# EDGAR Filing Document

**Accession Number:** 0001048695
**File Stem:** 0001048695-26-000028
**Filing Date:** 2026-2
**Character Count:** 13164
**Document Hash:** f0b3f60da4cd65801c4264876c1e7d75
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001048695-26-000028.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001048695-26-000028

**CONFORMED SUBMISSION TYPE**: DEFA14A

**PUBLIC DOCUMENT COUNT**: 19

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** F5, INC.
- **CENTRAL INDEX KEY:** 0001048695
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMPUTER COMMUNICATIONS EQUIPMENT [3576]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 911714307
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** DEFA14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-26041
- **FILM NUMBER:** 26678635

**BUSINESS ADDRESS:**
- **STREET 1:** 801 5TH AVENUE
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98104
- **BUSINESS PHONE:** 2062725555

**MAIL ADDRESS:**
- **STREET 1:** 801 5TH AVENUE
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** F5 NETWORKS, INC.
- **DATE OF NAME CHANGE:** 20190625

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** F5 NETWORKS INC
- **DATE OF NAME CHANGE:** 19990308

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** F5 LABS INC
- **DATE OF NAME CHANGE:** 19990305

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE 14A**

**(Rule 14a-101)**

**INFORMATION REQUIRED IN PROXY STATEMENT**

**SCHEDULE 14A INFORMATION**

**Proxy Statement Pursuant to Section 14(a) of the**

**Securities Exchange Act of 1934** 

Filed by the Registrant ⌧ Filed by a party other than the Registrant □

Check the appropriate box:

□ Preliminary Proxy Statement

□ **Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))**

□ Definitive Proxy Statement

⌧ Definitive Additional Materials

□ Soliciting Material Under Rule 14a-12

**F5, Inc.**

**(Name of Registrant as Specified In Its Charter)**

**(Name of Person(s) Filing Proxy Statement, if other than the Registrant)**

Payment of Filing Fee (Check all boxes that apply):

⌧ No fee required

□ Fee paid previously with preliminary materials.

□ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

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F5, Inc. (the "Company") is filing a copy of this presentation intended to be used in discussions with shareholders related to the Company's proxy statement for its Annual Shareholders Meeting to be held on March 12, 2026.

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F5, Inc. Investor Presentation February 25, 2026

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![](supplementalproxy2025fin002.jpg)© 2026 F52 F5, Inc. (the "Company") is filing this presentation intended to be used in discussions with shareholders related to the Company's proxy statement for its Annual Shareholders Meeting to be held on March 12, 2026.

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![](supplementalproxy2025fin004.jpg)© 2026 F54 Agenda Topic Slide Executive Summary 5 Proposal No. 2 – Incentive Plan Approval Request 6 – 11 Executive Compensation 12 – 13 Governance 14 – 15 Cybersecurity at F5 16 – 17

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![](supplementalproxy2025fin005.jpg)© 2026 F55 Executive summary re: Proposal No. 2 We are providing this information as supplemental to our proxy to aid investors in their consideration of our proposals. Proposal No. 2 Our Board would like to draw your attention to Proposal No. 2 – our request to approve the 2026 Incentive Award Plan including a share reserve of 3.5M shares – an amount expected to last 2 to 3 years. • Under the 2026 Plan, F5's potential dilution ranks below the 60th percentile of peers that requested shares in the most recent plan year. • F5's 3-year average unadjusted burn rate places it among the best performing 38% of its peers. • In FY2025, 86% of grants under the plan went to non-exec employees. • The shares currently available under the former Incentive Plan are insufficient to support our projected needs. • We are focused on attracting top-tier AI, cybersecurity, and cloud-native talent— areas critical to driving innovation for our customers. To remain competitive for this critical talent, we are leveraging equity as a component of our compensation strategy. • In all but one of the last 9 years, we have deployed this equity without diluting our stockholders and cumulatively, our share repurchases have more than offset shareholder dilution. Our Board unanimously recommends you cast your vote FOR Proposal No. 2, noting:

