Lee Klarich - 01 Sep 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: 01 Sep 2023
Net transactions value: -$7,988,968
Form type: 4
Filing time: 01 Sep 2023, 19:36:41 UTC
Previous filing: 08 Aug 2023
Next filing: 03 Oct 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	+25%	$64.50	222,213	01 Sep 2023	Direct
transaction	PANW	Common Stock	Sale	$2,964,750	-12,301	-5.5%	$241.02	209,912	01 Sep 2023	Direct	F1, F2
transaction	PANW	Common Stock	Sale	$5,105,657	-21,090	-10%	$242.09	188,822	01 Sep 2023	Direct	F1, F3
transaction	PANW	Common Stock	Sale	$2,504,231	-10,309	-5.5%	$242.92	178,513	01 Sep 2023	Direct	F1, F4
transaction	PANW	Common Stock	Sale	$316,978	-1,300	-0.73%	$243.83	177,213	01 Sep 2023	Direct	F1, F5
holding	PANW	Common Stock						420,000	01 Sep 2023	See footnote	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	-2.7%	$0.000000	1,652,079	01 Sep 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 $240.52 to $241.51 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 $241.52 to $242.515 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 $242.53 to $243.45 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 $243.645 to $244.285 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	Shares are held by the Lee and Susan Klarich 2005 Trust dtd 12/05/2005 (the "Trust"), for which the Reporting Person and his spouse serve as trustees.
F7	The shares subject to the option are fully vested and exercisable.