Summary
Fortinet, Inc. (FTNT) filed an 8-K/A amendment on May 30, 2017, to clarify details regarding the appointment of a new director, Peter D. Cohen, to its Board of Directors. The amendment clarifies that the number of Restricted Stock Units (RSUs) and their vesting schedule for Mr. Cohen will be determined at the discretion of the Board. This appointment, effective July 14, 2017, increases the size of the Board from eight to nine directors.
Key Highlights
- 1Fortinet appointed Peter D. Cohen to its Board of Directors, increasing the board size to nine.
- 2The appointment is effective July 14, 2017.
- 3Mr. Cohen will serve as a Class I director with a term expiring at the 2019 annual meeting.
- 4The number of RSUs and vesting terms for Mr. Cohen are subject to the Board's discretion.
- 5This filing is an amendment (8-K/A) to a previous 8-K filing.
Frequently Asked Questions
Peter D. Cohen has been appointed as a new Class I director to Fortinet's Board of Directors. The filing does not provide specific details on Mr. Cohen's background or the rationale for his appointment, other than to fill a newly created vacancy.
An increase in board size can sometimes indicate a company's growth, expansion of its governance structure, or a response to specific strategic needs. In this case, it simply accommodates the addition of the new director, Peter D. Cohen.
The 8-K/A filing clarifies that the specific number of Restricted Stock Units (RSUs) to be granted to Mr. Cohen, as well as their vesting schedule, will be determined at the discretion of the Board of Directors. No specific numbers or terms are provided in this filing.
An 8-K/A is filed to amend or clarify information previously disclosed in an original 8-K filing. In this instance, the amendment was made to provide greater clarity on the discretion the Board holds regarding Mr. Cohen's RSU grant and vesting.