Lee Klarich - 05 Apr 2023 Form 4 Insider Report for Palo Alto Networks Inc (PANW)

Role: EVP, Chief Product Officer
Signature: /s/ Elizabeth Villalobos, Attorney-in-Fact for Lee Klarich
Issuer symbol: PANW
Transactions as of: 05 Apr 2023
Net transactions value: -$5,826,970
Form type: 4
Filing time: 06 Apr 2023, 19:49:02 UTC
Previous filing: 14 Mar 2023
Next filing: 21 Apr 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PANW	Common Stock	Options Exercise	$2,902,648	+45,000	+7.3%	$64.50	657,745	05 Apr 2023	Direct
transaction	PANW	Common Stock	Sale	$1,413,949	-7,345	-1.1%	$192.50	650,400	05 Apr 2023	Direct	F1, F2
transaction	PANW	Common Stock	Sale	$2,152,803	-11,126	-1.7%	$193.49	639,274	05 Apr 2023	Direct	F1, F3
transaction	PANW	Common Stock	Sale	$3,716,497	-19,129	-3%	$194.29	620,145	05 Apr 2023	Direct	F1, F4
transaction	PANW	Common Stock	Sale	$1,348,226	-6,900	-1.1%	$195.40	613,245	05 Apr 2023	Direct	F1, F5
transaction	PANW	Common Stock	Sale	$98,144	-500	-0.08%	$196.29	612,745	05 Apr 2023	Direct	F1, F6

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	Stock Option (right to buy)	Options Exercise	$0	-45,000	-2.3%	$0.000000	1,877,079	05 Apr 2023	Common Stock	45,000	$64.50	Direct	F7

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

Explanation of Responses:

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 on December 20, 2022.
F2	This sale price represents the weighted average sale price of the shares sold ranging from $191.92 to $192.91 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 $192.94 to $193.93 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 $193.94 to $194.935 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 $194.945 to $195.875 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 $196.03 to $196.38 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	The shares subject to the option are fully vested and exercisable.