Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b), (c), (d), (e)
Appointment of New Director
On February 4, 2021, NetApp, Inc.'s board of directors (the "Board") approved an
increase in the number of authorized directors on the Board from eight (8) to
nine (9) and appointed Carrie Palin as a member of the Board to fill the vacancy
created thereby.
There are no arrangements or understandings between Ms. Palin, on the one hand,
and NetApp, Inc. ("the Company") or any other persons, on the other hand,
pursuant to which Ms. Palin was selected as a director. There are no related
party transactions between the Company and Ms. Palin (or any immediate family
member thereof) requiring disclosure under Item 404(a) of Regulation S-K.
Ms. Palin does not have any family relationships with any of the Company's
directors or executive officers.
Ms. Palin will serve as a member of the Compensation Committee.
As a non-employee director, Ms. Palin will participate in the non-employee
director compensation arrangements described in the Company's definitive proxy
statement filed with the Securities and Exchange Commission (the "SEC") on
August 2, 2019. In addition, it is expected that she will enter into the
Company's standard form of director indemnification agreement previously
approved by the Board. The form of indemnification agreement was filed as
Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the period
ending on July 25, 2014, as filed with the SEC on August 28, 2014.
A copy of the Company's press release announcing the appointment of Ms. Palin to
the Board is attached hereto as Exhibit 99.1 and the information set forth
therein is incorporated herein by reference.
Appointment of Principal Accounting Officer
On February 4, 2021, the Company announced the appointment of Robert Parks, age
48, as the principal accounting officer of the Company. Mr. Parks joined the
Company on January 28, 2021 as Vice President, Chief Accounting Officer.
Prior to joining the Company, Mr. Parks served as executive vice president and
chief accounting officer of Syneos Health from November 2018. Mr. Parks was
previously employed by IQVIA, where he served as senior vice president,
corporate controller and vice president, finance from 2011 to 2017. Mr. Parks
was previously employed in a variety of finance roles at TMX Finance,
Allscripts, N.E.W. Customer Service Companies, Inc. and OAO Technology
Solutions. He was also a manager with Ernst & Young LLP. Mr. Parks holds a B.A.
degree in Business from the University of Maryland.
Mr. Parks does not have a family relationship with any of the officers or
directors of the Company.
There were no understandings or arrangements between Mr. Parks and any other
person pursuant to which they were selected as an officer of the Company. There
are no related party transactions reportable under Item 5.02 of Current Report
on Form 8-K and Item 404(a) of Regulation S-K.
Compensatory Arrangements
The material terms of Mr. Parks' offer letter, as approved by the Board of
Directors (the "Board") of the Company, are as follows:
• His annual base salary will be $420,000.
• His annual incentive compensation target percentage will be 48% of his base
salary.
• The Company will grant $800,000 in value of service-vested restricted stock
units ("RSUs"), on or about the fifteenth of the month following the month
in which Mr. Parks' commences employment with the Company, which shall vest
25% on each anniversary of the vesting commencement date, subject to
Mr. Parks' continued employment with the Company through the applicable
vesting date. The service-vested RSUs will be granted pursuant to the form
of RSU Agreement previously approved by the Committee.
Mr. Parks will also be eligible to participate in the compensation and benefit
programs generally available to the Company's executive officers.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1 Press release, dated February 4, 2021, announcing appointment of
Carrie Palin to the Board of Directors.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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