[Form 4] Palo Alto Networks, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 shows KLA Corp. (KLAC) EVP & CFO Bren D. Higgins settling tax withholdings triggered by scheduled RSU vesting, not an open-market trade. Two Code “F” transactions were reported:

• 08/03/25: 722.381 shares withheld at $886.64 after 25 % of a 5,828-unit 2023 RSU grant vested.
• 08/04/25: 738.743 shares withheld at the same price following 25 % vesting of a 5,961-unit 2022 RSU grant.

Post-withholding, Higgins directly owns 23,182.006 KLAC shares, including 13,213.912 unvested RSUs. Because Code “F” indicates share retention for taxes, the filing is routine and signals no directional change in insider sentiment or corporate outlook.

Insights

Securities Analyst

TL;DR: Routine tax-withholding; no bullish or bearish signal.

These Code “F” dispositions reflect automatic share surrender to cover taxes on vested RSUs. Higgins retains a sizable holding (≈ 23 k shares), so equity exposure remains intact. No open-market selling or buying occurred, limiting market relevance. Neutral for valuation or sentiment models.

Corporate Governance Expert

TL;DR: Standard Section 16 compliance; administrative.

The filing complies with Section 16(a) and Rule 10b5-1(c) disclosure standards. Transactions are plan-based, avoiding potential optics of opportunistic trading. No governance red flags emerge.

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).

X

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)
08/01/2025

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	08/01/2025		F(1)		1,482	D	$173.6	39,951	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. This transaction is not a sale of shares by the Reporting Person. Instead, this represents shares that have been withheld by the Issuer to satisfy its income tax and withholding and remittance obligations in connection with the vesting and net settlement of previously reported restricted stock units.

	/s/ Elizabeth Villalobos, Attorney-in-Fact for Josh D. Paul	08/05/2025
	** 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

How many KLA (KLAC) shares did CFO Bren Higgins dispose of?

A total of 1,461.124 shares were withheld for taxes across two vesting events.

What price was used for the tax-withholding transactions?

Both withholdings were calculated at the $886.64 closing price on 08/01/25.

How many KLAC shares does the CFO now own?

Higgins now directly owns 23,182.006 shares, including unvested RSUs.

What does transaction code “F” mean on Form 4 filings?

Code “F” indicates shares were withheld by the issuer solely to pay taxes due on equity-award vesting.

Is this insider activity considered a sell signal for KLAC stock?

No; the shares were surrendered for tax purposes and do not reflect discretionary selling.