[Form 4] Fortinet, Inc. Insider Trading Activity
Insider Trade Summary
Exercise and sale activity reported; no spread calculated
Exercise and Sale
15 txns
Insider
Xie Ken
Role
PRESIDENT & CEO
Sold
158,486 shs ($15.61M)
Approx. gross sale proceeds
$15.61M
Approx. exercise cost
$2.53M
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Nonqualified Stock Option (right to buy) | 150,000 | $0.00 | $0.00 |
| Exercise | Common Stock | 150,000 | $16.898 | $2.53M |
| Sale | Common Stock | 4,900 | $97.3533 | $477K |
| Sale | Common Stock | 129,209 | $98.4383 | $12.72M |
| Sale | Common Stock | 24,377 | $98.9353 | $2.41M |
| Exercise | Restricted Stock Units | 6,015 | $0.00 | $0.00 |
| Exercise | Restricted Stock Units | 6,260 | $0.00 | $0.00 |
| Exercise | Restricted Stock Units | 4,558 | $0.00 | $0.00 |
| Exercise | Common Stock | 6,015 | $0.00 | $0.00 |
| Exercise | Common Stock | 6,260 | $0.00 | $0.00 |
| Exercise | Common Stock | 4,558 | $0.00 | $0.00 |
| Exercise Price or Tax Liability | Common Stock | 8,347 | $97.36 | $813K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Restricted Stock Units — 95,171 shares (Direct);
Nonqualified Stock Option (right to buy) — 284,880 shares (Direct);
Common Stock — 51,391,879 shares (Direct);
Common Stock — 6,487,598 shares (Indirect, By trust);
Common Stock — 2,314,268 shares (Indirect, By Spouse)
Footnotes (14)
- F1. Vesting of restricted stock units ("RSUs") 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. The reported transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 9, 2024.
- F4. Represents the weighted average sale price. The lowest price at which shares were sold was $96.69 and the highest price at which shares were sold was $97.66. 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), (5) and (6) to this Form 4.
- F5. Represents the weighted average sale price. The lowest price at which shares were sold was $97.71 and the highest price at which shares were sold was $98.70.
- F6. Represents the weighted average sale price. The lowest price at which shares were sold was $98.71 and the highest price at which shares were sold was $99.32
- F7. These securities are held by a grantor retained annuity trust for the benefit of the Reporting Person.
- F8. These securities are held by a grantor retained annuity trust for the benefit of the Reporting Person's spouse.
- F9. Each RSU represents a contingent right to receive one share of the Issuer's common stock upon settlement.
- F10. 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.
- F11. RSUs do not expire; they either vest or are canceled prior to the vesting date.
- F12. 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.
- F13. 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.
- F14. 1/4 of the shares subject to the option vested on February 21, 2020 and 1/48 of the shares subject to the option vest monthly thereafter.
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