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NetApp (NASDAQ: NTAP) president converts RSUs; 2,312 shares withheld for taxes

Filing Impact
(High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

NetApp President Cesar Cernuda converted previously granted restricted stock units into 4,921 common shares on November 15, 2025. To cover tax obligations, 2,312 shares were withheld at $109.6000 per share. After these transactions he directly holds 54,723 common shares and 26,462 restricted stock units.

Positive

  • None.

Negative

  • None.
Insider CERNUDA CESAR
Role President
Type Security Shares Price Value
Exercise Restricted Stock Unit 1,964 $0.00 $0.00
Exercise Restricted Stock Unit 1,757 $0.00 $0.00
Exercise Restricted Stock Unit 1,200 $0.00 $0.00
Exercise Common Shares 4,921 $0.00 $0.00
Exercise Price or Tax Liability Common Shares 2,312 $109.60 $253K
Holdings After Transaction: Restricted Stock Unit — 26,462 shares (Direct); Common Shares — 54,723 shares (Direct)
Footnotes (4)
  1. F1. Restricted stock units convert into common stock on a one-for-one basis.
  2. 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.
  3. 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.
  4. 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.
RSUs Converted to Common 4,921 shares Restricted stock units converted into common shares on 2025-11-15
Tax Withholding Shares 2,312 shares Common shares withheld to satisfy tax liability on 2025-11-15
Tax Withholding Price $109.6000 per share Per-share value used for tax-withholding disposition of common shares
Post-transaction Common Shares 54,723 shares Common shares directly owned by Cesar Cernuda after reported transactions
Post-transaction RSUs 26,462 units Restricted stock units directly owned by Cesar Cernuda after reported transactions
2022 RSU Grant 31,422 units Restricted stock units granted on July 1, 2022, vesting over four years
2023 RSU Grant 28,101 units Restricted stock units granted on July 13, 2023, vesting over four years
2024 RSU Grant 19,193 units Restricted stock units granted on July 1, 2024, vesting over four years
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
"Payment of exercise price or tax liability by delivering securities"
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.
one-for-one basis financial
"Restricted stock units convert into common stock on a one-for-one basis."
vesting date financial
"subject to continued service on each applicable vesting date."
quarterly thereafter financial
"and 1/16th (6.25%) of the shares quarterly thereafter for the next three years"

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FAQ

What insider activity did NetApp (NTAP) President Cesar Cernuda report?
Cesar Cernuda converted restricted stock units into 4,921 common shares and had 2,312 shares withheld for taxes. These actions reflect vesting of prior equity awards rather than open-market trading, and he continues to hold a substantial equity position in NetApp.

How many NetApp (NTAP) shares were acquired through RSU conversion?
On November 15, 2025, 4,921 common shares of NetApp were issued to Cesar Cernuda upon conversion of restricted stock units. The RSUs convert into common stock on a one-for-one basis, as described in the footnotes to the filing.

How many NetApp (NTAP) shares were withheld for taxes in this transaction?
2,312 common shares were withheld from Cesar Cernuda’s RSU vesting to satisfy tax obligations at $109.6000 per share. This tax-withholding disposition reduces the net shares he received but is part of the standard settlement of equity awards.

What is Cesar Cernuda’s NetApp (NTAP) share ownership after these transactions?
Following the reported transactions, Cesar Cernuda directly owns 54,723 common shares of NetApp and 26,462 restricted stock units. These figures represent his post-transaction equity holdings as reported in the filing’s canonical holdings section.

What RSU grant structure is disclosed for NetApp (NTAP) President Cesar Cernuda?
Footnotes show RSU grants of 31,422 units in 2022, 28,101 units in 2023, and 19,193 units in 2024. Each grant vests 25% on a specified May 15 date, with 6.25% of the shares vesting quarterly over the following three years.
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).
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*
CERNUDA CESAR
(Last) (First) (Middle)
3060 OLSEN DRIVE
(Street)
SAN JOSE CA 95128
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
NetApp, Inc. [ NTAP ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
President
3. Date of Earliest Transaction (Month/Day/Year)
11/15/2025
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 Shares 11/15/2025 M 4,921 A (1) 57,035 D
Common Shares 11/15/2025 F 2,312 D $109.6 54,723 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
Restricted Stock Unit (1) 11/15/2025 M 1,964 (2) (2) Common Shares 1,964 (1) 3,928 D
Restricted Stock Unit (1) 11/15/2025 M 1,757 (3) (3) Common Shares 1,757 (1) 10,538 D
Restricted Stock Unit (1) 11/15/2025 M 1,200 (4) (4) Common Shares 1,200 (1) 11,996 D
Explanation of Responses:
1. Restricted stock units convert into common stock on a one-for-one basis.
2. 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.
3. 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.
4. 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.
/s/ Bryan Tham, Attorney-in-Fact for Cesar Cernuda 11/18/2025
** 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.

Source: View Original Filing on SEC EDGAR