Fortinet, Inc. — Director's Dealing 2019

Nov 5, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Fortinet, Inc. (FTNT)
CIK: 0001262039
Period of Report: 2019-11-01

Reporting Person: Xie Ken (Director, Chairman & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-11-01	Common Stock	M	2500	—	Acquired	12520510	Direct
2019-11-01	Common Stock	M	3125	—	Acquired	12523635	Direct
2019-11-01	Common Stock	M	3125	—	Acquired	12526760	Direct
2019-11-01	Common Stock	F	4340	$90.13	Disposed	12522420	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-11-01	Restricted Stock Units	$0	M	2500	Disposed		Common Stock (2500)	Direct
2019-11-01	Restricted Stock Units	$0	M	3125	Disposed		Common Stock (3125)	Direct
2019-11-01	Restricted Stock Units	$0	M	3125	Disposed		Common Stock (3125)	Direct

Footnotes

F1: Vesting of restricted stock units ("RSUs") granted to the Reporting Person on February 11, 2016.

F2: Vesting of RSUs granted to the Reporting Person on February 16, 2017.

F3: Vesting of RSUs granted to the Reporting Person on February 20, 2018.

F4: 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 and PSUs. The Reporting Person did not sell or otherwise dispose of any of the shares reported on this Form 4 for any reason other than to cover required taxes.

F5: Each RSU represents a contingent right to receive one share of the Issuer's common stock.

F6: 25% of the RSUs vest on February 1, 2017, then the remaining 75% of the RSUs vest in equal installments on each quarterly anniversary thereafter, until such time as the RSUs are 100% vested, subject to the continuing employment of the Reporting Person on each vesting date. Shares of the Issuer's common stock will be delivered to the Reporting Person upon vesting.

F7: 25% of the RSUs vest on February 1, 2018, then the remaining 75% of the RSUs vest in equal installments on each quarterly anniversary thereafter, until such time as the RSUs are 100% vested, subject to the continuing employment of the Reporting Person on each vesting date. Shares of the Issuer's common stock will be delivered to the Reporting Person upon vesting.

F8: 25% of the RSUs vested on February 1, 2019, then the remaining 75% of the RSUs vest in equal installments on each quarterly anniversary thereafter, until such time as the RSUs are 100% vested, subject to the continuing employment of the Reporting Person on each vesting date. Shares of the Issuer's common stock will be delivered to the Reporting Person upon vesting.