Michael Xie - Nov 1, 2022 Form 4 Insider Report for Fortinet, Inc. (FTNT)

Role
VP, Engineering & CTO, Director
Signature
/s/ Robert Turner, by power of attorney
Stock symbol
FTNT
Transactions as of
Nov 1, 2022
Transactions value $
-$909,023
Form type
4
Date filed
11/3/2022, 04:09 PM
Previous filing
Aug 3, 2022
Next filing
Dec 20, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction FTNT Common Stock Options Exercise $0 +6.76K +0.02% $0.00 29.8M Nov 1, 2022 Direct F1
transaction FTNT Common Stock Options Exercise $0 +5.1K +0.02% $0.00 29.8M Nov 1, 2022 Direct F1
transaction FTNT Common Stock Options Exercise $0 +4.55K +0.02% $0.00 29.8M Nov 1, 2022 Direct F1
transaction FTNT Common Stock Tax liability -$459K -8.13K -0.03% $56.42 29.8M Nov 1, 2022 Direct F2
transaction FTNT Common Stock Sale -$140K -2.62K -0.01% $53.54 29.8M Nov 2, 2022 Direct F3, F4
transaction FTNT Common Stock Sale -$271K -4.95K -0.02% $54.79 29.8M Nov 2, 2022 Direct F3, F5
transaction FTNT Common Stock Sale -$38.8K -700 0% $55.49 29.8M Nov 2, 2022 Direct F3, F6
holding FTNT Common Stock 9.96M Nov 1, 2022 See footnote F7
holding FTNT Common Stock 17M Nov 1, 2022 See footnote F8

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 -6.76K -49.98% $0.00 6.76K Nov 1, 2022 Common Stock 6.76K $0.00 Direct F1, F9, F10, F11
transaction FTNT Restricted Stock Units Options Exercise $0 -5.1K -16.67% $0.00 25.5K Nov 1, 2022 Common Stock 5.1K $0.00 Direct F1, F9, F11, F12
transaction FTNT Restricted Stock Units Options Exercise $0 -4.55K -9.99% $0.00 41K Nov 1, 2022 Common Stock 4.55K $0.00 Direct F1, F9, F11, F13
* 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 restricted stock units.
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 $53.19 and the highest price at which shares were sold was $54.14. The Reporting Person undertakes to provide upon request to the staff of the Securities and 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 (6) to this Form 4.
F5 Represents the weighted average sale price. The lowest price at which shares were sold was $54.21 and the highest price at which shares were sold was $55.20.
F6 Represents the weighted average sale price. The lowest price at which shares were sold was $55.29 and the highest price at which shares were sold was $55.84.
F7 Shares held directly by the 2010 K.A. Family Trust dated May 3, 2010, for which the Reporting Person serves as a trustee.
F8 Shares held directly by The K.A. Children's Trust dated February 9, 2011, for which the Reporting Person serves as a trustee.
F9 Each RSU represents a contingent right to receive one share of the Issuer's common stock upon vesting.
F10 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.
F11 RSUs do not expire; they either vest or are canceled prior to the vesting date.
F12 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.
F13 25% of the RSUs vested on February 1, 2022, 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.