CERNUDA CESAR 4

What Happened Cesar Cernuda, President of NetApp, had performance stock units (PSUs) settle on May 14, 2026. Two awards converted into a total of 60,164 shares (26,998 and 33,166). To satisfy tax withholding, 12,690 and 15,589 shares were withheld at a reported value of $118.58 per share, resulting in cashless withholding dispositions valued at $1,504,780 and $1,848,544 respectively (total ≈ $3,353,324). Net shares delivered to Cernuda after withholding were 31,885 (60,164 − 28,279).

Key Details

• Transaction date: 2026-05-14; Form 4 filed 2026-05-18 (timely filing).
• Grants/settlements: 26,998 and 33,166 PSUs converted to common stock (one-for-one).
• Tax withholding (code F): 12,690 shares @ $118.58 = $1,504,780; 15,589 shares @ $118.58 = $1,848,544; total withheld = 28,279 shares (~$3.35M).
• Net shares retained by insider after withholding: 31,885 shares.
• Footnotes: F1 — settlement of PSUs originally granted July 13, 2023. F2 — PSUs convert into common stock on a one-for-one basis.
• Shares owned after transaction: not disclosed in the filing.

Context This was a routine PSU settlement with shares withheld to cover tax obligations (code F), not an open-market sale. PSUs converting 1:1 means each vested unit became one share; withholding is a common cashless method to pay taxes and does not necessarily indicate a change in the insider’s view of the company.