indicate significant insider selling?
The filing does not indicate discretionary selling. It shows a tax-withholding disposition of 5,033 shares linked to vested equity, plus exercises of derivative securities. Such transactions are typically compensation- and tax-related, rather than signaling a major change in insider sentiment.