NTAP Form 4: Daniel De Lorenzo Reports RSU Conversions and 172-Share Sale

Rhea-AI Filing Summary

Daniel De Lorenzo, Vice President, Controller & CAO of NetApp, Inc. (NTAP), reported multiple transactions on 08/15/2025. The filing shows an acquisition of 496 common shares and a disposition of 172 common shares sold at $108.79, leaving 779 shares beneficially owned after the non-derivative transactions.

The report also records vesting/conversion of restricted stock units into common shares: four separate RSU conversions totaling 496 shares (69, 107, 146, 174) recorded as vested on 08/15/2025, resulting in 1,025 and 1,925 derivative-share tallies shown after those transactions. Transactions were signed by an attorney-in-fact on 08/19/2025.

Positive

• RSU conversions were reported explicitly, with restricted stock units converting one-for-one into common shares.
• Full disclosure of transaction dates, amounts, and sale price ($108.79) is provided, satisfying Section 16 reporting requirements.

Negative

• Sale of 172 shares on 08/15/2025 reduced direct holdings; the filing does not state the purpose of the sale.
• Beneficial ownership remains relatively small post-transactions (779 shares), indicating limited economic stake reported in this filing.

Insights

Financial Analyst

TL;DR: Insider recorded RSU vesting and a small open-market sale, netting an increase in exercised shares but overall modest change in beneficial ownership.

The Form 4 documents vested restricted stock units converting one-for-one into common shares on 08/15/2025 and a contemporaneous sale of 172 shares at $108.79. The filing quantifies post-transaction beneficial ownership at 779 common shares and lists derivative holdings tied to prior RSU grants. For investors, this is a routine executive compensation vesting and partial sale rather than a material change in control or large-scale disposition.

Corporate Governance Expert

TL;DR: The disclosure is a standard Section 16 filing showing RSU vesting and a limited sale by a named officer, properly reported.

The report identifies Daniel De Lorenzo as the reporting person and discloses vesting schedules tied to grants from 2021–2024, with specific tranche conversions recorded on 08/15/2025. The presence of an attorney-in-fact signature and explicit grant/vesting details align with required disclosure practices; there is no indication of unusual timing or undisclosed arrangements in the submitted form.

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^*

De Lorenzo Daniel

(Last) (First) (Middle)

3060 OLSEN DR

(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)
	VP, Controller & CAO

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

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	08/15/2025		M		496	A	(1)	951	D
Common Shares	08/15/2025		F		172	D	$108.79	779	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)	08/15/2025		M			69	(2)	(2)	Common Shares	69	(1)	70	D
Restricted Stock Unit	(1)	08/15/2025		M			107	(3)	(3)	Common Shares	107	(1)	323	D
Restricted Stock Unit	(1)	08/15/2025		M			146	(4)	(4)	Common Shares	146	(1)	1,025	D
Restricted Stock Unit	(1)	08/15/2025		M			174	(5)	(5)	Common Shares	174	(1)	1,925	D

Explanation of Responses:

1. Restricted stock units convert into common stock on a one-for-one basis.

2. On November 15, 2021, the 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, subject to continued service on each applicable vesting date.

3. On July 1, 2022, the 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, subject to continued service on each applicable vesting date.

4. On July 13, 2023, the 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, subject to continued service on each applicable vesting date.

5. On July 1, 2024, the 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, subject to continued service on each applicable vesting date.

	/s/ Bryan Tham, Attorney-in-Fact for Daniel De Lorenzo	08/19/2025
	** 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 transactions did NTAP insider Daniel De Lorenzo report on 08/15/2025?

The Form 4 reports an acquisition of 496 common shares and a sale of 172 common shares at $108.79, with transactions dated 08/15/2025.

How many restricted stock units vested for Daniel De Lorenzo on 08/15/2025?

The filing shows RSU conversions of 69, 107, 146, and 174 shares (total 496) converting to common shares on 08/15/2025.

What is Daniel De Lorenzo’s beneficial ownership after the reported transactions?

The Form 4 reports 779 common shares beneficially owned following the non-derivative transactions.

At what price were shares sold in the reported transaction?

A disposition of 172 common shares was executed at $108.79 per share on 08/15/2025.

Who signed the Form 4 for Daniel De Lorenzo?

The filing was signed by /s/ Bryan Tham, Attorney-in-Fact for Daniel De Lorenzo on 08/19/2025.