Hsieh Ming 4
4 · Fortinet, Inc. · Filed Apr 1, 2026
Research Summary
AI-generated summary of this filing
Fortinet (FTNT) Director Ming Hsieh Converts 649 RSUs
What Happened
Ming Hsieh, a director of Fortinet, reported the vesting and conversion of 649 restricted stock units (RSUs) on 2026-03-31. The Form 4 shows an exercise/conversion entry acquiring 649 shares at $0.00 and a matching disposition of 649 shares at $0.00 (both reported with transaction code M). No cash value is listed for either entry.
Key Details
- Transaction date: 2026-03-31; Form 4 filed 2026-04-01 (timely filing).
- Reported transactions: 649 shares acquired via conversion of RSUs @ $0.00; 649 shares disposed (derivative) @ $0.00.
- Shares owned after transaction: not provided in the excerpt supplied.
- Relevant footnotes: RSUs were granted Aug 20, 2025 (F1); each RSU converts to one share on settlement (F5); the RSUs vest in equal increments including Mar 31, 2026 (F6); RSUs do not expire (F7). Several holdings are held in trusts for which Mr. Hsieh is trustee (F2–F4).
- The filing does not state the reason for the $0.00 disposition (e.g., tax withholding or transfer).
Context
This was not a purchase or open‑market sale by the insider but the routine settlement of RSUs. For derivative entries like this (code M), the reporting typically reflects conversion of awards into common stock; matching $0 dispositions often, but not always, represent share withholding to satisfy taxes or immediate transfers — however, the filing here does not specify which occurred.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1]2026-03-31+649→ 8,952 total - Exercise/Conversion
Restricted Stock Units
[F5][F1][F6][F7]2026-03-31−649→ 650 totalExercise: $0.00→ Common Stock (649 underlying)
- 53,082(indirect: By Trust)
Common Stock
[F2] - 25(indirect: By Trust)
Common stock
[F3] - 25(indirect: By Trust)
Common stock
[F4]
Footnotes (7)
- [F1]Vesting of restricted stock units ("RSUs") granted to the Reporting Person on August 20, 2025.
- [F2]Securities held by The Ming Hsieh Trust (the "Hsieh Trust"). Mr. Hsieh is the trustee of the Hsieh Trust and possesses the sole voting and dispositive power with respect to securities held by the Hsieh Trust.
- [F3]These securities are held by the Pauline Hsieh Irrevocable Trust dated 05/12/04, of which the Reporting Person is a trustee.
- [F4]These securities are held by the Tiffany Hsieh Irrevocable Trust dated 05/12/04, of which the Reporting Person is a trustee.
- [F5]Each RSU represents a contingent right to receive one share of the Issuer's common stock upon settlement.
- [F6]The RSUs will vest in substantially equal increments on each of September 30, 2025, December 31, 2025, March 31, 2026, and the earlier of (i) June 30, 2026 and (ii) the date immediately preceding the Issuer's 2026 annual meeting of stockholders, subject to the Reporting Person's provision of services to the Issuer on each vesting date. Shares of the Issuer's Common Stock will be delivered to the Reporting Person following vesting.
- [F7]RSUs do not expire; they either vest or are canceled prior to vest date