Patrice Perche - Feb 21, 2023 Form 4 Insider Report for Fortinet, Inc. (FTNT)

Role: Chief Revenue Off./EVP Supp.
Signature: /s/ Robert Turner, by power of attorney
Stock symbol: FTNT
Transactions as of: Feb 21, 2023
Transactions value $: -$384,762
Form type: 4
Date filed: 2/22/2023, 03:07 PM
Previous filing: Feb 10, 2023
Next filing: Feb 28, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	FTNT	Common Stock	Options Exercise	$59.2K	+3.5K	+13.6%	$16.90	29.2K	Feb 21, 2023	Direct
transaction	FTNT	Common Stock	Options Exercise	$87.1K	+3.81K	+13.02%	$22.90	33K	Feb 21, 2023	Direct
transaction	FTNT	Common Stock	Options Exercise	$128K	+3.73K	+11.29%	$34.39	36.8K	Feb 21, 2023	Direct
transaction	FTNT	Common Stock	Sale	-$659K	-11K	-30.01%	$59.75	25.7K	Feb 21, 2023	Direct	F1, 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	Stock Option (right to buy)	Options Exercise	$0	-3.5K	-100%	$0.00^*	0	Feb 21, 2023	Common Stock	3.5K	$16.90	Direct	F3
transaction	FTNT	Stock Option (right to buy)	Options Exercise	$0	-3.81K	-7.69%	$0.00	45.7K	Feb 21, 2023	Common Stock	3.81K	$22.90	Direct	F4
transaction	FTNT	Stock Option (right to buy)	Options Exercise	$0	-3.73K	-4%	$0.00	89.4K	Feb 21, 2023	Common Stock	3.73K	$34.39	Direct	F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The reported transaction was effected pursuant to a Rule 10b5-1 trading plan previously adopted by the Reporting Person.
F2	Represents the weighted average sale price. The lowest price at which shares were sold was $59.45 and the highest price at which shares were sold was $60.27. 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 herein.
F3	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.
F4	1/4 of the shares subject to the option vested 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.
F5	1/4 of the shares subject to the option vested on February 19, 2022, 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.