John Whittle - Aug 1, 2021 Form 4 Insider Report for Fortinet, Inc. (FTNT)

Signature
/s/ Robert Turner, by power of attorney
Stock symbol
FTNT
Transactions as of
Aug 1, 2021
Transactions value $
-$2,230,646
Form type
4
Date filed
8/3/2021, 08:23 PM
Next filing
Aug 24, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction FTNT Common Stock Options Exercise $0 +1.1K $0.00 1.1K Aug 1, 2021 Direct F1
transaction FTNT Common Stock Options Exercise $0 +700 +63.93% $0.00 1.8K Aug 1, 2021 Direct F1
transaction FTNT Common Stock Options Exercise $0 +496 +27.63% $0.00 2.29K Aug 1, 2021 Direct F1
transaction FTNT Common Stock Tax liability -$310K -1.14K -49.63% $272.24 1.15K Aug 1, 2021 Direct F2
transaction FTNT Common Stock Options Exercise $179K +3.65K +316.03% $49.06 4.8K Aug 3, 2021 Direct F3
transaction FTNT Common Stock Options Exercise $177K +2.1K +43.74% $84.49 6.9K Aug 3, 2021 Direct F3
transaction FTNT Common Stock Options Exercise $170K +1.49K +21.55% $114.48 8.39K Aug 3, 2021 Direct F3
transaction FTNT Common Stock Sale -$415K -1.45K -17.33% $285.19 6.93K Aug 3, 2021 Direct F3, F4
transaction FTNT Common Stock Sale -$115K -400 -5.77% $286.62 6.53K Aug 3, 2021 Direct F3, F5
transaction FTNT Common Stock Sale -$202K -700 -10.71% $287.98 5.83K Aug 3, 2021 Direct F3, F6
transaction FTNT Common Stock Sale -$202K -700 -12% $288.87 5.13K Aug 3, 2021 Direct F3, F7
transaction FTNT Common Stock Sale -$124K -426 -8.3% $290.06 4.71K Aug 3, 2021 Direct F3, F8
transaction FTNT Common Stock Sale -$58.2K -200 -4.25% $291.00 4.51K Aug 3, 2021 Direct F3, F9
transaction FTNT Common Stock Sale -$117K -400 -8.87% $292.29 4.11K Aug 3, 2021 Direct F3, F10
transaction FTNT Common Stock Sale -$205K -697 -16.97% $293.55 3.41K Aug 3, 2021 Direct F3, F11
transaction FTNT Common Stock Sale -$325K -1.1K -32.25% $295.18 2.31K Aug 3, 2021 Direct F3, F12
transaction FTNT Common Stock Sale -$178K -600 -25.96% $296.22 1.71K Aug 3, 2021 Direct F3, F13
transaction FTNT Common Stock Sale -$509K -1.71K -100% $297.42 0 Aug 3, 2021 Direct F3, F14

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction FTNT Restricted Stock Units Options Exercise $0 -1.1K -33.34% $0.00 2.19K Aug 1, 2021 Common Stock 1.1K $0.00 Direct F1, F15, F16, F17
transaction FTNT Restricted Stock Units Options Exercise $0 -700 -14.29% $0.00 4.2K Aug 1, 2021 Common Stock 700 $0.00 Direct F1, F15, F17, F18
transaction FTNT Restricted Stock Units Options Exercise $0 -496 -9.09% $0.00 4.96K Aug 1, 2021 Common Stock 496 $0.00 Direct F1, F15, F17, F19
transaction FTNT Stock Option (right to buy) Options Exercise $0 -3.65K -11.11% $0.00 29.2K Aug 3, 2021 Common Stock 3.65K $49.06 Direct F3, F20
transaction FTNT Stock Option (right to buy) Options Exercise $0 -2.1K -13.64% $0.00 13.3K Aug 3, 2021 Common Stock 2.1K $84.49 Direct F3, F21
transaction FTNT Stock Option (right to buy) Options Exercise $0 -1.49K -8.82% $0.00 15.4K Aug 3, 2021 Common Stock 1.49K $114.48 Direct F3, F22
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Vesting of restricted stock units ("RSUs") previously granted to the Reporting Person.
