Fortinet (FTNT) COO logs stock vesting and tax share withholding
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Fortinet, Inc. Chief Operating Officer John Whittle reported equity award vesting and related tax share withholding. On February 1, 2026, several restricted stock unit (RSU) and performance stock unit (PSU) grants converted into shares of Fortinet common stock at an exercise price of $0 per unit.
Following these conversions and other movements, Whittle held 105,412 shares of common stock before tax withholding. To cover federal and state tax obligations from RSU vesting, 12,951 shares of common stock were withheld at $81.26 per share, leaving him with 92,461 shares owned directly after the transactions.
Positive
- None.
Negative
- None.
Insider Trade Summary
29,132 shares exercised/converted
Mixed
11 txns
Insider
Whittle John
Role
CHIEF OPERATING OFFICER
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Units | 1,185 | $0.00 | -- |
| Exercise | Restricted Stock Units | 1,608 | $0.00 | -- |
| Exercise | Restricted Stock Units | 1,827 | $0.00 | -- |
| Exercise | Restricted Stock Units | 4,550 | $0.00 | -- |
| Exercise | Performance Stock Units | 19,962 | $0.00 | -- |
| Exercise | Common Stock | 1,185 | $0.00 | -- |
| Exercise | Common Stock | 1,608 | $0.00 | -- |
| Exercise | Common Stock | 1,827 | $0.00 | -- |
| Exercise | Common Stock | 4,550 | $0.00 | -- |
| Exercise | Common Stock | 19,962 | $0.00 | -- |
| Tax Withholding | Common Stock | 12,951 | $81.26 | $1.05M |
Holdings After Transaction:
Restricted Stock Units — 0 shares (Direct);
Performance Stock Units — 0 shares (Direct);
Common Stock — 77,465 shares (Direct)
Footnotes (1)
- Vesting of restricted stock units ("RSUs") or performance stock units ("PSUs") previously granted to the Reporting Person. 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. Each RSU or PSU represents a contingent right to receive one share of the Issuer's common stock upon settlement. 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. RSUs and PSUs do not expire; they either vest or are canceled prior to the vesting date. 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. 25% of the RSUs vested 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. 25% of the RSUs will vest on February 1, 2026, 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. 100% of the PSUs vest and settle on February 1, 2026, 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.
FAQ
What did Fortinet (FTNT) COO John Whittle report in this Form 4 filing?
John Whittle reported the vesting and settlement of multiple RSU and PSU awards into Fortinet common stock. These equity awards converted at a price of $0 per unit and increased his holdings before a separate tax withholding transaction reduced his post-vesting share count.
What type of equity awards vested for Fortinet COO John Whittle?
The filing shows vesting of both restricted stock units (RSUs) and performance stock units (PSUs). Each RSU or PSU represents a contingent right to receive one share of Fortinet common stock upon settlement, subject to continued service-based vesting conditions described in the footnotes.
Were John Whittle’s RSU and PSU transactions with Fortinet taxable sales on the open market?
The vesting and settlement of RSUs and PSUs occurred at an exercise price of $0 per unit and were not reported as open market sales. The only share disposition involved issuer share withholding to satisfy tax obligations, classified as an exempt transaction under Section 16b-3(e).
How do Fortinet RSUs and PSUs described in this filing vest over time?
The RSU grants generally vest 25% on a specified February 1 date, with the remaining 75% vesting in equal quarterly installments, subject to continued service. The PSUs in this filing vest and settle 100% on February 1, 2026, contingent on John Whittle’s continued service.