NetApp (NTAP) President Cesar Cernuda Converts RSUs; Tax Withholding

What Happened
Cesar Cernuda, President of NetApp (NTAP), had 4,402 restricted stock units (RSUs) convert into common stock on August 15, 2026 (reported on Form 4). Of the 4,402 shares that vested/converted, 2,070 shares were withheld to satisfy tax withholding at $204.99 per share (total value withheld: $424,329). After withholding, Cernuda netted 2,332 shares. This was a routine RSU vest/ conversion and tax-withholding event — not an open-market purchase.

Key Details

• Transaction date: August 15, 2026; Form 4 filed August 18, 2026.
• Conversion (code M): 4,402 RSUs converted into 4,402 common shares.
• Tax withholding (code F): 2,070 shares withheld at $204.99/share = $424,329.
• Net shares received: 4,402 − 2,070 = 2,332 shares retained by the insider.
• Shares owned after the transaction: not specified in the provided filing.
• Footnotes: RSUs convert 1-for-1 (F1). Grants cited include 28,101 RSUs (7/13/2023), 19,193 RSUs (7/1/2024) and 23,142 RSUs (7/1/2025) with standard multi-year vesting schedules (see F2–F4).
• Transaction types explained: M = exercise/conversion of derivative (here, RSU conversion); F = payment of exercise price or tax liability (share withholding).

Context
This was a vesting/conversion of RSUs with shares withheld for taxes (a common, routine executive compensation event). It does not represent an open-market sale or a purchase that signals a directional bet. For retail investors, net buys (insider purchases) typically carry more informational weight than routine vesting or tax-withholding events.