Palo Alto Networks (PANW) Form 4 Palo Alto Networks / Nikesh Arora ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Arora Nikesh

(Last) (First) (Middle)

C/O PALO ALTO NETWORKS INC.

3000 TANNERY WAY

(Street)

SANTA CLARA CA 95054

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Palo Alto Networks Inc [ PANW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
03/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/03/2025		M		335,850	A	$33.0834	1,422,521(1)	D
Common Stock	03/03/2025		S(2)		39,209	D	$182.931(3)	1,383,312	D
Common Stock	03/03/2025		S(2)		51,312	D	$183.623(4)	1,332,000	D
Common Stock	03/03/2025		S(2)		15,422	D	$184.743(5)	1,316,578	D
Common Stock	03/03/2025		S(2)		11,484	D	$185.658(6)	1,305,094	D
Common Stock	03/03/2025		S(2)		10,035	D	$186.664(7)	1,295,059	D
Common Stock	03/03/2025		S(2)		36,004	D	$187.939(8)	1,259,055	D
Common Stock	03/03/2025		S(2)		26,598	D	$188.794(9)	1,232,457	D
Common Stock	03/03/2025		S(2)		63,542	D	$189.953(10)	1,168,915	D
Common Stock	03/03/2025		S(2)		54,654	D	$190.642(11)	1,114,261	D
Common Stock	03/03/2025		S(2)		17,290	D	$191.75(12)	1,096,971	D
Common Stock	03/03/2025		S(2)		9,374	D	$192.839(13)	1,087,597	D
Common Stock	03/03/2025		S(2)		926	D	$193.462(14)	1,086,671	D
Common Stock	03/04/2025		M		382,599	A	$33.0834	1,469,270	D
Common Stock	03/04/2025		S(2)		52,367	D	$179.555(15)	1,416,903	D
Common Stock	03/04/2025		S(2)		64,642	D	$180.431(16)	1,352,261	D
Common Stock	03/04/2025		S(2)		56,656	D	$181.341(17)	1,295,605	D
Common Stock	03/04/2025		S(2)		70,833	D	$182.391(18)	1,224,772	D
Common Stock	03/04/2025		S(2)		30,911	D	$183.382(19)	1,193,861	D
Common Stock	03/04/2025		S(2)		63,045	D	$184.417(20)	1,130,816	D
Common Stock	03/04/2025		S(2)		33,020	D	$185.248(21)	1,097,796	D
Common Stock	03/04/2025		S(2)		11,125	D	$186.242(22)	1,086,671	D
Common Stock								32,010	I	See footnote(23)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$33.0834	03/03/2025		M			335,850	(24)	12/07/2025	Common Stock	335,850	$0.00	2,087,350	D
Stock Option (right to buy)	$33.0834	03/04/2025		M			382,599	(24)	12/07/2025	Common Stock	382,599	$0.00	1,704,751	D

Explanation of Responses:

1. Includes shares acquired by the Reporting Person pursuant to the Issuer's Employee Stock Purchase Plan.

2. 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 March 27, 2024.

3. This sale price represents the weighted average sale price of the shares sold ranging from $182.26 to $183.25 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.

4. This sale price represents the weighted average sale price of the shares sold ranging from $183.26 to $184.25 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.

5. This sale price represents the weighted average sale price of the shares sold ranging from $184.26 to $185.25 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.

6. This sale price represents the weighted average sale price of the shares sold ranging from $185.26 to $186.25 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.

7. This sale price represents the weighted average sale price of the shares sold ranging from $186.30 to $187.29 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.

8. This sale price represents the weighted average sale price of the shares sold ranging from $187.31 to $188.305 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.

9. This sale price represents the weighted average sale price of the shares sold ranging from $188.31 to $189.305 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.

10. This sale price represents the weighted average sale price of the shares sold ranging from $189.31 to $190.305 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.

11. This sale price represents the weighted average sale price of the shares sold ranging from $190.31 to $191.30 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.

12. This sale price represents the weighted average sale price of the shares sold ranging from $191.31 to $192.295 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.

13. This sale price represents the weighted average sale price of the shares sold ranging from $192.31 to $193.29 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.

14. This sale price represents the weighted average sale price of the shares sold ranging from $193.315 to $193.635 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.

15. This sale price represents the weighted average sale price of the shares sold ranging from $178.89 to $179.885 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.

16. This sale price represents the weighted average sale price of the shares sold ranging from $179.89 to $180.885 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.

17. This sale price represents the weighted average sale price of the shares sold ranging from $180.89 to $181.885 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.

18. This sale price represents the weighted average sale price of the shares sold ranging from $181.89 to $182.88 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.

19. This sale price represents the weighted average sale price of the shares sold ranging from $182.89 to $183.88 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.

20. This sale price represents the weighted average sale price of the shares sold ranging from $183.89 to $184.88 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.

21. This sale price represents the weighted average sale price of the shares sold ranging from $184.89 to $185.885 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.

22. This sale price represents the weighted average sale price of the shares sold ranging from $185.89 to $186.54 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.

23. 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.

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

	/s/ Elizabeth Villalobos, Attorney-in-Fact for Nikesh Arora	03/05/2025
	** Signature of Reporting Person	Date
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