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Director Ming Hsieh at Fortinet (NASDAQ: FTNT) exercises 649 RSUs

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Hsieh Ming reported acquisition or exercise transactions in this Form 4 filing.

Fortinet, Inc. director Ming Hsieh reported the vesting and settlement of 649 restricted stock units (RSUs) into an equal number of shares of common stock on March 31, 2026. These RSUs come from a grant made on August 20, 2025 that vests in several scheduled installments.

After this vesting event, Hsieh directly holds 8,952 shares of Fortinet common stock. He also has indirect holdings through trusts, including The Ming Hsieh Trust, where he has sole voting and dispositive power, and the Pauline and Tiffany Hsieh Irrevocable Trusts, where he serves as trustee.

Positive

  • None.

Negative

  • None.
Insider Hsieh Ming
Role Director
Type Security Shares Price Value
Exercise Restricted Stock Units 649 $0.00 --
Exercise Common Stock 649 $0.00 --
holding Common Stock -- -- --
holding Common stock -- -- --
holding Common stock -- -- --
Holdings After Transaction: Restricted Stock Units — 650 shares (Direct); Common Stock — 8,952 shares (Direct); Common Stock — 53,082 shares (Indirect, By Trust); Common stock — 25 shares (Indirect, By Trust)
Footnotes (1)
  1. Vesting of restricted stock units ("RSUs") granted to the Reporting Person on August 20, 2025. Securities held by The Ming Hsieh Trust (the "Hsieh Trust"). Mr. Hsieh is the trustee of the Hsieh Trust and possesses the sole voting and dispositive power with respect to securities held by the Hsieh Trust. These securities are held by the Pauline Hsieh Irrevocable Trust dated 05/12/04, of which the Reporting Person is a trustee. These securities are held by the Tiffany Hsieh Irrevocable Trust dated 05/12/04, of which the Reporting Person is a trustee. Each RSU represents a contingent right to receive one share of the Issuer's common stock upon settlement. The RSUs will vest in substantially equal increments on each of September 30, 2025, December 31, 2025, March 31, 2026, and the earlier of (i) June 30, 2026 and (ii) the date immediately preceding the Issuer's 2026 annual meeting of stockholders, subject to the Reporting Person's provision of services to the Issuer on each vesting date. Shares of the Issuer's Common Stock will be delivered to the Reporting Person following vesting. RSUs do not expire; they either vest or are canceled prior to vest date
RSUs vested 649 RSUs Converted into 649 common shares on March 31, 2026
Exercise price $0.00 per share RSU conversion price for 649 common shares
Direct common shares after transaction 8,952 shares Direct ownership following March 31, 2026 RSU vesting
Trust holding – Ming Hsieh Trust 53,082 shares Indirect common stock held by The Ming Hsieh Trust
Trust holdings – Pauline and Tiffany trusts 25 shares each Indirect common stock in each irrevocable trust
Restricted Stock Units financial
"Vesting of restricted stock units ("RSUs") granted to the Reporting Person"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
RSUs financial
"Each RSU represents a contingent right to receive one share of the Issuer's common stock"
RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.
voting and dispositive power financial
"possesses the sole voting and dispositive power with respect to securities held by the Hsieh Trust"
Irrevocable Trust financial
"the Pauline Hsieh Irrevocable Trust dated 05/12/04, of which the Reporting Person is a trustee"
derivative security financial
"Exercise or conversion of derivative security"
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Hsieh Ming
(Last)(First)(Middle)
C/O FORTINET, INC.
909 KIFER ROAD
(Street)
SUNNYVALE CALIFORNIA 94086
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Fortinet, Inc. [ FTNT ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Common Stock03/31/2026M(1)649A$08,952D
Common Stock53,082IBy Trust(2)
Common stock25IBy Trust(3)
Common stock25IBy Trust(4)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Restricted Stock Units$0(5)03/31/2026M(1)649 (6) (7)Common Stock649$0650D
Explanation of Responses:
1. Vesting of restricted stock units ("RSUs") granted to the Reporting Person on August 20, 2025.
2. Securities held by The Ming Hsieh Trust (the "Hsieh Trust"). Mr. Hsieh is the trustee of the Hsieh Trust and possesses the sole voting and dispositive power with respect to securities held by the Hsieh Trust.
3. These securities are held by the Pauline Hsieh Irrevocable Trust dated 05/12/04, of which the Reporting Person is a trustee.
4. These securities are held by the Tiffany Hsieh Irrevocable Trust dated 05/12/04, of which the Reporting Person is a trustee.
5. Each RSU represents a contingent right to receive one share of the Issuer's common stock upon settlement.
6. The RSUs will vest in substantially equal increments on each of September 30, 2025, December 31, 2025, March 31, 2026, and the earlier of (i) June 30, 2026 and (ii) the date immediately preceding the Issuer's 2026 annual meeting of stockholders, subject to the Reporting Person's provision of services to the Issuer on each vesting date. Shares of the Issuer's Common Stock will be delivered to the Reporting Person following vesting.
7. RSUs do not expire; they either vest or are canceled prior to vest date
/s/ Robert Turner, by power of attorney04/01/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Ming Hsieh report at Fortinet (FTNT)?

Ming Hsieh reported the vesting of 649 RSUs into common shares. On March 31, 2026, 649 restricted stock units converted into 649 Fortinet common shares at a $0.00 exercise price as part of a previously granted equity award.

How many Fortinet (FTNT) shares does Ming Hsieh hold directly after this Form 4?

After the transaction, Ming Hsieh directly holds 8,952 Fortinet shares. This reflects the addition of 649 common shares from RSU vesting, bringing his direct ownership position to 8,952 shares of Fortinet common stock.

What is the origin and vesting schedule of Ming Hsieh’s RSUs at Fortinet (FTNT)?

The 649 RSUs vesting on March 31, 2026 come from an August 20, 2025 grant. That grant vests in substantially equal increments on September 30, 2025, December 31, 2025, March 31, 2026, and a final date in 2026, subject to continued service.

At what price were Ming Hsieh’s Fortinet (FTNT) RSUs exercised or converted?

The 649 RSUs converted into common shares at an exercise price of $0.00. Each restricted stock unit represents a contingent right to receive one share of Fortinet common stock upon vesting and settlement, without any cash exercise cost.

What indirect Fortinet (FTNT) holdings does Ming Hsieh report through trusts?

Ming Hsieh reports indirect Fortinet holdings through several trusts. These include The Ming Hsieh Trust, where he has sole voting and dispositive power, and the Pauline and Tiffany Hsieh Irrevocable Trusts, where he serves as trustee holding additional common stock positions.

Do Ming Hsieh’s RSUs at Fortinet (FTNT) have an expiration date?

The RSUs do not have a traditional expiration date. According to the disclosure, Fortinet’s restricted stock units either vest on scheduled vesting dates, delivering common shares, or are canceled if vesting conditions are not satisfied before those dates.