Napolitano Janet 4

What Happened

• Janet Napolitano, a director of Fortinet, had 649 restricted stock units (RSUs) convert into 649 shares of Fortinet common stock on March 31, 2026. The Form 4 records an "exercise/conversion of derivative" (transaction code M) showing 649 shares acquired at $0.00 and a corresponding 649-share derivative disposition at $0.00. This was not an open-market purchase or sale but the settlement/vesting of previously granted RSUs.

Key Details

• Transaction date: 2026-03-31; Form 4 filed 2026-04-01 (timely).
• Price per share reported on filing: $0.00 (reflecting conversion of awards, not a cash purchase).
• Shares reported acquired: 649; derivative units reported disposed: 649.
• Shares owned after transaction: Not specified in the filing.
• Footnotes: F1–F4 explain these were RSUs granted 8/20/2025, each RSU converts to one share on settlement, vesting occurs in installments including 3/31/2026, and RSUs do not expire.
• No 10b5-1 plan, tax withholding, or late filing flag noted in the filing.

Context

• This is an award settlement (vesting) event — common compensation for directors and executives — rather than a market buy or sale, so it does not necessarily signal a change in insider market sentiment.
• The filing shows both the conversion (acquisition of common shares) and the termination/disposition of the underlying RSU derivative units upon settlement.