Patrice Perche - 01 Nov 2023 Form 4 Insider Report for Fortinet, Inc. (FTNT)

Reporting relationship: Chief Revenue Off./EVP Supp.
Issuer ticker: FTNT
Reported as of: 01 Nov 2023
Net transaction value: -$476,999
SEC form: 4
Accepted by SEC: 03 Nov 2023, 17:45:53 UTC
Prior SEC filing: 24 Oct 2023
Next SEC filing: 22 Nov 2023
Source filing: View source filing
Reporting owner signature: /s/ Robert Turner, by power of attorney

Key filing fact

Patrice Perche filed Form 4 for Fortinet, Inc. (FTNT) on 03 Nov 2023.

Key facts

This page summarizes Patrice Perche's Form 4 filing for Fortinet, Inc. (FTNT).
8 reported transactions and 3 derivative rows are listed below.
Accepted by SEC: 03 Nov 2023, 17:45.

Change

Previous filing in this sequence was filed on 24 Oct 2023.
Current net transaction value: -$476,999.

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

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: +3,805
Change %: +15%
Price: $0.000000
Shares after: 29,540
Date: 01 Nov 2023
Ownership: Direct
Footnotes: F1

FTNT transaction

Common Stock

Options Exercise

Transaction value: $0
Shares: +3,725
Change %: +13%
Price: $0.000000
Shares after: 33,265
Date: 01 Nov 2023
Ownership: Direct
Footnotes: F1

FTNT transaction

Common Stock

Options Exercise

Transaction value: $0
Shares: +1,890
Change %: +5.7%
Price: $0.000000
Shares after: 35,155
Date: 01 Nov 2023
Ownership: Direct
Footnotes: F1

FTNT transaction

Common Stock

Tax liability

Transaction value: $28,770
Shares: -502
Change %: -1.4%
Price: $57.31
Shares after: 34,648
Date: 01 Nov 2023
Ownership: Direct
Footnotes: F2

FTNT transaction

Common Stock

Sale

Transaction value: $448,229
Shares: -8,918
Change %: -26%
Price: $50.26
Shares after: 25,730
Date: 03 Nov 2023
Ownership: Direct
Footnotes: F3, F4

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: -3,805
Change %: -50%
Price: $0.000000
Shares after: 3,810
Date: 01 Nov 2023
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 3,805
Exercise price: $0.000000
Footnotes: F1, F5, F6, F7

FTNT transaction Derivative

Restricted Stock Units

Options Exercise

Transaction value: $0
Shares: -3,725
Change %: -17%
Price: $0.000000
Shares after: 18,630
Date: 01 Nov 2023
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 3,725
Exercise price: $0.000000
Footnotes: F1, F5, F7, F8

FTNT transaction Derivative

Restricted Stock Units

Options Exercise

Transaction value: $0
Shares: -1,890
Change %: -10%
Price: $0.000000
Shares after: 17,015
Date: 01 Nov 2023
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 1,890
Exercise price: $0.000000
Footnotes: F1, F5, F7, F9

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

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 9 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 June 6, 2022 and modified on December 6, 2022.

Footnote F4

Represents the weighted average sale price. The lowest price at which shares were sold was $50.00 and the highest price at which shares were sold was $50.50. 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 herein.

Footnote F5

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

Footnote F6

25% of the RSUs vested on February 1, 2021, 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 F7

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

Footnote F8

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.

Footnote F9

25% of the RSUs will vest 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.