Keith Jensen - May 1, 2024 Form 4 Insider Report for Fortinet, Inc. (FTNT)

Role
Chief Financial Officer
Signature
/s/ Robert Turner, by power of attorney
Stock symbol
FTNT
Transactions as of
May 1, 2024
Transactions value $
-$266,508
Form type
4
Date filed
5/2/2024, 05:41 PM
Previous filing
Feb 22, 2024
Next filing
Jun 6, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction FTNT Common Stock Options Exercise $0 +4K +18.62% $0.00 25.4K May 1, 2024 Direct F1
transaction FTNT Common Stock Options Exercise $0 +1.89K +7.43% $0.00 27.3K May 1, 2024 Direct F1
transaction FTNT Common Stock Options Exercise $0 +2.57K +9.41% $0.00 29.9K May 1, 2024 Direct F1
transaction FTNT Common Stock Tax liability -$267K -4.2K -14.03% $63.53 25.7K May 1, 2024 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 -4K -25% $0.00 12K May 1, 2024 Common Stock 4K $0.00 Direct F1, F3, F4, F5
transaction FTNT Restricted Stock Units Options Exercise $0 -1.89K -12.5% $0.00 13.2K May 1, 2024 Common Stock 1.89K $0.00 Direct F1, F3, F5, F6
transaction FTNT Restricted Stock Units Options Exercise $0 -2.57K -8.33% $0.00 28.3K May 1, 2024 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 settlement.
F4 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 settlement.
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, 2023, 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 settlement.
F7 25% of the RSUs vested on February 1, 2024, 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 settlement.