John Whittle - 01 Feb 2025 Form 4 Insider Report for Fortinet, Inc. (FTNT)

Role: CHIEF OPERATING OFFICER
Signature: /s/ Robert Turner, by power of attorney
Issuer symbol: FTNT
Transactions as of: 01 Feb 2025
Net transactions value: -$1,590,575
Form type: 4
Filing time: 04 Feb 2025, 18:26:10 UTC
Previous filing: 17 Jan 2025
Next filing: 25 Feb 2025
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	$0	+2,545	+5%	$0.000000	52,990	01 Feb 2025	Direct	F1
transaction	FTNT	Common Stock	Options Exercise	$0	+1,185	+2.2%	$0.000000	54,175	01 Feb 2025	Direct	F1
transaction	FTNT	Common Stock	Options Exercise	$0	+1,608	+3%	$0.000000	55,783	01 Feb 2025	Direct	F1
transaction	FTNT	Common Stock	Options Exercise	$0	+7,307	+13%	$0.000000	63,090	01 Feb 2025	Direct	F1
transaction	FTNT	Common Stock	Options Exercise	$0	+21,982	+35%	$0.000000	85,072	01 Feb 2025	Direct	F1
transaction	FTNT	Common Stock	Tax liability	$1,590,575	-15,767	-19%	$100.88	69,305	01 Feb 2025	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	-2,545	-100%	$0.000000	0	01 Feb 2025	Common Stock	2,545	$0.000000	Direct	F1, F3, F4, F5
transaction	FTNT	Restricted Stock Units	Options Exercise	$0	-1,185	-20%	$0.000000	4,725	01 Feb 2025	Common Stock	1,185	$0.000000	Direct	F1, F3, F5, F6
transaction	FTNT	Restricted Stock Units	Options Exercise	$0	-1,608	-11%	$0.000000	12,866	01 Feb 2025	Common Stock	1,608	$0.000000	Direct	F1, F3, F5, F7
transaction	FTNT	Restricted Stock Units	Options Exercise	$0	-7,307	-25%	$0.000000	21,922	01 Feb 2025	Common Stock	7,307	$0.000000	Direct	F1, F3, F5, F8
transaction	FTNT	Performance Stock Units	Options Exercise	$0	-21,982	-100%	$0.000000	0	01 Feb 2025	Common Stock	21,982	$0.000000	Direct	F1, F3, F5, F9

* 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") or performance stock units ("PSUs") 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 and PSU 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 and PSUs 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.
F8	25% of the RSUs will vest on February 1, 2025, 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.
F9	100% of the PSUs vest and settle on February 1, 2025, subject to the Reporting Person's provision of service to the Issuer on such date. Shares of the Issuer's common stock will be delivered to the Reporting Person upon settlement.