Nikesh Arora - Nov 24, 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
Nov 24, 2023
Transactions value $
-$42,191,275
Form type
4
Date filed
11/28/2023, 04:29 PM
Previous filing
Nov 27, 2023
Next filing
Dec 11, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PANW Common Stock Options Exercise $2.03M +30.7K +3.54% $66.17 897K Nov 24, 2023 Direct
transaction PANW Common Stock Sale -$8.16M -30.7K -3.42% $266.15 866K Nov 24, 2023 Direct F1, F2
transaction PANW Common Stock Options Exercise $11.8M +178K +20.6% $66.17 1.04M Nov 27, 2023 Direct
transaction PANW Common Stock Sale -$12.4M -46.4K -4.44% $267.06 998K Nov 27, 2023 Direct F1, F3
transaction PANW Common Stock Sale -$14.4M -53.6K -5.37% $267.90 945K Nov 27, 2023 Direct F1, F4
transaction PANW Common Stock Sale -$17.3M -64.5K -6.82% $268.94 880K Nov 27, 2023 Direct F1, F5
transaction PANW Common Stock Sale -$3.78M -14K -1.59% $269.62 866K Nov 27, 2023 Direct F1, F6
holding PANW Common Stock 16K Nov 24, 2023 See footnote F7

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 -30.7K -1.04% $0.00 2.93M Nov 24, 2023 Common Stock 30.7K $66.17 Direct F8
transaction PANW Stock Option (right to buy) Options Exercise $0 -178K -6.09% $0.00 2.75M Nov 27, 2024 Common Stock 178K $66.17 Direct F8
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

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 that became effective June 8, 2023.
F2 This sale price represents the weighted average sale price of the shares sold ranging from $266.00 to $266.35 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 $266.43 to $267.425 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 $267.43 to $268.42 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 $268.43 to $269.42 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 $269.43 to $269.88 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 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.
F8 The shares subject to the option are fully vested and exercisable.