STAVRIDIS JAMES G. 4

What Happened
James G. Stavridis, a Fortinet (FTNT) director, had 649 restricted stock units (RSUs) vest on March 31, 2026. The Form 4 reports an exercise/conversion of a derivative (code M) resulting in acquisition of 649 shares at $0.00 and a corresponding disposition of the derivative instrument for 649 units at $0.00. No cash was paid on conversion — this reflects award vesting, not an open‑market purchase or sale.

Key Details

• Transaction date: March 31, 2026; Form 4 filed April 1, 2026 (timely filing).
• Reported transactions: 649 RSUs converted to 649 common shares (code M — exercise/conversion). Both acquisition and derivative-disposition lines show $0.00 per share.
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Relevant footnotes: RSUs were part of a grant on Aug 20, 2025; each RSU is the right to one share; vesting occurs in roughly equal increments including Sep 30, 2025; Dec 31, 2025; Mar 31, 2026; and by mid‑2026 or prior to the 2026 annual meeting. RSUs do not expire and shares are delivered following vesting.
• No indication of a sale of the underlying shares or of tax‑withholding/10b5‑1 plan in the provided data.

Context
This is routine executive compensation vesting (award settlement), not a market buy or sell. The filing shows conversion of RSUs into shares — the derivative entry is removed and the underlying shares are recorded as acquired. Such vesting events are common and do not necessarily signal the insider’s view of the company stock; purchases or open‑market sales are typically more informative about sentiment.