Fortinet, Inc. — Director's Dealing 2025

May 5, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Fortinet, Inc. (FTNT)
CIK: 0001262039
Period of Report: 2025-05-01

Reporting Person: Xie Ken (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-05-01	Common Stock	M	6020	—	Acquired	51397899	Direct
2025-05-01	Common Stock	M	6260	—	Acquired	51404159	Direct
2025-05-01	Common Stock	M	4557	—	Acquired	51408716	Direct
2025-05-01	Common Stock	F	8349	$104.21	Disposed	51400367	Direct
2025-05-02	Common Stock	M	150000	$16.898	Acquired	51550367	Direct
2025-05-02	Common Stock	S	37536	$105.6417	Disposed	51512831	Direct
2025-05-02	Common Stock	S	120952	$106.2358	Disposed	51391879	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-05-01	Restricted Stock Units	$0	M	6020	Disposed		Common Stock (6020)	Direct
2025-05-01	Restricted Stock Units	$0	M	6260	Disposed		Common Stock (6260)	Direct
2025-05-01	Restricted Stock Units	$0	M	4557	Disposed		Common Stock (4557)	Direct
2025-05-02	Nonqualified Stock Option (right to buy)	$16.898	M	150000	Disposed	2026-02-21	Common Stock (150000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3243799	Indirect
Common Stock	3243799	Indirect
Common Stock	2314268	Indirect

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 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 $104.91 and the highest price at which shares were sold was $105.90. 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) and (5) to this Form 4.

F5: Represents the weighted average sale price. The lowest price at which shares were sold was $105.91 and the highest price at which shares were sold was $106.62.

F6: These securities are held by a grantor retained annuity trust for the benefit of the Reporting Person.

F7: These securities are held by a grantor retained annuity trust for the benefit of the Reporting Person's spouse.

F8: Each RSU represents a contingent right to receive one share of the Issuer's common stock upon settlement.

F9: 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.

F10: RSUs do not expire; they either vest or are canceled prior to the vesting date.

F11: 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.

F12: 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.

F13: 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.