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    SEC Form SC 13G/A filed by Fortinet Inc. (Amendment)

    2/13/24 4:42:58 PM ET
    $FTNT
    Computer peripheral equipment
    Technology
    Get the next $FTNT alert in real time by email
    SC 13G/A 1 ea193121-13ga16mxie_fortin.htm AMENDMENT NO. 16 TO SCHEDULE 13G

     

     

    UNITED STATES

    SECURITIES AND EXCHANGE COMMISSION

    Washington, D.C. 20549

     

    SCHEDULE 13G

     

    Under the Securities Exchange Act of 1934

    (Amendment No. 16)*

     

    Fortinet, Inc.

    (Name of Issuer)

     

    Common Stock, par value $0.001 per shares

    (Title of Class of Securities)

     

    34959E109

    (CUSIP Number)

     

    December 31, 2023

    (Date of Event Which Requires Filing of this Statement)

     

    Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

     

    ☐Rule 13d-1(b)
       
    ☐Rule 13d-1(c)
       
    ☒Rule 13d-1(d)

     

    *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

     

    The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

     

     

     

     

     

     

    CUSIP No. 34959E109

    13G

    Page 2 of 5 Pages

     

    1

    NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     

    Michael Xie

    2

    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

    (a) ☐

    (b) ☐

     

    3

    SEC USE ONLY

     

     

    4

    CITIZENSHIP OR PLACE OF ORGANIZATION

     

    United States

    NUMBER OF

    SHARES

    BENEFICIALLY

    OWNED BY

    EACH

    REPORTING

    PERSON WITH

    5

    SOLE VOTING POWER

     

    31,184,136(1)

    6

    SHARED VOTING POWER

     

    39,284,156(2)

    7

    SOLE DISPOSITIVE POWER

     

    31,184,136(1)

    8

    SHARED DISPOSITIVE POWER

     

    39,284,156(2)

    9

    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     

    70,468,292(3)

    10

    CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

    ☐

     

     

    11

    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     

    9.2%(4)

    12

    TYPE OF REPORTING PERSON

     

    IN 

     

    (1) Includes (i) 29,907,018 shares of Common Stock held by the Reporting Person; (ii) 1,254,385 shares subject to options that are exercisable within 60 days of December 31, 2023, all of which are vested; and (iii) 22,733 shares issuable upon the settlement of restricted stock units (“RSUs”) that will vest within 60 days of December 31, 2023.

     

    (2)

    Includes (i) 9,958,430 shares of Common Stock held by The K.A. Family Trust dated May 3, 2010 (the “Family Trust”), for which the Reporting Person serves as a trustee; (ii) 17,041,070 shares of Common Stock held by The K.A. Children's Trust dated February 9, 2011 (the “Children’s Trust”), for which the Reporting Person serves as a trustee; and (iii) 12,284,656 shares of Common Stock held by The Xie Foundation (the “Foundation”), a non-profit entity for which the Reporting Person serves as co-president and a director. The Reporting Person has no pecuniary interest in and disclaims beneficial ownership of the shares of Common Stock held by the Foundation.

     

    (3)

    Includes (i) 29,907,018 shares of Common Stock held by the Reporting Person; (ii) 9,958,430 shares of Common Stock held by the Family Trust, for which the Reporting Person serves as a trustee; (iii) 17,041,070 shares of Common Stock held by the Children's Trust, for which the Reporting Person serves as a trustee; (iv) 12,284,656 shares of Common Stock held by the Foundation, a non-profit entity for which the Reporting Person serves as co-president and a director; (v) 1,254,385 shares subject to options that are exercisable within 60 days of December 31, 2023, all of which are vested; and (vi) 22,733 shares issuable upon the settlement of RSUs that will vest within 60 days of December 31, 2023. The Reporting Person has no pecuniary interest in and disclaims beneficial ownership of the shares of Common Stock held by the Foundation.

     

    (4)Based on 761,015,835 shares of the Issuer’s Common Stock outstanding as of December 31, 2023.

     

     

     

     

    CUSIP No. 34959E109

    13G

    Page 3 of 5 Pages

     

    Item 1(a)Name of Issuer:

     

    Fortinet, Inc.

