Keith Jensen - 23 Feb 2023 Form 4 Insider Report for Fortinet, Inc. (FTNT)

Role: CFO & Chief Accounting Officer
Signature: /s/ Robert Turner, by power of attorney
Issuer symbol: FTNT
Transactions as of: 23 Feb 2023
Net transactions value: -$4,015,059
Form type: 4
Filing time: 24 Feb 2023, 17:16:10 UTC
Previous filing: 02 Feb 2023
Next filing: 28 Feb 2023
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	$497,958	+29,465	+123%	$16.90	53,513	23 Feb 2023	Direct	F1
transaction	FTNT	Common Stock	Options Exercise	$583,148	+25,465	+48%	$22.90	78,978	23 Feb 2023	Direct	F1
transaction	FTNT	Common Stock	Options Exercise	$824,156	+23,965	+30%	$34.39	102,943	23 Feb 2023	Direct	F1
transaction	FTNT	Common Stock	Sale	$3,353,613	-55,985	-54%	$59.90	46,958	23 Feb 2023	Direct	F1, F2
transaction	FTNT	Common Stock	Sale	$2,566,709	-42,389	-90%	$60.55	4,569	23 Feb 2023	Direct	F1, 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	Stock Option (right to buy)	Options Exercise	$0	-29,465	-100%	$0.000000^*	0	23 Feb 2023	Common Stock	29,465	$16.90	Direct	F1, F4
transaction	FTNT	Stock Option (right to buy)	Options Exercise	$0	-25,465	-33%	$0.000000	50,925	23 Feb 2023	Common Stock	25,465	$22.90	Direct	F1, F5
transaction	FTNT	Stock Option (right to buy)	Options Exercise	$0	-23,965	-20%	$0.000000	95,860	23 Feb 2023	Common Stock	23,965	$34.39	Direct	F1, F6

* 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 $59.902 and the highest price at which shares were sold was $60.36. 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 range set forth in footnotes (1) and (2) to this Form 4.
F3	Represents the weighted average sale price. The lowest price at which shares were sold was $60.37 and the highest price at which shares were sold was $60.78.
F4	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.
F5	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.
F6	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.