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Filing Details

Accession Number:: 0001209191-23-044524
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2023-08-03 17:55:42
Reporting Period:: 2023-08-01

Accepted Time:: 2023-08-03 17:55:42
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1262039	Fortinet Inc.	FTNT	Computer Peripheral Equipment, Nec (3577)	770560389

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1475586	Michael Xie	C/O Fortinet, Inc. 899 Kifer Road Sunnyvale CA 94086	Vp, Engineering & Cto	Yes	Yes	No	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership
Common Stock	Acquisiton	2023-08-01	5,095	$0.00	29,732,113	No	4	M	Direct
Common Stock	Acquisiton	2023-08-01	4,550	$0.00	29,736,663	No	4	M	Direct
Common Stock	Acquisiton	2023-08-01	2,030	$0.00	29,738,693	No	4	M	Direct
Common Stock	Disposition	2023-08-01	5,790	$78.03	29,732,903	No	4	F	Direct
Common Stock	Disposition	2023-08-02	3,885	$74.48	29,729,018	No	4	S	Direct
Common Stock	Disposition	2023-08-02	900	$75.54	29,728,118	No	4	S	Direct
Common Stock	Disposition	2023-08-02	1,000	$76.63	29,727,118	No	4	S	Direct
Common Stock	Disposition	2023-08-02	100	$77.24	29,727,018	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership
No	4	M	Direct
No	4	M	Direct
No	4	M	Direct
No	4	F	Direct
No	4	S	Direct
No	4	S	Direct
No	4	S	Direct
No	4	S	Direct

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Restricted Stock Units	Disposition	2023-08-01	5,095	$0.00	5,095	$0.00
Common Stock	Restricted Stock Units	Disposition	2023-08-01	4,550	$0.00	4,550	$0.00
Common Stock	Restricted Stock Units	Disposition	2023-08-01	2,030	$0.00	2,030	$0.00

Remaning Holdings	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
10,185	No	4	M	Direct
27,325	No	4	M	Direct
20,300	No	4	M	Direct

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	9,958,430	Indirect	See footnote
Common Stock	17,041,070	Indirect	See footnote

Footnotes

Vesting of restricted stock units ("RSUs") previously granted to the Reporting Person.
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.
The reported transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 3, 2022.
Represents the weighted average sale price. The lowest price at which shares were sold was $74.07 and the highest price at which shares were sold was $75.03. 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.
Represents the weighted average sale price. The lowest price at which shares were sold was $75.08 and the highest price at which shares were sold was $76.07. 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.
Represents the weighted average sale price. The lowest price at which shares were sold was $76.21 and the highest price at which shares were sold was $76.87. 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.
Shares held directly by the 2010 K.A. Family Trust dated May 3, 2010, for which the Reporting Person serves as a trustee.
Shares held directly by The K.A. Children's Trust dated February 9, 2011, for which the Reporting Person serves as a trustee.
Each RSU represents a contingent right to receive one share of the Issuer's common stock upon settlement.
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.
RSUs do not expire; they either vest or are canceled prior to the vesting date.
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.
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.