Michael Xie - 01 May 2025 Form 4 Insider Report for Fortinet, Inc. (FTNT)

Reporting relationship: VP, ENGINEERING & CTO, Director
Issuer ticker: FTNT
Reported as of: 01 May 2025
Net transaction value: -$739,966
SEC form: 4
Accepted by SEC: 05 May 2025, 18:09:31 UTC
Prior SEC filing: 11 Mar 2025
Next SEC filing: 27 May 2025
Source filing: View source filing
Reporting owner signature: /s/ Robert Turner, by power of attorney

Key filing fact

Michael Xie filed Form 4 for Fortinet, Inc. (FTNT) on 05 May 2025.

Key facts

This page summarizes Michael Xie's Form 4 filing for Fortinet, Inc. (FTNT).
9 reported transactions and 3 derivative rows are listed below.
Accepted by SEC: 05 May 2025, 18:09.

Change

Previous filing in this sequence was filed on 11 Mar 2025.
Current net transaction value: -$739,966.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0001475586 Primary reporting owner

Xie Michael

Relationship: VP, ENGINEERING & CTO, Director
Address: C/O FORTINET, INC., 909 KIFER ROAD, SUNNYVALE
Signature: /s/ Robert Turner, by power of attorney
Signature date: 05 May 2025

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

FTNT transaction

Common Stock

Options Exercise

Transaction value: $0
Shares: +2,030
Change %: +0.02%
Price: $0.000000
Shares after: 11,002,098
Date: 01 May 2025
Ownership: Direct
Footnotes: F1

FTNT transaction

Common Stock

Options Exercise

Transaction value: $0
Shares: +2,764
Change %: +0.03%
Price: $0.000000
Shares after: 11,004,862
Date: 01 May 2025
Ownership: Direct
Footnotes: F1

FTNT transaction

Common Stock

Options Exercise

Transaction value: $0
Shares: +2,242
Change %: +0.02%
Price: $0.000000
Shares after: 11,007,104
Date: 01 May 2025
Ownership: Direct
Footnotes: F1

FTNT transaction

Common Stock

Tax liability

Transaction value: $363,693
Shares: -3,490
Change %: -0.03%
Price: $104.21
Shares after: 11,003,614
Date: 01 May 2025
Ownership: Direct
Footnotes: F2

FTNT transaction

Common Stock

Sale

Transaction value: $80,932
Shares: -766
Change %: -0.01%
Price: $105.66
Shares after: 11,002,848
Date: 02 May 2025
Ownership: Direct
Footnotes: F3, F4

FTNT transaction

Common Stock

Sale

Transaction value: $295,341
Shares: -2,780
Change %: -0.03%
Price: $106.24
Shares after: 11,000,068
Date: 02 May 2025
Ownership: Direct
Footnotes: F3, F5

FTNT holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 9,958,430
Date: 01 May 2025
Ownership: See footnote
Footnotes: F6

FTNT holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 17,041,070
Date: 01 May 2025
Ownership: See footnote
Footnotes: F7

FTNT holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 9,500,000
Date: 01 May 2025
Ownership: By trust
Footnotes: F8

FTNT holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 9,500,000
Date: 01 May 2025
Ownership: By trust
Footnotes: F9

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

FTNT transaction Derivative

Restricted Stock Units

Options Exercise

Transaction value: $0
Shares: -2,030
Change %: -25%
Price: $0.000000
Shares after: 6,090
Date: 01 May 2025
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 2,030
Exercise price: $0.000000
Footnotes: F1, F10, F11, F12

FTNT transaction Derivative

Restricted Stock Units

Options Exercise

Transaction value: $0
Shares: -2,764
Change %: -13%
Price: $0.000000
Shares after: 19,344
Date: 01 May 2025
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 2,764
Exercise price: $0.000000
Footnotes: F1, F10, F12, F13

FTNT transaction Derivative

Restricted Stock Units

Options Exercise

Transaction value: $0
Shares: -2,242
Change %: -8.3%
Price: $0.000000
Shares after: 24,665
Date: 01 May 2025
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 2,242
Exercise price: $0.000000
Footnotes: F1, F10, F12, F14

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Rule 10b5-1 trading plan

These transactions were reported as open-market trades under a Rule 10b5-1 plan. The plan lets an insider set trading instructions in advance, which can reduce the risk of trading while in possession of material nonpublic information.

Original filing language: transaction made pursuant to a contract, instruction, or written plan intended to satisfy Rule 10b5-1(c).

Explanation of responses 14 footnotes

Footnote F1

Vesting of restricted stock units ("RSUs") previously granted to the Reporting Person.

Footnote 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.

Footnote F3

The reported transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 10, 2024.

Footnote F4

Represents the weighted average sale price. The lowest price at which shares were sold was $104.96 and the highest price at which shares were sold was $105.94. 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 in footnotes (4) and (5) to this Form 4.

Footnote F5

Represents the weighted average sale price. The lowest price at which shares were sold was $105.96 and the highest price at which shares were sold was $106.62.

Footnote F6

Shares held directly by the 2010 K.A. Family Trust dated May 3, 2010, for which the Reporting Person serves as a trustee.

Footnote F7

Shares held directly by The K.A. Children's Trust dated February 9, 2011, for which the Reporting Person serves as a trustee.

Footnote F8

These securities are held by a grantor retained annuity trust for the benefit of the Reporting Person.

Footnote F9

These securities are held by a grantor retained annuity trust for the benefit of the Reporting Person's spouse.

Footnote F10

Each RSU represents a contingent right to receive one share of the Issuer's common stock upon settlement.

Footnote F11

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.

Footnote F12

RSUs do not expire; they either vest or are canceled prior to the vesting date.

Footnote F13

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.

Footnote F14

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 settlement.