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![](supplementalproxy2025fin006.jpg)© 2026 F56 2026 Incentive Award Plan approval request P R O P O S A L N O . 2

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![](supplementalproxy2025fin007.jpg)© 2026 F57 Under the 2026 Plan F5's potential dilution ranks below the 60th percentile of peers Peers requesting shares in most recent plan year Potential Dilution with the 2026 Plan Gen Digital 7.3% Trimble 10.1% Nutanix 10.9% NetApp 11.1% Ciena 11.5% F5, Inc. 11.6% Teradata 13.4% Akamai Technologies 13.7% Cloudflare 38.1% 75th Percentile 13.5% 50th Percentile 11.3% 25th Percentile 10.7% 57.7 percent rank At 11.6%, F5's potential dilution under the 2026 Plan compares favorably to its peers, ranking below the 60th percentile among 8 companies that requested shares in the most recent plan year. This reflects F5's disciplined approach to managing share usage and its commitment to minimizing shareholder dilution while continuing to attract and retain top talent. Source: Compensia

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![](supplementalproxy2025fin008.jpg)© 2026 F58 F5's 3-year average unadjusted burn rate places it among the best performing 38% of its peers Peers 3-yr Average Unadjusted Burn Rate VeriSign 0.4% Fortinet 0.8% Trimble 1.2% Gen Digital 1.3% Check Point Software Technologies 1.5% Ciena 2.2% Dynatrace 2.2% Datadog 2.3% F5, Inc. 2.5% NetApp 2.7% Cloudflare 2.8% Akamai Technologies, Inc. 3.3% Teradata 3.6% Okta 3.7% Informatica 3.7% Zscaler 4.0% Nutanix 4.8% Pure Storage 5.0% Dropbox 6.9% Twilio 7.9% DocuSign 8.4% Unity Software 8.6% 75th Percentile 4.8% 50th Percentile 3.3% 25th Percentile 2.2% 38.0 percent rank F5's 3-yr average unadjusted burn rate of 2.5% places the company among the best-performing 38% of 21 peers. This reflects F5's commitment to effectively managing equity compensation and minimizing shareholder dilution. Source: Compensia

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![](supplementalproxy2025fin009.jpg)© 2026 F59 We ask investors to consider several additional factors related to our 2026 Incentive Plan We have a broad-based equity program and make awards to most employees. In FY2025, 86% of grants under the plan went to non-executive employees. We estimate the shares reserved under the new plan will provide shares for awards for 2 to 3 years. Shares available under the current plan are insufficient for our projected needs. FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 4,366 6,578 1,193 We are focused on attracting top-tier AI, cybersecurity, and cloud- native talent—areas critical to driving innovation for our customers. Since FY2017, we've increased product development resources by 69%, outpacing our overall employee growth of 50%. To remain competitive for this critical talent, we are leveraging equity as a component of our compensation strategy. +69% v. FY2017 +50% v. FY2017 86% Non-executive grants 2-3 years 2,016 Product developmentAll other

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![](supplementalproxy2025fin010.jpg)© 2026 F510 We are committed to returning cash to shareholders via share repurchases $600 $600 $201 $100 $500 $500 $350 $500 $500 $0 $100 $200 $300 $400 $500 $600 $700 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Committed buyback level FY21 – FY25 Share repurchases ($ in millions) \*Free cash flow defined as cash flow from operations less capital expenditures In the last 3 years we have exceeded our repurchase commitments • In FY2023, we committed to using at least 50% of our annual free cash flow for share repurchases. • We have reiterated that commitment every year since. • We have exceeded that commitment in each of the last 3 years. • As of December 31, 2025, there was $622 million remaining under our authorized stock repurchase program.

