Fortinet, Inc. — Director's Dealing 2023

Feb 2, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Fortinet, Inc. (FTNT)
CIK: 0001262039
Period of Report: 2023-02-01

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-02-01	Common Stock	M	15310	$0.00	Acquired	48283824	Direct
2023-02-01	Common Stock	M	12845	$0.00	Acquired	48296669	Direct
2023-02-01	Common Stock	M	11335	$0.00	Acquired	48308004	Direct
2023-02-01	Common Stock	M	24065	$0.00	Acquired	48332069	Direct
2023-02-01	Common Stock	F	28800	$53.09	Disposed	48303269	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-02-01	Restricted Stock Units	$0.00	M	15310	Disposed		Common Stock (15310)	Direct
2023-02-01	Restricted Stock Units	$0.00	M	12845	Disposed		Common Stock (12845)	Direct
2023-02-01	Restricted Stock Units	$0.00	M	11335	Disposed		Common Stock (11335)	Direct
2023-02-01	Restricted Stock Units	$0.00	M	24065	Disposed		Common Stock (24065)	Direct

Footnotes

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 restricted stock units.

F3: Each RSU represents a contingent right to receive one share of the Issuer's common stock upon vesting.

F4: 25% of the RSUs vested on February 1, 2020, then the remaining 75% of the RSUs vest in equal installments on each quarterly anniversary thereafter until 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.

F5: RSUs do not expire; they either vest or are canceled prior to the vesting date.

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 vesting.

F7: 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 vesting.

F8: 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 vesting.