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Netskope Inc·4

Jul 6, 1:03 PM ET

Beri Sanjay 4

Research Summary

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Netskope (NTSK) CEO Sanjay Beri Exercises RSUs; Shares Withheld for Taxes

What Happened

  • Sanjay Beri, CEO and Chairman of Netskope, had restricted stock units (RSUs) settle on July 1, 2026. The Form 4 reports the settlement/conversion of 1,015,686 RSUs into underlying shares (recorded as derivative exercise/conversion at $0.00). To satisfy tax obligations, 561,474 shares were withheld/disposed at $10.94 per share, totaling $6,142,526. The filing shows two other derivative disposal entries (564,270 and 451,416 shares at $0.00) that together correspond to the 1,015,686-share settlement entry (accounting/recording of the RSU settlement).

Key Details

  • Transaction date: July 1, 2026; Form 4 filed July 6, 2026 (5 days after the transaction; later than the typical 2-business-day Form 4 deadline).
  • Shares acquired via RSU settlement: 1,015,686 at $0.00 (derivative settlement).
  • Shares withheld to cover taxes: 561,474 at $10.94, aggregate value $6,142,526 (reported as disposition to satisfy tax liability).
  • Net new shares retained by Beri from this settlement: 454,212 (1,015,686 − 561,474).
  • Footnotes of note:
    • F1–F2: Each RSU converts to one share; settlement of these vested RSUs was deferred until July 1, 2026.
    • F3–F4: Additional RSUs remain and will vest on monthly/quarterly schedules.
    • F5–F6: Class B common shares convert 1:1 into Class A shares per the charter.
    • F7: Shares were withheld specifically to satisfy tax withholding obligations.
    • F8: Some shares are held of record in the reporting person’s revocable trust.
  • The filing does not state a consolidated total of Beri’s beneficial ownership after these transactions in the provided summary.

Context

  • This was a settlement of RSUs (an award vesting), not an open-market buy or voluntary sale. The withholding of shares to pay taxes is a routine cashless-style settlement common with RSU vesting and does not itself indicate a personal buy or sell decision about company stock. The reporting delay (filed five days after the July 1 transaction) is worth noting for timeliness but does not change the substance of the transaction.