Palo Alto Networks (PANW) director reports 2,135-share RSU grant

Rhea-AI Filing Summary

Palo Alto Networks director Lorraine Twohill reported receiving 2,135 restricted stock units on 12/09/2025. The grant was recorded at a price of $0 per share and brings her direct beneficial ownership to 44,481 shares of common stock.

The restricted stock units will vest in equal quarterly installments over a one-year period, conditioned on her continued service with the company. The reported share balance reflects Palo Alto Networks' 2-for-1 stock split effected on December 13, 2024.

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).

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^*

Twohill Lorraine

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/09/2025

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	12/09/2025		A		2,135(1)	A	$0	44,481(2)	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. Each share is represented by a Restricted Stock Unit ("RSU"). The RSUs will vest in equal quarterly increments over a one year period, subject to the Reporting Person's continued service as of each such date.

2. The number of shares beneficially owned reflects the Issuer's 2-for-1 stock split effected December 13, 2024.

	/s/ Elizabeth Villalobos, Attorney-in-Fact for Lorraine Twohill	12/11/2025
	** 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.

FAQ

What insider transaction was reported for Palo Alto Networks (PANW)?

Palo Alto Networks director Lorraine Twohill reported receiving 2,135 restricted stock units (RSUs) of common stock on 12/09/2025 at a price of $0 per share.

How many Palo Alto Networks shares does the director own after this transaction?

Following the reported grant, Lorraine Twohill beneficially owns 44,481 shares of Palo Alto Networks common stock.

How do the new RSUs for Palo Alto Networks (PANW) vest?

The 2,135 RSUs granted to Lorraine Twohill will vest in equal quarterly increments over one year, subject to her continued service on each vesting date.

What was the grant price of the Palo Alto Networks RSUs?

The restricted stock units were granted at a price of $0 per share, which is typical for RSU awards that convert into shares upon vesting.

Did a stock split affect the reported Palo Alto Networks share holdings?

Yes. The filing notes that the number of shares beneficially owned reflects Palo Alto Networks' 2-for-1 stock split that was effected on December 13, 2024.

Is this Palo Alto Networks (PANW) Form 4 filed by one reporting person or a group?

The report indicates that it is a Form filed by one reporting person, covering the holdings and award of director Lorraine Twohill.