Nikesh Arora - Jul 20, 2023 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: Jul 20, 2023
Transactions value $: $0
Form type: 4
Date filed: 7/21/2023, 05:13 PM
Previous filing: Jun 8, 2023
Next filing: Sep 8, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PANW	Common Stock	Disposed to Issuer	$0	-54.2K	-5.44%	$0.00	942K	Jul 20, 2023	Direct	F1
holding	PANW	Common Stock						16K	Jul 20, 2023	See footnote	F2

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		+54.2K	+28.33%		246K	Jul 20, 2023	Common Stock	54.2K		Direct	F1, F3

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

Explanation of Responses:

Id	Content
F1	In connection with the vesting of previously reported performance-based restricted stock units, the Reporting Person elected to defer these shares pursuant to the Palo Alto Networks, Inc. Deferred Compensation Plan (the "Deferred Compensation Plan").
F2	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.
F3	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. The common stock shares will be released on or about January 31, 2027.