Palo Alto Networks: Arora Trust lists $201M share sale

At settlement, share delivery depends on the stock price relative to agreed floor and cap prices, and cash settlement is an option subject to conditions.

Rhea-AI Filing Summary

Palo Alto Networks Inc officer Nikesh Arora reported that Arora Trust entered a variable prepaid forward contract secured by 500,000 common shares. The notice lists those shares as the amount to be sold, with an aggregate market value of $201,400,000 and an approximate sale date of October 12, 2026.

At settlement, the actual number of shares delivered will depend on the stock price relative to the agreed forward floor and cap prices and cannot exceed the pledged shares. Arora Trust may elect cash settlement subject to certain conditions. Wells Fargo Securities, LLC will conduct any initial hedging activity.

Key Figures

Common shares listed for sale: 500,000 shares Aggregate market value: $201,400,000 Approximate sale date: October 12, 2026

3 metrics

Common shares listed for sale 500,000 shares Palo Alto Networks common stock

Aggregate market value $201,400,000 Shares listed for sale

Approximate sale date October 12, 2026 Common shares listed for sale

Key Terms

variable prepaid forward contract, forward floor price, forward cap price, hedging activity

4 terms

variable prepaid forward contract financial

"entered into a variable prepaid forward contract"

forward floor price financial

"relative to an agreed forward floor price"

forward cap price financial

"and forward cap price"

hedging activity financial

"Any initial hedging activity"

Hedging activity is when a company or investor takes steps to protect themselves from price swings in things like currencies, interest rates, commodities or stock values — similar to buying insurance against bad moves. It matters to investors because hedging can make a company’s future profits and cash flow more predictable (reducing risk) but can also limit upside gains, so disclosures about hedging show how much risk management affects potential returns and volatility.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many PANW shares are covered by Nikesh Arora's Form 144?

The notice lists 500,000 common shares for sale, pledged by Arora Trust under a variable prepaid forward contract. The number delivered at settlement will depend on the stock price relative to the agreed forward floor and cap prices and cannot exceed the pledged shares.

Can Arora Trust settle its PANW forward contract in cash?

Yes. Arora Trust may elect cash settlement, subject to certain conditions.

What aggregate market value is listed for the PANW shares?

The notice lists an aggregate market value of $201,400,000 for the 500,000 common shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/13/2026 - 06:19 PM EDT Accepted by SEC EDGAR 10/13/2026 - 06:19 PM EDT Learn about SEC filing dates

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001468233
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	Palo Alto Networks Inc
SEC File Number	001-35594
Address of Issuer	3000 TANNERY WAY SANTA CLARA CALIFORNIA 95054
Phone	408-753-4000
Name of Person for Whose Account the Securities are To Be Sold	Nikesh Arora
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	Officer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Wells Fargo Securities, LLC 30 Hudson Yards, 14th Floor New York NY 10001-2170	500000	201400000.00	818000000	10/12/2026	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common Stock	06/07/2018	Open market purchase pursuant to the terms set forth in the offer letter by and between the Issuer and the Reporting Person, dated 5/30/2018, that was filed as Exhibit 10.2 to the Current Report on Form 8-K filed by the Issuer with the SEC on 6/4/2018.	Issuer			98520	06/07/2018	Compensation and/or cash payment
Common Stock	06/08/2018	Open market purchase pursuant to the terms set forth in the offer letter by and between the Issuer and the Reporting Person, dated 5/30/2018, that was filed as Exhibit 10.2 to the Current Report on Form 8-K filed by the Issuer with the SEC on 6/4/2018.	Issuer			87495	06/08/2018	Compensation and/or cash payment
Common Stock	06/13/2018	Open market purchase pursuant to the terms set forth in the offer letter by and between the Issuer and the Reporting Person, dated 5/30/2018, that was filed as Exhibit 10.2 to the Current Report on Form 8-K filed by the Issuer with the SEC on 6/4/2018.	Issuer			94500	06/13/2018	Compensation and/or cash payment
Common Stock	06/15/2018	Open market purchase pursuant to the terms set forth in the offer letter by and between the Issuer and the Reporting Person, dated 5/30/2018, that was filed as Exhibit 10.2 to the Current Report on Form 8-K filed by the Issuer with the SEC on 6/4/2018.	Issuer			9739	06/15/2018	Compensation and/or cash payment
Common Stock	06/07/2022	Vested RSU Shares	Issuer			21456	06/07/2022	Compensation and/or cash payment
Common Stock	06/07/2022	Vested RSU Shares	Issuer			12240	06/07/2022	Compensation and/or cash payment
Common Stock	06/18/2022	Vested RSU Shares	Issuer			18084	06/18/2022	Compensation and/or cash payment
Common Stock	07/20/2022	Vested RSU Shares	Issuer			19296	07/20/2022	Compensation and/or cash payment
Common Stock	09/07/2022	Vested RSU Shares	Issuer			7152	09/07/2022	Compensation and/or cash payment
Common Stock	09/07/2022	Vested RSU Shares	Issuer			14304	09/07/2022	Compensation and/or cash payment
Common Stock	10/20/2022	Vested RSU Shares	Issuer			48964	10/20/2022	Compensation and/or cash payment
Common Stock	02/12/2026	Consideration from CyberArk acquisition	Issuer			165	02/12/2026	Compensation and/or cash payment
Common Stock	03/27/2026	Open market purchase	Issuer			68085	03/27/2026	Compensation and/or cash payment

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks	In accordance with the procedures described in the SEC's interpretive letters dated December 20, 1999 and December 1, 2011, Arora Trust entered into a variable prepaid forward contract (the "Contract") with an unaffiliated dealer, secured by 500,000 shares (the "Pledged Shares") of common stock of Palo Alto Networks, Inc. (the "Issuer"). The actual number of shares to be delivered by Arora Trust under the Contract will be determined based on the price of the Issuer's common stock at settlement relative to an agreed forward floor price and forward cap price, not to exceed the number of the Pledged Shares. Subject to certain conditions, Arora Trust can also elect to settle the Contract in cash. Any initial hedging activity in connection with the Contract will be conducted by the broker-dealer named above. Sales executed on October 12, 2026 are being reported on October 13, 2026 given the EDGAR system was not accepting filings on October 12, 2026 in observance of the federal holiday.
Date of Notice	10/13/2026
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	Nikesh Arora
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)