     

    Item 1(b)Address of Issuer’s Principal Executive Offices:

     

    909 Kifer Road

    Sunnyvale, CA 94086

     

    Item 2(a)Name of Person Filing:

     

    Michael Xie

     

    Item 2(b)Address of Principal Business Office or, If None, Residence

     

    c/o Fortinet, Inc.
    909 Kifer Road
    Sunnyvale, CA 94086

     

    Item 2(c)Citizenship:

     

    United States

     

    Item 2(d)Title of Class of Securities:

     

    Common Stock, $0.001 par value per share

     

    Item 2(e)CUSIP Number:

     

    34959E109

     

    Item 3.Not applicable.

     

    Item 4.Ownership

     

    (a)Amount Beneficially Owned:

     

    70,468,292(3)

     

    (b)Percent of Class:

     

    9.2% (4)

     

    (c)Number of shares as to which the person has:

     

    (i)Sole power to vote or direct the vote:

     

    31,184,136(1)

     

    (ii)Shared power to vote or direct the vote:

     

    39,284,156(2)

     

    (iii)Sole power to dispose or to direct the disposition of:

     

    31,184,136(1)

     

    (iv)Shared power to dispose or to direct the disposition of:

     

    39,284,156(2)

     

     

     

     

    CUSIP No. 34959E109

    13G

    Page 4 of 5 Pages

     

    (1)

    Includes (i) 29,907,018 shares of Common Stock held by the Reporting Person; (ii) 1,254,385 shares subject to options that are exercisable within 60 days of December 31, 2023, all of which are vested; and (iii) 22,733 shares issuable upon the settlement of restricted stock units (“RSUs”) that will vest within 60 days of December 31, 2023.

     

    (2)

    Includes (i) 9,958,430 shares of Common Stock held by The K.A. Family Trust dated May 3, 2010 (the “Family Trust”), for which the Reporting Person serves as a trustee; (ii) 17,041,070 shares of Common Stock held by The K.A. Children's Trust dated February 9, 2011 (the “Children’s Trust”), for which the Reporting Person serves as a trustee; and (iii) 12,284,656 shares of Common Stock held by The Xie Foundation (the “Foundation”), a non-profit entity for which the Reporting Person serves as co-president and a director. The Reporting Person has no pecuniary interest in and disclaims beneficial ownership of the shares of Common Stock held by the Foundation.

     

    (3)

    Includes (i) 29,907,018 shares of Common Stock held by the Reporting Person; (ii) 9,958,430 shares of Common Stock held by the Family Trust, for which the Reporting Person serves as a trustee; (iii) 17,041,070 shares of Common Stock held by the Children's Trust, for which the Reporting Person serves as a trustee; (iv) 12,284,656 shares of Common Stock held by the Foundation, a non-profit entity for which the Reporting Person serves as co-president and a director; (v) 1,254,385 shares subject to options that are exercisable within 60 days of December 31, 2023, all of which are vested; and (vi) 22,733 shares issuable upon the settlement of RSUs that will vest within 60 days of December 31, 2023. The Reporting Person has no pecuniary interest in and disclaims beneficial ownership of the shares of Common Stock held by the Foundation.

     

    (4)Based on 761,015,835 shares of the Issuer’s Common Stock outstanding as of December 31, 2023.

     

    Item 5.Ownership of Five Percent or Less of a Class

     

    Not applicable.

     

    Item 6.Ownership of More Than Five Percent on Behalf of Another Person

    Not applicable.

     

    Item 7.Identification and Classification of Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person

     

    Not applicable.

     

    Item 8.Identification and Classification of Members of the Group

     

    Not applicable.

     

    Item 9.Notice of Dissolution of Group

     

    Not applicable.

     

    Item 10.Certifications

     

    Not applicable.

     

     

     

     

    CUSIP No. 34959E109 13G

    Page 5 of 5 Pages

     

    SIGNATURE

     

    After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

     

    Dated:  February 13, 2024    
         
      By: /s/ Michael Xie
      Name:  Michael Xie

     

     

     

     

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