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

Role
VP Corp Dev&Strat Alliance,GC
Signature
/s/ Robert Turner, by power of attorney
Issuer symbol
FTNT
Transactions as of
01 Nov 2021
Net transactions value
-$749,072
Form type
4
Filing time
03 Nov 2021, 18:14:47 UTC
Previous filing
22 Oct 2021
Next filing
23 Nov 2021
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction FTNT Common Stock Options Exercise $0 +1,094 $0.000000 1,094 01 Nov 2021 Direct F1
transaction FTNT Common Stock Options Exercise $0 +700 +64% $0.000000 1,794 01 Nov 2021 Direct F1
transaction FTNT Common Stock Options Exercise $0 +496 +28% $0.000000 2,290 01 Nov 2021 Direct F1
transaction FTNT Common Stock Tax liability $368,513 -1,137 -50% $324.11 1,153 01 Nov 2021 Direct F2
transaction FTNT Common Stock Sale $380,559 -1,153 -100% $330.06 0 03 Nov 2021 Direct F3

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 -1,094 -50% $0.000000 1,095 01 Nov 2021 Common Stock 1,094 $0.000000 Direct F1, F4, F5, F6
transaction FTNT Restricted Stock Units Options Exercise $0 -700 -17% $0.000000 3,500 01 Nov 2021 Common Stock 700 $0.000000 Direct F1, F4, F6, F7
transaction FTNT Restricted Stock Units Options Exercise $0 -496 -10% $0.000000 4,462 01 Nov 2021 Common Stock 496 $0.000000 Direct F1, F4, F6, F8
* 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 Each RSU represents a contingent right to receive one share of the Issuer's common stock upon vesting.
F5 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.
F6 RSUs do not expire; they either vest or are canceled prior to vesting date.
F7 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.
F8 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.