F5, INC. — Director's Dealing 2011

Mar 15, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: F5 NETWORKS INC (FFIV)
CIK: 0001048695
Period of Report: 2011-03-11

Reporting Person: BEVIER DEBORAH L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-11	Common Stock	M	3138	$0.00	Acquired	8550	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-11	Restricted Stock Units	$0.00	M	3138	Disposed		Common Stock (3138)	Direct
2011-03-14	Restricted Stock Units	$0.00	A	1836	Acquired		Common Stock (1836)	Direct

Footnotes

F1: Shares received upon vesting of the March 11, 2010 grant of Restricted Stock Units.

F2: Each Restricted Stock Unit represents a contingent right to receive one share of Common Stock of F5 Networks, Inc. on the vest date.

F3: One share of Common Stock of F5 Networks, Inc. was delivered to the reporting person for each Restricted Stock Unit that vested on March 11, 2011.

F4: Restricted Stock Units will fully vest on the first business day prior to the date of the annual shareholder meeting for fiscal 2011 (to be held in 2012) if the reporting person continues to serve as a director on the vest date, and the corresponding number of shares of Common Stock of F5 Networks, Inc. will be issued to the reporting person on the vest date.