Hsieh Ming 4

What Happened Ming Hsieh, a director of Fortinet (FTNT), reported the vesting/conversion of 650 restricted stock units (RSUs) on 2026-06-11. The filing shows 650 shares acquired at $0.00 (issuance on settlement of RSUs) and a corresponding derivative conversion entry (650 shares disposed at $0.00, transaction code M — exercise/conversion of a derivative). No cash purchase or open-market sale is reported in this Form 4.

Key Details

• Transaction date: 2026-06-11; Form filed 2026-06-12 (appears timely).
• Reported transactions: 650 shares acquired at $0.00 and 650 shares reported as converted/disposed at $0.00 (code M = exercise/conversion of derivative).
• These shares arise from RSUs granted Aug 20, 2025; each RSU converts to one share on settlement (footnotes F1, F6).
• Vesting schedule noted in the filing: RSUs vest in substantially equal increments on Sep 30, 2025; Dec 31, 2025; Mar 31, 2026; and the earlier of Jun 30, 2026 or the date before Fortinet’s 2026 annual meeting (F7).
• Ownership after the transaction: the filing states the number of directly owned shares was adjusted per the issuer’s transfer agent; the exact total is not specified in the excerpt provided.
• Trust details: some securities are held in family trusts for which Mr. Hsieh is trustee and has sole voting/dispositive power (F2–F5).
• No sale price or market sale reported; this appears to be issuance/settlement of vested RSUs rather than an open-market sale. Filing does not indicate a 10b5-1 plan or tax-withholding sale.

Context

• This is a routine insider reporting of RSU vesting/settlement. RSU vesting and the resulting issuance of shares at $0 generally reflect compensation vesting, not a market purchase or sale by the insider. Such filings disclose changes in beneficial ownership but do not, by themselves, indicate the insider’s view of the company’s stock.