Erwin Tami A. 4

What Happened

• Tami A. Erwin, a director of F5, Inc. (FFIV), reported derivative activity: on 2026-03-11 she exercised/converted 934 derivative shares (reported as acquired at $0) and simultaneously recorded a disposition of those 934 derivative shares at $0 (derivative conversion/transfer). On 2026-03-12 she was granted 987 restricted stock units (RSUs) at $0 (contingent right to receive shares upon vesting). All reported values are $0, indicating conversion/grant activity rather than a cash purchase or sale.

Key Details

• Transaction dates and codes: 2026-03-11 (M = exercise/conversion of derivative) — 934 shares acquired and 934 shares disposed, $0 price; 2026-03-12 (A = grant/award) — 987 RSUs granted, $0 price.
• Reported total value for each line: $0 (conversion/grant entries).
• Shares owned after the transactions: not stated in the filing.
• Notable footnotes: F1 — the 934 shares are held in a trust for which Ms. Erwin and her spouse are grantors/trustees/beneficiaries; F2 — each RSU equals a contingent right to one share; F3/F4/F5 — RSUs vest only if she continues to serve through the stated vest date (vesting tied to upcoming annual meetings).
• Filing timeliness: Report period is 2026-03-11 and the Form 4 was filed 2026-03-13 (within the typical two-business-day reporting window).

Context

• The $0 exercise/transfer typically reflects conversion of a derivative award (e.g., vested units) and not an open-market purchase. The immediate disposition at $0 likely represents a transfer into the family trust (per F1), not a market sale.
• The 987 RSUs are awards that will convert to shares only if vesting conditions are met (service through the vest date). Such grants are routine director compensation and do not by themselves indicate buying or selling sentiment.