Lee Klarich - Oct 18, 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
Stock symbol
PANW
Transactions as of
Oct 18, 2023
Transactions value $
-$10,752,962
Form type
4
Date filed
10/23/2023, 05:39 PM
Previous filing
Oct 3, 2023
Next filing
Nov 7, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PANW Common Stock Award $0 +70.5K +44.83% $0.00 228K Oct 18, 2023 Direct F1
transaction PANW Common Stock Tax liability -$10.8M -42.5K -18.66% $253.13 185K Oct 20, 2023 Direct F2
holding PANW Common Stock 420K Oct 18, 2023 See footnote F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each share is represented by a performance-based restricted stock unit ("PSU"). The number of shares acquired represents the achievement of performance conditions, as certified by the Issuer's Compensation Committee on October 18, 2023, with respect to PSUs granted to the Reporting Person on August 20, 2021. The PSUs vest on October 20, 2023, subject to the Reporting Person continuing to be a Service Provider through that vesting date.
F2 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 previously reported PSUs and PSUs reported in the transaction line above.
F3 Shares are held by the Lee and Susan Klarich 2005 Trust dtd 12/05/2005, for which the Reporting Person and his spouse serve as trustees.