Nikesh Arora - Dec 11, 2023 Form 4 Insider Report for Palo Alto Networks Inc (PANW)

Signature
/s/ Elizabeth Villalobos, Attorney-in-Fact for Nikesh Arora
Stock symbol
PANW
Transactions as of
Dec 11, 2023
Transactions value $
-$73,114,047
Form type
4
Date filed
12/13/2023, 08:06 PM
Previous filing
Dec 11, 2023
Next filing
Jan 23, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PANW Common Stock Options Exercise $347K +5.24K +0.62% $66.17 850K Dec 11, 2023 Direct
transaction PANW Common Stock Sale -$1.57M -5.24K -0.62% $300.01 845K Dec 11, 2023 Direct F1, F2
transaction PANW Common Stock Options Exercise $19.9M +300K +35.5% $66.17 1.15M Dec 12, 2023 Direct
transaction PANW Common Stock Sale -$2.05M -6.83K -0.6% $300.44 1.14M Dec 12, 2023 Direct F1, F3
transaction PANW Common Stock Sale -$2.29M -7.6K -0.67% $301.47 1.13M Dec 12, 2023 Direct F1, F4
transaction PANW Common Stock Sale -$3.2M -10.6K -0.93% $302.55 1.12M Dec 12, 2023 Direct F1, F5
transaction PANW Common Stock Sale -$3.7M -12.2K -1.09% $303.57 1.11M Dec 12, 2023 Direct F1, F6
transaction PANW Common Stock Sale -$2.71M -8.91K -0.8% $304.59 1.1M Dec 12, 2023 Direct F1, F7
transaction PANW Common Stock Sale -$28.1M -92K -8.37% $305.70 1.01M Dec 12, 2023 Direct F1, F8
transaction PANW Common Stock Sale -$32M -104K -10.38% $306.40 903K Dec 12, 2023 Direct F1, F9
transaction PANW Common Stock Sale -$17.6M -57.4K -6.36% $307.32 845K Dec 12, 2023 Direct F1, F10
holding PANW Common Stock 16K Dec 11, 2023 See footnote F11

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 -5.24K -0.19% $0.00 2.74M Dec 11, 2023 Common Stock 5.24K $66.17 Direct F12
transaction PANW Stock Option (right to buy) Options Exercise $0 -300K -10.93% $0.00 2.44M Dec 12, 2023 Common Stock 300K $66.17 Direct F12
* 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. On December 13, 2023, the Reporting Person terminated such Rule 10b5-1 trading plan.
F2 This sale price represents the weighted average sale price of the shares sold ranging from $300.00 to $300.07 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 $300.01 to $301.00 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 $301.015 to $302.01 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 $302.015 to $303.01 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 $303.02 to $304.01 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 This sale price represents the weighted average sale price of the shares sold ranging from $304.02 to $305.015 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.
F8 This sale price represents the weighted average sale price of the shares sold ranging from $305.04 to $306.035 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.
F9 This sale price represents the weighted average sale price of the shares sold ranging from $306.04 to 307.035 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.
F10 This sale price represents the weighted average sale price of the shares sold ranging from $307.04 to $307.805 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.
F11 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.
F12 The shares subject to the option are fully vested and exercisable.