Palo Alto Networks (PANW) director adds stock award, updates trust holdings

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Palo Alto Networks director Aparna Bawa reported a small equity award and updated share holdings. She received 24 shares of common stock as a grant or award at $0.00 per share, bringing her direct holdings to 2,184 shares.

The filing also notes 8,632 common shares held indirectly by The Bawa Family Trust, for which Bawa and her spouse serve as trustees. The reported securities were acquired as merger consideration in Palo Alto Networks’ acquisition of CyberArk Software Ltd. This Form 4 reflects routine compensation and ownership reporting, with no open‑market buying or selling.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Bawa Aparna

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	24	$0.00	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 2,184 shares (Direct, null); Common Stock — 8,632 shares (Indirect, See footnote)

Footnotes (1)

The reported securities were acquired as merger consideration in the acquisition of CyberArk Software Ltd. by Palo Alto Networks, Inc. Shares are held by The Bawa Family Trust, for which the Reporting Person and her spouse serve as trustees.

Key Figures

Equity award shares: 24 shares Award price: $0.00 per share Direct holdings after award: 2,184 shares +1 more

4 metrics

Equity award shares 24 shares Common Stock grant or award at $0.00 per share

Award price $0.00 per share Price for 24-share Common Stock grant/award

Direct holdings after award 2,184 shares Palo Alto Networks Common Stock held directly by Aparna Bawa

Indirect trust holdings 8,632 shares Common Stock held by The Bawa Family Trust

Key Terms

Form 4, grant or award, The Bawa Family Trust, merger consideration

4 terms

Form 4 regulatory

"This Form 4 reflects routine compensation and ownership reporting"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

grant or award financial

"She received 24 shares of common stock as a grant or award"

The Bawa Family Trust financial

"Shares are held by The Bawa Family Trust, for which the Reporting Person"

merger consideration financial

"The reported securities were acquired as merger consideration in the acquisition"

Merger consideration is the total payment a company or buyer offers to shareholders of a target company in exchange for combining the two businesses, and can include cash, shares in the surviving company, debt assumption, or a mix of these. Investors care because the form and amount affect the deal’s value, tax consequences, immediate cash received versus future ownership, and the risk and upside of holding new shares — similar to choosing between cash now or stock that could grow later.

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Form 4 Insider Transactions: What Each Field Means →

04/28/2026 - 06:49 PM

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)
02/12/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	02/12/2026		A		24	A	⁽¹⁾	2,184	D
Common Stock								8,632	I	See footnote⁽²⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The reported securities were acquired as merger consideration in the acquisition of CyberArk Software Ltd. by Palo Alto Networks, Inc.

2. 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	04/28/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Palo Alto Networks (PANW) director Aparna Bawa report?

Aparna Bawa reported receiving 24 shares of Palo Alto Networks common stock as a grant or award at $0.00 per share. This award increased her direct holdings to 2,184 shares, reflecting routine equity-based compensation rather than an open-market purchase.

How many Palo Alto Networks (PANW) shares does Aparna Bawa hold after this Form 4?

After the reported transactions, Aparna Bawa directly holds 2,184 shares of Palo Alto Networks common stock. The filing also lists 8,632 additional shares held indirectly by The Bawa Family Trust, for which she and her spouse serve as trustees, reflecting trust-based ownership.

Were the Palo Alto Networks (PANW) shares in this Form 4 bought or sold on the market?

No open-market trades were reported. The 24 shares were acquired as a grant or award at $0.00 per share, while 8,632 shares are shown as indirectly held by The Bawa Family Trust. The filing reflects compensation and merger-related holdings, not market buying or selling.

What is The Bawa Family Trust’s role in Aparna Bawa’s Palo Alto Networks (PANW) holdings?

The Bawa Family Trust holds 8,632 shares of Palo Alto Networks common stock indirectly associated with Aparna Bawa. She and her spouse serve as trustees of this trust, which is separate from her 2,184 directly held shares reported in the Form 4 filing.

How were some Palo Alto Networks (PANW) shares in this Form 4 originally acquired?

The filing states that the reported securities were acquired as merger consideration in Palo Alto Networks’ acquisition of CyberArk Software Ltd. This means certain shares resulted from that transaction rather than direct open-market purchases by Aparna Bawa.