John Whittle - 01 Aug 2021 Form 4 Insider Report for Fortinet, Inc. (FTNT)

Signature
/s/ Robert Turner, by power of attorney
Issuer symbol
FTNT
Transactions as of
01 Aug 2021
Net transactions value
-$2,230,646
Form type
4
Filing time
03 Aug 2021, 20:23:57 UTC
Next filing
24 Aug 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction FTNT Common Stock Options Exercise $0 +1,095 $0.000000 1,095 01 Aug 2021 Direct F1
transaction FTNT Common Stock Options Exercise $0 +700 +64% $0.000000 1,795 01 Aug 2021 Direct F1
transaction FTNT Common Stock Options Exercise $0 +496 +28% $0.000000 2,291 01 Aug 2021 Direct F1
transaction FTNT Common Stock Tax liability $309,537 -1,137 -50% $272.24 1,154 01 Aug 2021 Direct F2
transaction FTNT Common Stock Options Exercise $178,922 +3,647 +316% $49.06 4,801 03 Aug 2021 Direct F3
transaction FTNT Common Stock Options Exercise $177,429 +2,100 +44% $84.49 6,901 03 Aug 2021 Direct F3
transaction FTNT Common Stock Options Exercise $170,232 +1,487 +22% $114.48 8,388 03 Aug 2021 Direct F3
transaction FTNT Common Stock Sale $414,662 -1,454 -17% $285.19 6,934 03 Aug 2021 Direct F3, F4
transaction FTNT Common Stock Sale $114,646 -400 -5.8% $286.62 6,534 03 Aug 2021 Direct F3, F5
transaction FTNT Common Stock Sale $201,584 -700 -11% $287.98 5,834 03 Aug 2021 Direct F3, F6
transaction FTNT Common Stock Sale $202,206 -700 -12% $288.87 5,134 03 Aug 2021 Direct F3, F7
transaction FTNT Common Stock Sale $123,565 -426 -8.3% $290.06 4,708 03 Aug 2021 Direct F3, F8
transaction FTNT Common Stock Sale $58,200 -200 -4.2% $291.00 4,508 03 Aug 2021 Direct F3, F9
transaction FTNT Common Stock Sale $116,916 -400 -8.9% $292.29 4,108 03 Aug 2021 Direct F3, F10
transaction FTNT Common Stock Sale $204,604 -697 -17% $293.55 3,411 03 Aug 2021 Direct F3, F11
transaction FTNT Common Stock Sale $324,698 -1,100 -32% $295.18 2,311 03 Aug 2021 Direct F3, F12
transaction FTNT Common Stock Sale $177,729 -600 -26% $296.22 1,711 03 Aug 2021 Direct F3, F13
transaction FTNT Common Stock Sale $508,883 -1,711 -100% $297.42 0 03 Aug 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 -1,095 -33% $0.000000 2,189 01 Aug 2021 Common Stock 1,095 $0.000000 Direct F1, F15, F16, F17
transaction FTNT Restricted Stock Units Options Exercise $0 -700 -14% $0.000000 4,200 01 Aug 2021 Common Stock 700 $0.000000 Direct F1, F15, F17, F18
transaction FTNT Restricted Stock Units Options Exercise $0 -496 -9.1% $0.000000 4,958 01 Aug 2021 Common Stock 496 $0.000000 Direct F1, F15, F17, F19
transaction FTNT Stock Option (right to buy) Options Exercise $0 -3,647 -11% $0.000000 29,175 03 Aug 2021 Common Stock 3,647 $49.06 Direct F3, F20
transaction FTNT Stock Option (right to buy) Options Exercise $0 -2,100 -14% $0.000000 13,298 03 Aug 2021 Common Stock 2,100 $84.49 Direct F3, F21
transaction FTNT Stock Option (right to buy) Options Exercise $0 -1,487 -8.8% $0.000000 15,369 03 Aug 2021 Common Stock 1,487 $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.