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

Role: CFO & Chief Accounting Officer
Signature: /s/ Robert Turner, by power of attorney
Stock symbol: FTNT
Transactions as of: Nov 1, 2022
Transactions value $: -$367,915
Form type: 4
Date filed: 11/3/2022, 04:11 PM
Previous filing: Aug 26, 2022
Next filing: Nov 18, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	FTNT	Common Stock	Options Exercise	$0	+4.91K	+108.13%	$0.00	9.45K	Nov 1, 2022	Direct	F1
transaction	FTNT	Common Stock	Options Exercise	$0	+4.25K	+44.92%	$0.00	13.7K	Nov 1, 2022	Direct	F1
transaction	FTNT	Common Stock	Options Exercise	$0	+4K	+29.17%	$0.00	17.7K	Nov 1, 2022	Direct	F1
transaction	FTNT	Common Stock	Tax liability	-$368K	-6.52K	-36.86%	$56.42	11.2K	Nov 1, 2022	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	-4.91K	-50%	$0.00	4.91K	Nov 1, 2022	Common Stock	4.91K	$0.00	Direct	F1, F3, F4, F5
transaction	FTNT	Restricted Stock Units	Options Exercise	$0	-4.25K	-16.67%	$0.00	21.2K	Nov 1, 2022	Common Stock	4.25K	$0.00	Direct	F1, F3, F5, F6
transaction	FTNT	Restricted Stock Units	Options Exercise	$0	-4K	-10%	$0.00	36K	Nov 1, 2022	Common Stock	4K	$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 restricted stock units.
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, 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.
F5	RSUs do not expire; they either vest or are canceled prior to the vesting date.
F6	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.
F7	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.