Dipak Golechha - 01 Nov 2025 Form 4 Insider Report for Palo Alto Networks Inc (PANW)

Role: EVP, Chief Financial Officer
Signature: /s/ Elizabeth Villalobos, Attorney-in-Fact for Dipak Goleccha
Issuer symbol: PANW
Transactions as of: 01 Nov 2025
Transactions value $: -$16,281,462
Form type: 4
Filing time: 04 Nov 2025, 18:09:39 UTC
Previous filing: 24 Sep 2025
Next filing: 01 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Golechha Dipak	EVP, Chief Financial Officer	C/O PALO ALTO NETWORKS INC., 3000 TANNERY WAY, SANTA CLARA	/s/ Elizabeth Villalobos, Attorney-in-Fact for Dipak Goleccha	04 Nov 2025	0001852540

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PANW	Common Stock	Award	$0	+281K	+292.11%	$0.00	377K	01 Nov 2025	Direct	F1
transaction	PANW	Common Stock	Disposed to Issuer	$0	-140K	-37.25%	$0.00	237K	01 Nov 2025	Direct	F2
transaction	PANW	Common Stock	Tax liability	-$16.3M	-73.9K	-31.25%	$220.24	163K	01 Nov 2025	Direct	F3

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	+140K		$0.00	140K	01 Nov 2025	Common Stock	140K		Direct	F2, F4

* 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	This transaction is not a sale of shares by the Reporting Person. Instead, this represents shares that have been withheld by the Issuer to satisfy its income tax and withholding and remittance obligations in connection with the vesting and net settlement of PSUs.
F4	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. Releases of the common stock shares are expected to be in installments beginning on or about January 31, 2030 and ending on or about January 31, 2034.