Summary
Fortinet, Inc. (FTNT) announced an expansion of its Board of Directors, appointing Kenneth A. Goldman as a new director effective October 16, 2020. This move increases the board size from eight to nine members and is intended to bring additional expertise to the company's governance. Mr. Goldman's appointment is a standard procedural event, and the company will disclose committee assignments subsequently. Investors should note that Mr. Goldman will receive compensation in line with the company's non-employee director policy, including an annual cash retainer and restricted stock units (RSUs) valued at $250,000, pro-rated for his tenure until the 2021 annual meeting. His RSUs will vest the day prior to the 2021 annual meeting. The standard indemnification and change of control agreements for non-executive directors have also been executed, offering a layer of security regarding potential future corporate events.
Key Highlights
- 1Fortinet expanded its Board of Directors from eight to nine members.
- 2Kenneth A. Goldman was appointed as a new director, effective October 16, 2020.
- 3Mr. Goldman will serve until the 2021 annual meeting of stockholders.
- 4He will receive an annual cash retainer of $55,000 for board service.
- 5Mr. Goldman will be granted RSUs with a grant date fair value of $250,000, pro-rated and vesting before the 2021 annual meeting.
- 6Standard indemnification and change of control agreements for non-executive directors are in place for Mr. Goldman.
- 7The company will file an amendment to disclose Mr. Goldman's committee appointments.