Summary
Fortinet, Inc. (FTNT) has announced the appointment of Bill Neukom as a new director to its Board, effective immediately. Mr. Neukom will serve as a Class II director with a term expiring at the 2014 annual meeting. His appointment is noteworthy as it brings new leadership to the board, though no committee assignments have been disclosed yet. In connection with his appointment, Mr. Neukom will receive 20,000 restricted stock units that will vest over a four-year period, aligning his compensation with the company's standard policy for non-employee directors. He has also entered into standard indemnification and change of control agreements for directors. Investors should monitor future filings for committee assignments and any potential impact of new board perspectives on strategic decisions.
Key Highlights
- 1Bill Neukom appointed as a director to the Board of Directors, effective January 17, 2013.
- 2Mr. Neukom will serve as a Class II director, with his term expiring at the 2014 annual meeting.
- 3No current arrangements or understandings exist between Mr. Neukom and the Company or any other person regarding his selection.
- 4Mr. Neukom has not yet been appointed to any standing committees of the Board; further disclosure will follow.
- 5Mr. Neukom will be granted 20,000 restricted stock units vesting over 4 years.
- 6The stock units will vest according to the company's standard non-employee director compensation policy.
- 7Mr. Neukom entered into standard indemnification and change of control agreements for non-executive directors.