Arora Nikesh 4

What Happened

• Nikesh Arora, CEO of Palo Alto Networks (PANW), was reported to have acquired 165 shares on February 12, 2026. The transaction is reported on Form 4 as an award/other acquisition (code A). No per-share price or total dollar value is provided in the filing; the shares were received as merger consideration in Palo Alto Networks’ acquisition of CyberArk Software Ltd.

Key Details

• Transaction date: 2026-02-12
• Form 4 filed: 2026-02-17 (appears timely — within the SEC’s two-business-day window accounting for the Feb 16 holiday)
• Transaction type/code: Award/other acquisition (A) — merger consideration
• Shares acquired: 165; Price per share: N/A; Total value: N/A
• Shares owned after transaction: Not specified in the available filing
• Relevant footnotes:
  • F1: Shares acquired as merger consideration in the CyberArk acquisition.
  • F2: Some shares are held by Bacchey Investments L.P.; Bacchey Management LLC is the GP and the reporting person is manager/trustee of related trust entities.
  • F3: Some shares are held by the Nikesh Arora 2025 Annuity Trust, for which he is trustee.

Context

• This was not an open-market purchase or sale by the insider but consideration received through a corporate transaction (merger). Such merger-consideration issuances reflect deal mechanics rather than an individual insider’s buying or selling decision and should not be interpreted as a direct trading signal.