Paul Josh D. 4

What Happened
Paul Josh D., Chief Accounting Officer of Palo Alto Networks (PANW), disposed of a total of 2,047 shares on April 1, 2026. Of those, 947 shares were withheld by the company to cover tax withholding related to vested restricted stock units (947 shares × $160.32 = $151,823), and 1,100 shares were sold in an open market transaction under a pre-established Rule 10b5-1 plan (1,100 shares × $161.40 = $177,540). The combined value associated with the transactions is about $329,363. Sales are routine insider disposals; the tax-withheld shares are not an active sale by the insider.

Key Details

• Transaction dates: April 1, 2026 (reported on Form 4 filed April 3, 2026). Filing appears timely.
• Prices and amounts:
  • Tax withholding (F): 947 shares at $160.32 — $151,823 (shares withheld to satisfy tax on vesting).
  • Open-market sale (S): 1,100 shares at $161.40 — $177,540 (executed under a Rule 10b5-1 plan).
• Shares owned after the transactions: Not specified in the provided filing excerpt.
• Footnotes:
  • F1: The 947-share entry represents issuer withholding to satisfy tax obligations on vested RSUs (not a voluntary sale by the reporting person).
  • F2: The 1,100-share sale was executed under a Rule 10b5-1 trading plan adopted Sept 17, 2025.

Context

• Tax withholding on vested awards (net settlement) is a common way companies satisfy income tax obligations and does not by itself indicate insider selling intent.
• The open-market sale was done under a 10b5-1 plan, which is a prearranged trading plan that can allow insiders to sell shares regardless of short-term company developments.
• For retail investors, purchases by insiders can be more informative than routine sales; these transactions appear to be routine withholding and a planned sale under an established trading plan, rather than an opportunistic or ad hoc sale.