Ken Xie - Nov 1, 2021 Form 4 Insider Report for Fortinet, Inc. (FTNT)

Role
President & CEO, Director
Signature
/s/ Robert Turner, by power of attorney
Stock symbol
FTNT
Transactions as of
Nov 1, 2021
Transactions value $
-$1,407,610
Form type
4
Date filed
11/3/2021, 06:17 PM
Previous filing
Aug 3, 2021
Next filing
Feb 3, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction FTNT Common Stock Options Exercise $0 +3.13K +0.02% $0.00 12.6M Nov 1, 2021 Direct F1
transaction FTNT Common Stock Options Exercise $0 +3.06K +0.02% $0.00 12.6M Nov 1, 2021 Direct F1
transaction FTNT Common Stock Options Exercise $0 +2.57K +0.02% $0.00 12.6M Nov 1, 2021 Direct F1
transaction FTNT Common Stock Tax liability -$1.41M -4.34K -0.03% $324.11 12.6M Nov 1, 2021 Direct F2

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 -3.13K -50% $0.00 3.13K Nov 1, 2021 Common Stock 3.13K $0.00 Direct F1, F3, F4, F5
transaction FTNT Restricted Stock Units Options Exercise $0 -3.06K -16.67% $0.00 15.3K Nov 1, 2021 Common Stock 3.06K $0.00 Direct F1, F3, F5, F6
transaction FTNT Restricted Stock Units Options Exercise $0 -2.57K -10% $0.00 23.1K Nov 1, 2021 Common Stock 2.57K $0.00 Direct F1, F3, F5, F7
* 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 Each RSU represents a contingent right to receive one share of the Issuer's common stock upon vesting.
F4 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.
F5 RSUs do not expire; they either vest or are canceled prior to vesting date.
F6 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.
F7 25% of the RSUs vested on February 1, 2021, 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.