Fortinet, Inc. — Director's Dealing 2025

Feb 4, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Fortinet, Inc. (FTNT)
CIK: 0001262039
Period of Report: 2025-02-01

Reporting Person: Xie Michael (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-02-01	Common Stock	M	4555	—	Acquired	10831573	Direct
2025-02-01	Common Stock	M	2030	—	Acquired	10833603	Direct
2025-02-01	Common Stock	M	2763	—	Acquired	10836366	Direct
2025-02-01	Common Stock	M	8969	—	Acquired	10845335	Direct
2025-02-01	Common Stock	M	32034	—	Acquired	10877369	Direct
2025-02-01	Common Stock	F	23567	$100.88	Disposed	10853802	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-02-01	Restricted Stock Units	$0	M	4555	Disposed		Common Stock (4555)	Direct
2025-02-01	Restricted Stock Units	$0	M	2030	Disposed		Common Stock (2030)	Direct
2025-02-01	Restricted Stock Units	$0	M	2763	Disposed		Common Stock (2763)	Direct
2025-02-01	Restricted Stock Units	$0	M	8969	Disposed		Common Stock (8969)	Direct
2025-02-01	Performance Stock Units	$0	M	32034	Disposed		Common Stock (32034)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	9958430	Indirect
Common Stock	17041070	Indirect
Common Stock	9500000	Indirect
Common Stock	9500000	Indirect

Footnotes

F1: Vesting of restricted stock units ("RSUs") or performance stock units ("PSUs") 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: Shares held directly by the 2010 K.A. Family Trust dated May 3, 2010, for which the Reporting Person serves as a trustee.

F4: Shares held directly by The K.A. Children's Trust dated February 9, 2011, for which the Reporting Person serves as a trustee.

F5: These securities are held by a grantor retained annuity trust for the benefit of the Reporting Person.

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

F7: Each RSU and PSU represents a contingent right to receive one share of the Issuer's common stock upon settlement.

F8: 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 settlement.

F9: RSUs and PSUs do not expire; they either vest or are canceled prior to the vesting date.

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: 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 vesting.

F13: 100% of the PSUs vest and settle on February 1, 2025, subject to the Reporting Person's provision of service to the Issuer on such date. Shares of the Issuer's common stock will be delivered to the Reporting Person upon settlement.