| Name | Relationship | Address | Signature | Signature date | CIK |
|---|---|---|---|---|---|
| Arora Nikesh | Chief Executive Officer, Director | C/O PALO ALTO NETWORKS INC., 3000 TANNERY WAY, SANTA CLARA | /s/ Elizabeth Villalobos, Attorney-in-Fact for Nikesh Arora | 2025-09-24 | 0001468233 |
| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | PANW | Common Stock | Options Exercise | $28M | +846K | +307.77% | $33.08 | 1.12M | Sep 23, 2025 | Direct | |
| transaction | PANW | Common Stock | Sale | -$77.6M | -382K | -34.07% | $203.10 | 739K | Sep 23, 2025 | Direct | F1, F2 |
| transaction | PANW | Common Stock | Sale | -$22.5M | -111K | -14.96% | $203.69 | 629K | Sep 23, 2025 | Direct | F1, F3 |
| transaction | PANW | Common Stock | Sale | -$51.5M | -252K | -40.01% | $204.64 | 377K | Sep 23, 2025 | Direct | F1, F4 |
| transaction | PANW | Common Stock | Sale | -$6.68M | -32.5K | -8.61% | $205.63 | 345K | Sep 23, 2025 | Direct | F1, F5 |
| transaction | PANW | Common Stock | Sale | -$9.74M | -47.1K | -13.65% | $206.85 | 298K | Sep 23, 2025 | Direct | F1, F6 |
| transaction | PANW | Common Stock | Sale | -$3.88M | -18.7K | -6.27% | $207.63 | 279K | Sep 23, 2025 | Direct | F1, F7 |
| transaction | PANW | Common Stock | Sale | -$838K | -4.02K | -1.44% | $208.35 | 275K | Sep 23, 2025 | Direct | F1, F8 |
| holding | PANW | Common Stock | 32K | Sep 23, 2025 | See footnote | F9 | |||||
| holding | PANW | Common Stock | 727K | Sep 23, 2025 | See footnote | F10 |
| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Underlying Class | Amount | Exercise Price | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | PANW | Stock Option (right to buy) | Options Exercise | $0 | -846K | -100% | $0.00 | 0 | Sep 23, 2025 | Common Stock | 846K | $33.08 | Direct | F11 |
Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.
Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
| Id | Content |
|---|---|
| F1 | The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person that became effective June 24, 2025. |
| F2 | This sale price represents the weighted average sale price of the shares sold ranging from $202.28 to $203.275 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4. |
| F3 | This sale price represents the weighted average sale price of the shares sold ranging from $203.28 to $204.27 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4. |
| F4 | This sale price represents the weighted average sale price of the shares sold ranging from $204.28 to $205.27 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4. |
| F5 | This sale price represents the weighted average sale price of the shares sold ranging from $205.28 to $206.27 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4. |
| F6 | This sale price represents the weighted average sale price of the shares sold ranging from $206.29 to $207.28 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4. |
| F7 | This sale price represents the weighted average sale price of the shares sold ranging from $207.29 to $208.27 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4. |
| F8 | This sale price represents the weighted average sale price of the shares sold ranging from $208.34 to $208.49 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4. |
| F9 | Shares are held by Bacchey Investments L.P., of which Bacchey Management LLC (the "LLC") is the General Partner. The Reporting Person is the manager of the LLC. The sole member of the LLC is the Aurora Trust, for which the Reporting Person serves as a trustee. |
| F10 | Shares are held by the Nikesh Arora 2025 Annuity Trust, for which the Reporting Person serves as trustee. |
| F11 | The shares subject to the option were fully vested and exercisable. |