CERNUDA CESAR 4

What Happened

• Cesar Cernuda, President of NetApp (NTAP), had restricted stock units (RSUs) convert into 10,705 shares on May 15, 2026. Of those shares, 5,033 were surrendered to cover tax withholding at $119.93 per share, totaling $603,608. The conversion and withholding are reported as derivative transactions (SEC code M for exercise/conversion and F for payment of tax liability).
• This was not an open-market sale or a purchase — it was routine RSU vesting with shares withheld to satisfy taxes.

Key Details

• Transaction date: May 15, 2026; Form 4 filed May 19, 2026 (filed within the normal two business-day window).
• Conversion: 10,705 RSUs converted into 10,705 common shares (code M — exercise/conversion).
• Tax withholding: 5,033 shares surrendered (code F) at $119.93/share for $603,608 withheld.
• Net shares issued to the insider on vesting: 10,705 converted − 5,033 withheld = 5,672 shares retained by Cernuda (filing shows the conversion and withholding details; total post-transaction holdings are not separately listed).
• Relevant footnotes: F1 confirms RSUs convert one-for-one to common stock. Footnotes F2–F5 describe the original RSU grant dates and vesting schedules (grants from 2022–2025 that vest partially on May 15 and quarterly thereafter).

Context

• RSU vesting with share-withholding for taxes is a routine administrative event and does not necessarily indicate a buy or sell signal. The filing shows conversion of previously granted RSUs (derivative transactions) rather than an open-market disposition. Purchases by insiders generally carry more informational weight for bullish signals; this filing documents standard vesting and tax withholding.