Nikesh Arora - Nov 1, 2025 Form 4 Insider Report for Palo Alto Networks Inc (PANW)

Role: Chief Executive Officer, Director
Signature: /s/ Elizabeth Villalobos, Attorney-in-Fact for Nikesh Arora
Stock symbol: PANW
Transactions as of: Nov 1, 2025
Transactions value $: $0
Form type: 4
Date filed: 11/4/2025, 06:07 PM
Previous filing: Oct 15, 2025
SEC: View on sec.gov

Reporting Owners (1)

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	2025-11-04	0001468233

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PANW	Common Stock	Award	$0	+1.19M	+431.15%	$0.00	1.46M	Nov 1, 2025	Direct	F1
transaction	PANW	Common Stock	Disposed to Issuer	$0	-1.19M	-81.17%	$0.00	275K	Nov 1, 2025	Direct	F2
holding	PANW	Common Stock						32K	Nov 1, 2025	See footnote	F3
holding	PANW	Common Stock						727K	Nov 1, 2025	See footnote	F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	PANW	Phantom Stock	Award	$0	+1.19M	+66.89%	$0.00	2.96M	Nov 1, 2025	Common Stock	42.6K		Direct	F2, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The number of shares acquired represents the number of shares that vested, effective on November 1, 2025, under certain performance-based restricted stock units granted to the Reporting Person on August 23, 2022 ("PSUs"). The Issuer's Compensation and People Committee certified the achievement of the performance conditions under the PSUs effective as of November 1, 2025.
F2	In connection with the vesting of of the PSUs described in Footnote 1, the Reporting Person elected to defer these shares pursuant to the Palo Alto Networks, Inc. Deferred Compensation Plan (the "Deferred Compensation Plan").
F3	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.
F4	Shares are held by the Nikesh Arora 2025 Annuity Trust, for which the Reporting Person serves as trustee.
F5	Pursuant to the Deferred Compensation Plan, each share of phantom stock represents the Reporting Person's right to receive one share of common stock of the Issuer. A portion of the common stock shares will be released on or about January 31, 2027, and another portion will be released on or about January 31, 2028.