Palo Alto Networks (PANW) CAO receives 14,393-share RSU grant

Rhea-AI Filing Summary

Palo Alto Networks Chief Accounting Officer Josh D. Paul received an equity award in the form of restricted stock units. On 08/19/2025, he was granted 14,393 shares of common stock at a price of $0.00 per share, reported as an acquisition.

Each share is represented by a restricted stock unit that will vest in three equal installments on August 1 of 2026, 2027, and 2028, as long as he continues to be a service provider through each vesting date. Following this grant, he beneficially owned 60,398 shares of common stock, held directly.

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^*

Paul Josh D.

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/19/2025

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	08/19/2025		A		14,393(1)	A	$0	60,398(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"). One-third (1/3) of the RSUs will vest on August 1 of 2026, 2027, and 2028, subject to the Reporting Person continuing to be a Service Provider through each vesting date.

2. Holdings as of the filing date of this Form 4.

	/s/ Elizabeth Villalobos, Attorney-in-Fact for Josh D. Paul	01/27/2026
	** 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.

FAQ

What did Palo Alto Networks (PANW) disclose about Josh D. Paul in this Form 4?

Palo Alto Networks reported that Chief Accounting Officer Josh D. Paul received 14,393 restricted stock units on August 19, 2025. The filing also shows he beneficially owned 60,398 shares of common stock directly after this equity award.

How many Palo Alto Networks (PANW) shares did Josh D. Paul acquire in this transaction?

Josh D. Paul acquired 14,393 shares of Palo Alto Networks common stock through a restricted stock unit grant. The transaction was reported at a price of $0.00 per share, reflecting a compensatory equity award rather than an open-market purchase.

What is the vesting schedule for Josh D. Paul’s RSUs at Palo Alto Networks (PANW)?

The 14,393 restricted stock units vest in three equal installments on August 1 of 2026, 2027, and 2028. Vesting requires that Josh D. Paul continue as a service provider through each respective vesting date to receive the underlying shares.

How many Palo Alto Networks (PANW) shares does Josh D. Paul own after this Form 4 transaction?

After the reported RSU grant, Josh D. Paul beneficially owned 60,398 shares of Palo Alto Networks common stock. The filing indicates these shares are held directly, reflecting his post-grant equity position as Chief Accounting Officer.

Was Josh D. Paul’s Palo Alto Networks (PANW) equity award a purchase or a compensatory grant?

The transaction was a compensatory equity grant, not a market purchase. The Form 4 shows an acquisition of 14,393 common shares at a price of $0.00 per share, consistent with restricted stock units granted as part of executive compensation.

What executive role does Josh D. Paul hold at Palo Alto Networks (PANW) in this Form 4?

In this Form 4, Josh D. Paul is identified as an officer of Palo Alto Networks, serving as Chief Accounting Officer. The reported restricted stock unit grant reflects equity compensation tied to this executive leadership position at the company.