Fortinet Director Ming Hsieh Receives 459 Shares (RSU Vesting)

What Happened

• Ming Hsieh, a director of Fortinet, reported the vesting/conversion of 459 restricted stock units (RSUs) on September 30, 2026. The Form 4 records an "exercise/conversion of derivative" (transaction code M) showing 459 shares acquired at $0.00; the filing also shows the corresponding derivative instrument was disposed (converted) for 459 shares. The filing reports $0.00 per share (market value not stated in the filing).

Key Details

• Transaction date: 2026-09-30; Filing date: 2026-10-01 (appears timely under Form 4 rules).
• Reported amounts: 459 shares acquired via conversion at $0.00; derivative (RSU) disposed: 459 at $0.00.
• Shares owned after transaction: not specified in the provided filing details.
• Notable footnotes: RSUs were granted Aug 12, 2026 (F1); each RSU converts to one common share on settlement (F6); vesting schedule spreads remaining RSUs in equal increments on 9/30/26, 12/31/26, 3/31/27 and by 6/30/27 or immediately before the 2027 annual meeting (F7); RSUs do not expire (F8). Several trust holdings and Hsieh’s trustee status are disclosed (F2–F5).
• No sale, market purchase, tax-withholding sale, or 10b5-1 plan is indicated in the provided entries.

Context

• This was a routine vesting/settlement of RSUs (compensation), not an open-market buy or sale. The Form 4 shows the RSU (derivative) converting into shares — the “disposed” derivative entry reflects that conversion rather than a market sale. Such filings document compensation-related share delivery and do not by themselves indicate directional insider trading intent.