Lee Klarich - 08 Jan 2026 Form 4 Insider Report for Palo Alto Networks Inc (PANW)

Reporting relationship: EVP Chief Product & Tech Ofcr, Director
Issuer ticker: PANW
Reported as of: 08 Jan 2026
Net transaction value: -$20,103,358
SEC form: 4
Accepted by SEC: 12 Jan 2026, 16:30:08 UTC
Prior SEC filing: 12 Dec 2025
Next SEC filing: 17 Feb 2026
Source filing: View source filing
Reporting owner signature: /s/ Elizabeth Villalobos, Attorney-in-Fact for Lee Klarich

Key filing fact

Lee Klarich filed Form 4 for Palo Alto Networks Inc (PANW) on 12 Jan 2026.

Key facts

This page summarizes Lee Klarich's Form 4 filing for Palo Alto Networks Inc (PANW).
7 reported transactions and 1 derivative row are listed below.
Accepted by SEC: 12 Jan 2026, 16:30.

Change

Previous filing in this sequence was filed on 12 Dec 2025.
Current net transaction value: -$20,103,358.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0001682260 Primary reporting owner

Klarich Lee

Relationship: EVP Chief Product & Tech Ofcr, Director
Address: C/O PALO ALTO NETWORKS INC., 3000 TANNERY WAY, SANTA CLARA
Signature: /s/ Elizabeth Villalobos, Attorney-in-Fact for Lee Klarich
Signature date: 12 Jan 2026

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

PANW transaction

Common Stock

Options Exercise

Transaction value: $2,967,322
Shares: +92,010
Change %: +28%
Price: $32.25
Shares after: 419,655
Date: 08 Jan 2026
Ownership: Direct

PANW transaction

Common Stock

Sale

Transaction value: $2,392,790
Shares: -12,620
Change %: -3%
Price: $189.60
Shares after: 407,035
Date: 08 Jan 2026
Ownership: Direct
Footnotes: F1, F2

PANW transaction

Common Stock

Sale

Transaction value: $8,808,445
Shares: -46,192
Change %: -11%
Price: $190.69
Shares after: 360,843
Date: 08 Jan 2026
Ownership: Direct
Footnotes: F1, F3

PANW transaction

Common Stock

Sale

Transaction value: $10,508,257
Shares: -54,882
Change %: -15%
Price: $191.47
Shares after: 305,961
Date: 08 Jan 2026
Ownership: Direct
Footnotes: F1, F4

PANW transaction

Common Stock

Sale

Transaction value: $1,290,299
Shares: -6,707
Change %: -2.2%
Price: $192.38
Shares after: 299,254
Date: 08 Jan 2026
Ownership: Direct
Footnotes: F1, F5

PANW transaction

Common Stock

Sale

Transaction value: $70,890
Shares: -367
Change %: -0.12%
Price: $193.16
Shares after: 298,887
Date: 08 Jan 2026
Ownership: Direct
Footnotes: F1, F6

PANW holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 640,000
Date: 08 Jan 2026
Ownership: See footnote
Footnotes: F7

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

PANW transaction Derivative

Stock Option (right to buy)

Options Exercise

Transaction value: $0
Shares: -92,010
Change %: -100%
Price: $0.000000
Shares after: 0
Date: 08 Jan 2026
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 92,010
Exercise price: $32.25
Footnotes: F8

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Rule 10b5-1 trading plan

These transactions were reported as open-market trades under a Rule 10b5-1 plan. The plan lets an insider set trading instructions in advance, which can reduce the risk of trading while in possession of material nonpublic information.

Original filing language: transaction made pursuant to a contract, instruction, or written plan intended to satisfy Rule 10b5-1(c).

Explanation of responses 8 footnotes

Footnote F1

The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on September 27, 2024.

Footnote F2

This sale price represents the weighted average sale price of the shares sold ranging from $189.065 to $190.06 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.

Footnote F3

This sale price represents the weighted average sale price of the shares sold ranging from $190.065 to $191.06 per share. Upon request by the Commission staff, the Issuer, or a security holder of the 1Issuer, 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.

Footnote F4

This sale price represents the weighted average sale price of the shares sold ranging from $191.065 to $192.06 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.

Footnote F5

This sale price represents the weighted average sale price of the shares sold ranging from $192.065 to $193.06 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.

Footnote F6

This sale price represents the weighted average sale price of the shares sold ranging from $193.085 to $193.21 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.

Footnote F7

Shares are held by the Lee and Susan Klarich 2005 Trust, dated Dec. 5, 2005, for which the Reporting Person and his spouse serve as trustees.

Footnote F8

The shares subject to the option are fully vested and exercisable.