[Form 4] Fortinet, Inc. Insider Trading Activity

Rhea-AI Filing Summary

James G. Stavridis, a director of Fortinet, Inc. (FTNT), had 649 restricted stock units (RSUs) vest on 09/30/2025. Each RSU converts into one share of common stock upon settlement and the vesting was reported with a transaction code M indicating a gift or release from trust. The filing shows the RSUs settled at a price of $0 and increased the reporting person’s direct holdings to 15,241 shares of common stock after the non-derivative transaction. The Form 4 also lists the derivative detail that the vested RSUs correspond to 649 underlying shares and reflects 1,948 derivative securities beneficially owned following the reported transaction. The RSU schedule disclosed in the filing vests in substantially equal increments on 09/30/2025, 12/31/2025, 03/31/2026, and the earlier of 06/30/2026 or the date before the 2026 annual meeting, subject to continued service.

Positive

• 649 RSUs vested on 09/30/2025, converting to common shares
• Direct holdings increased to 15,241 shares following the reported transaction
• Clear vesting schedule disclosed for remaining RSU tranches through 06/30/2026

Negative

• None.

Insights

Corporate Governance Analyst

Director James G. Stavridis had 649 RSUs vest on 09/30/2025, increasing direct holdings to 15,241 shares.

The Form 4 shows the vesting of 649 restricted stock units that convert one-for-one into common shares at $0 settlement, a routine compensation event for service. This increases the reporting person’s direct share count to 15,241, as reported on the form.

The filing provides the vesting schedule for remaining RSU tranches on 12/31/2025, 03/31/2026, and the earlier of 06/30/2026 or the day before the 2026 annual meeting; these are contingent on continued service and will result in additional share deliveries when they vest.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

STAVRIDIS JAMES G.

(Last) (First) (Middle)

C/O FORTINET, INC.

909 KIFER ROAD

(Street)

SUNNYVALE CA 94086

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Fortinet, Inc. [ FTNT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/30/2025		M(1)		649	A	$0	15,241	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	$0(2)	09/30/2025		M(1)			649	(3)	(4)	Common Stock	649	$0	1,948	D

Explanation of Responses:

1. Vesting of restricted stock units ("RSUs") granted to the Reporting Person on August 20, 2025.

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

3. The RSUs will vest in substantially equal increments on each of September 30, 2025, December 31, 2025, March 31, 2026, and the earlier of (i) June 30, 2026 and (ii) the date immediately preceding the Issuer's 2026 annual meeting of stockholders, subject to the Reporting Person's provision of services to the Issuer on each vesting date. Shares of the Issuer's Common Stock will be delivered to the Reporting Person following vesting.

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

	/s/ Robert Turner, by power of attorney	10/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What did the Form 4 filed for FTNT disclose?

The Form 4 reports that director James G. Stavridis had 649 RSUs vest on 09/30/2025, settled at $0, increasing his direct ownership to 15,241 shares.

How do the vested RSUs convert to Fortinet common stock?

Each RSU represents a contingent right to receive one share of Fortinet common stock upon settlement, per the filing.

Are there additional RSU vesting dates disclosed?

Yes. Remaining RSUs vest in substantially equal increments on 12/31/2025, 03/31/2026, and the earlier of 06/30/2026 or the date immediately before the 2026 annual meeting, subject to service.

Did the reporting person pay for the vested shares?

No. The Form 4 shows the RSUs settled at a price of $0.

How many derivative securities were reported after the transaction?

The filing shows 1,948 derivative securities beneficially owned following the reported transaction.