George Kurian - May 15, 2023 Form 4 Insider Report for NetApp, Inc. (NTAP)

Role
Chief Executive Officer, Director
Signature
By: Roberta S Cohen, Attorney-in-Fact for George Kurian
Stock symbol
NTAP
Transactions as of
May 15, 2023
Transactions value $
-$460,134
Form type
4
Date filed
5/17/2023, 04:00 PM
Previous filing
May 11, 2023
Next filing
May 19, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction NTAP Common shares Options Exercise $0 +13.8K +9.8% $0.00 154K May 15, 2023 Direct
transaction NTAP Common Shares Tax liability -$315K -4.87K -3.16% $64.75 149K May 15, 2023 Direct
transaction NTAP Common Shares Sale -$145K -2.25K -1.51% $64.50 147K May 15, 2023 Direct F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction NTAP Restricted Stock Unit Options Exercise $0 -2.26K -11.11% $0.00 18.1K May 15, 2023 Common Stock 2.26K $0.00 Direct F2, F3
transaction NTAP Restricted Stock Unit Options Exercise $0 -11.5K -25% $0.00 34.5K May 15, 2023 Common Stock 11.5K $0.00 Direct F2, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

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).

Explanation of Responses:

Id Content
F1 The transaction reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on September 15, 2022.
F2 Restricted Stock Units convert into common stock on a one-for-one basis.
F3 On July 1, 2021, the reporting person was granted 36,100 restricted stock units. Restricted stock unit awards shall vest as to twenty-five percent (25%) of the shares May 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.
F4 On July 1, 2022, the reporting person was granted 46,010 restricted stock units. Restricted stock unit awards shall vest as to twenty-five percent (25%) of the shares 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.