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![](supplementalproxy2025fin011.jpg)© 2026 F511 Our share repurchase levels routinely exceed shares used in equity compensation XXXX Cumulative since 2017 (in thousands) 11,783 RSUs vested & options exercised 22,889 Shares repurchased 1,371 1,220 1,004 1,132 1,594 1,511 1,391 1,344 1,216 4,561 4,074 1,186 799 2,501 2,611 2,454 2,824 1,879 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Equity compensation & shares repurchased (# of shares in thousands) RSUs vested & options exercised Shares repurchasedTotals may not sum due to rounding

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![](supplementalproxy2025fin012.jpg)© 2026 F512 Executive Compensation

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![](supplementalproxy2025fin013.jpg)© 2026 F513 We have a strong pay-for- performance culture Changes for FY2025 • A 4x multiplier was introduced to the STI payout calculation to dynamically adjust payouts based on performance relative to targets. This enhancement strengthens the connection between payouts and the Company's revenue and non-GAAP operating income results, fostering an even closer alignment with shareholder goals and outcomes \* Other NEO Compensation" is an average of the NEOs other than the CEO. Base salary, bonus and LTI are at target. Please refer to the "Cash Incentive Compensation" and "Fiscal Year 2025 Equity Awards" sections in the FY2025 Proxy Statement for information on the values. 63% 37% CEO Compensation Performance v. Service Mix Service Performance FY25 CEO Compensation Other NEO Compensation\* 9% 8% 83% 6% 7% 87% Salary Bonus LTI FY25 NEO Compensation MixChanges for FY2024 • Transitioned to a three-year vesting period for rTSR performance awards. • Simplified the LTI measurement periods for the financial metric-based performance awards to a one-year performance measurement period and a series of one year cliff vesting periods (from a series of three one- year measurement periods). This approach balances incentives to drive shareholder value creation and motivate and retain top executives. • Updated STI by replacing EBITDA with non-GAAP operating income and rebalancing to 45% revenue and 45% non-GAAP operating income to better align incentives with profitability and top-line growth.

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![](supplementalproxy2025fin014.jpg)© 2026 F514 Governance

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![](supplementalproxy2025fin015.jpg)© 2026 F515 Our Board is comprised of strategic leaders Skills & ExperienceTenure & Independence Total number of directors: 8 Female Male Non-Binary Based on gender identity: 5 3 - Also identify in the categories below: African American or Black - 1 - Alaskan Native or Native American - - - Asian - 1 - Hispanic or Latino(a) 1 - - Native Hawaiian or Pacific Islander - - - White 4 1 - LGBTQ+ - - - Did not disclose demographic background - - - Over 60% of board refreshed in the past 5 years Broad demographics represented by board members Experienced board, aligned to F5's strategy 7 of 8 directors are independent 3 2 2 7 8 5 6 3 8 5 8 Capital Markets Cybersecurity Governance Financial Experience Global Business Human Capital Management M&A Integration Operational Senior Leadership Software Strategy & Risk Management Board Demographics 0 to 4 years 5 to 9 years

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![](supplementalproxy2025fin016.jpg)© 2026 F516 Cybersecurity at F5

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![](supplementalproxy2025fin017.jpg)© 2026 F517 Our commitment to security and innovation We remain focused on protecting customers and earning their trust, recognizing the responsibilities that come with our critical role. On October 15, 2025, we disclosed that a highly sophisticated nation state actor had gained unauthorized access to certain internal F5 systems. Upon identifying the threat, we immediately activated our incident response process with clear priorities: We are hyper focused on three areas: Further investing in the security of our operations, including security automation. 1 Enhancing the security of our products and development environments. 2 Supporting the broader security community by sharing our learnings and innovations. 3 Containment and investigation First, contain the threat actor, initiate a thorough investigation, and take immediate and urgent action to strengthen F5's security posture. Protecting customers Second, deliver reliable software releases to address all undisclosed high vulnerabilities in F5's BIG-IP code as quickly as possible. Through the exceptional efforts of our engineering and support teams, we achieved this, enabling thousands of customers to promptly deploy critical updates upon disclosure. Many of our customers moved quickly to update their BIG-IP environments and a significant number of our largest customers completed their updates within a matter of weeks with minimal disruption. Throughout the process, customers expressed appreciation for our transparency and the clarity around exactly what they needed to do to improve the security of their environments.

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QUESTIONS? Contact Suzanne DuLong s.dulong@f5.com

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