SEC Form 4 · accession 0001140361-16-053461
Fortinet, Inc. · FTNT
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Michael Xie
Officer — VP, Engineering & CTO · Director
Period of report
Feb 11, 2016
Accepted (ET)
Feb 16, 2016 · 6:27 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001262039
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF1,F2 | $0.00 | Feb 11, 2016 | A | 40,000 | A | — | — | Common Stock | 40,000 | 40,000 | D |
| Nonqualified Stock Option (right to buy)F3 | $23.83 | Feb 11, 2016 | A | 45,000 | A | — | Feb 11, 2023 | Common Stock | 45,000 | 45,000 | D |
Explanation of responses
- F1Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.
- F225% 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.
- F31/4 of the shares subject to the option vest on February 11, 2017 and 1/48 of the shares subject to the option vest monthly thereafter.