Dreyer Michael L 4

What Happened

• Michael L. Dreyer, a director of F5, Inc. (FFIV), reported the conversion/exercise of a derivative on March 11, 2026: 934 restricted stock units (RSUs) were converted into 934 shares (acquired) and a corresponding disposition of 934 shares was also reported. Both transactions are reported at $0.00 per share (total reported value $0). The Form 4 uses transaction code M (exercise or conversion of derivative).

Key Details

• Transaction date: 2026-03-11; Form 4 filed: 2026-03-13 (appears timely).
• Reported prices: $0.00 per share for both the acquisition and the disposition; reported total value $0.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnotes from the filing:
  • F1: Each RSU represents a contingent right to one share on the vest date.
  • F2/F3: RSUs vest and shares are issued on the vest date if the reporting person continues service (vesting tied to the annual shareholder meeting schedule).
• Transaction code: M = exercise or conversion of a derivative (here, RSUs converting into shares).
• Filing timeliness: Filed two days after the transaction date, which is within the usual Form 4 reporting window.

Context

• The $0.00 reporting typically indicates issuance upon vesting (not a cash purchase). The filing does not explain the reason for the simultaneous disposition; common corporate practices include net share settlement or tax withholding, but the Form 4 excerpt does not state which (do not infer intent).
• For retail investors, vesting/conversion events are routine compensation-related filings and are not direct bullish/bearish trading signals by themselves.