Palo Alto Networks director sells 1,500 shares

Director Aparna Bawa disclosed trust-based sales totaling 1,500 PANW shares while retaining 1,644 shares held directly.

Rhea-AI Filing Summary

Palo Alto Networks Inc (PANW) director Aparna Bawa reported indirect sales of company Common Stock held by The Bawa Family Trust, for which she and her spouse serve as trustees. The trust sold 1,000 shares on September 14, 2026 and 500 shares on September 15, 2026 in open-market or private transactions. Separately, Bawa is reported to hold 1,644 shares of Palo Alto Networks Common Stock directly as of September 14, 2026. No Rule 10b5-1 trading plan is reported for these transactions.

Insider Trade Summary

Net Seller: 1,500 shares

Net Sell 3 txns

Insider Bawa Aparna

Role Director

Sold 1,500 shs ($562K)

Type	Security	Shares	Price	Value
Sale	Common Stock F1	500	$377.18	$189K
Sale	Common Stock F1	1,000	$373.605	$374K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 4,937 shares (Indirect, See footnote); Common Stock — 1,644 shares (Direct)

Footnotes (1)

1. F1. Shares are held by The Bawa Family Trust, for which the Reporting Person and her spouse serve as trustees.

Key Figures

Shares sold September 14, 2026: 1,000 shares Price per share September 14, 2026: $373.605 per share Shares sold September 15, 2026: 500 shares +3 more

6 metrics

Shares sold September 14, 2026 1,000 shares Indirect sale by The Bawa Family Trust

Price per share September 14, 2026 $373.605 per share Indirect sale of 1,000 shares by trust

Shares sold September 15, 2026 500 shares Indirect sale by The Bawa Family Trust

Price per share September 15, 2026 $377.18 per share Indirect sale of 500 shares by trust

Total shares sold 1,500 shares Aggregate of reported indirect sales

Direct holdings after transaction 1,644 shares Common Stock held directly by Aparna Bawa as of September 14, 2026

Key Terms

indirect, open market or private transaction, Common Stock, Rule 10b5-1

4 terms

indirect financial

"The trust sold 1,000 shares and 500 shares in indirect transactions"

open market or private transaction financial

"sold 1,000 shares and 500 shares in open market or private transaction"

Common Stock financial

"reported indirect sales of company Common Stock held by The Bawa Family Trust"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Rule 10b5-1 regulatory

"No Rule 10b5-1 trading plan is reported for these transactions"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

FAQ

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

What insider transaction did PANW director Aparna Bawa report?

She reported indirect sales of 1,500 shares of Palo Alto Networks Common Stock by The Bawa Family Trust on September 14–15, 2026 in open-market or private transactions, while also reporting 1,644 shares held directly.

At what prices were the PANW shares sold in Aparna Bawa’s Form 4?

The filing reports that The Bawa Family Trust sold 1,000 shares at $373.605 per share on September 14, 2026 and 500 shares at $377.18 per share on September 15, 2026, in open-market or private transactions.

How many PANW shares does Aparna Bawa hold directly after these transactions?

The Form 4 reports that Aparna Bawa holds 1,644 shares of Common Stock directly as of September 14, 2026. The sales disclosed in the filing were from shares held indirectly through The Bawa Family Trust.

Were Aparna Bawa’s PANW stock sales made under a Rule 10b5-1 plan?

The filing indicates that no Rule 10b5-1 trading plan is reported for these transactions. The document-level checkbox for Rule 10b5-1 plans is marked false.

Who actually held the PANW shares sold in Aparna Bawa’s Form 4?

The sold shares were held by The Bawa Family Trust, for which Aparna Bawa and her spouse serve as trustees. The transactions therefore relate to shares held indirectly through this trust.

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

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Available on EDGAR 09/16/2026 - 04:31 PM Accepted by SEC EDGAR 09/16/2026 - 04:30 PM Learn about SEC filing dates

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

Check this box to indicate that a 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). See Instruction 10.

1. Name and Address of Reporting Person^*

Bawa Aparna

(Last) (First) (Middle)

C/O PALO ALTO NETWORKS INC.

3000 TANNERY WAY

(Street)

SANTA CLARA CALIFORNIA 95054

(City) (State) (Zip)

UNITED STATES

(Country)

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
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/14/2026

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

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

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

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	09/14/2026		S		1,000	D	$373.605	5,437	I	See footnote(1)
Common Stock	09/15/2026		S		500	D	$377.18	4,937	I	See footnote(1)
Common Stock								1,644	D

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

Explanation of Responses:

1. Shares are held by The Bawa Family Trust, for which the Reporting Person and her spouse serve as trustees.

	/s/ Elizabeth Villalobos, Attorney-in-Fact for Aparna Bawa	09/16/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)