F2 Exempt transaction pursuant to Section 16b-3(e) - payment of exercise price or tax liability by delivering or withholding securities incident to the receipt, exercise or vesting of a security issued in accordance with Rule 16b-3. All of the shares reported as disposed of in this Form 4 were relinquished by the Reporting Person and cancelled by the Issuer in exchange for the Issuer's agreement to pay federal and state tax withholding obligations of the Reporting Person resulting from the vesting of RSUs.
F3 The reported transaction was effected pursuant to a Rule 10b5-1 trading plan previously adopted by the Reporting Person.
F4 Represents the weighted average sale price. The lowest price at which shares were sold was $285.00 and the highest price at which shares were sold was $285.91. The reporting person undertakes to provide upon request to the staff of the Securities Exchange Commission, the issuer or its stockholders, full information regarding the total number of shares sold at each separate price within the ranges set forth in footnotes (4) through (14) to this Form 4.
F5 Represents the weighted average sale price. The lowest price at which shares were sold was $286.32 and the highest price at which shares were sold was $287.31.
F6 Represents the weighted average sale price. The lowest price at which shares were sold was $287.51 and the highest price at which shares were sold was $288.49.
F7 Represents the weighted average sale price. The lowest price at which shares were sold was $288.56 and the highest price at which shares were sold was $289.32.
F8 Represents the weighted average sale price. The lowest price at which shares were sold was $289.65 and the highest price at which shares were sold was $290.64.
F9 Represents the weighted average sale price. The lowest price at which shares were sold was $290.85 and the highest price at which shares were sold was $291.15.
F10 Represents the weighted average sale price. The lowest price at which shares were sold was $291.98 and the highest price at which shares were sold was $292.73.
F11 Represents the weighted average sale price. The lowest price at which shares were sold was $293.15 and the highest price at which shares were sold was $294.06.
F12 Represents the weighted average sale price. The lowest price at which shares were sold was $294.70 and the highest price at which shares were sold was $295.45.
F13 Represents the weighted average sale price. The lowest price at which shares were sold was $295.70 and the highest price at which shares were sold was $296.42.
F14 Represents the weighted average sale price. The lowest price at which shares were sold was $296.89 and the highest price at which shares were sold was $297.75.
F15 Each RSU represents a contingent right to receive one share of the Issuer's common stock upon vesting.
F16 25% of the RSUs vested on February 1, 2019, then the remaining 75% of the RSUs vest in equal installments on each quarterly anniversary thereafter until the RSUs are 100% vested, subject to the continuing employment of the Reporting Person on each vesting date. Shares of the Issuer's common stock will be delivered to the Reporting Person upon vesting.
F17 RSUs do not expire; they either vest or are canceled prior to vesting date.
F18 25% of the RSUs vested on February 1, 2020, then the remaining 75% of the RSUs vest in equal installments on each quarterly anniversary thereafter until the RSUs are 100% vested, subject to the continuing employment of the Reporting Person on each vesting date. Shares of the Issuer's common stock will be delivered to the Reporting Person upon vesting.
F19 25% of the RSUs vested on February 1, 2021, and the remaining 75% of the RSUs will vest in equal installments on each quarterly anniversary thereafter, until such time as the RSUs are 100% vested, subject to the Reporting Person's provision of service to the Issuer on each vesting date. Shares of the Issuer's common stock will be delivered to the Reporting Person upon vesting.
F20 1/4 of the shares subject to the option vested on February 20, 2019 and 1/48 of the shares subject to the option will vest monthly thereafter, subject to the Reporting Person's provision of service to the Issuer on each vesting date.
F21 1/4 of the shares subject to the option vested on February 21, 2020 and 1/48 of the shares subject to the option will vest monthly thereafter, subject to the Reporting Person's provision of service to the Issuer on each vesting date.
F22 1/4 of the shares subject to the option will vest on February 21, 2021 and 1/48 of the shares subject to the option will vest monthly thereafter, subject to the Reporting Person's provision of service to the Issuer on each vesting date.