Paul Josh D. 4

What Happened Josh D. Paul, Chief Accounting Officer of Palo Alto Networks (PANW), disposed of shares on July 1, 2026. He sold 900 shares in an open-market transaction at $345.00 per share for proceeds of $310,500. Separately, 1,092 shares were withheld by the issuer to satisfy tax withholding on previously vested restricted stock units (with a notional value of $372,394 at $341.02 each); this withholding is not a sale by the reporting person.

Key Details

• Transaction date: 2026-07-01
• Open-market sale: 900 shares @ $345.00 — proceeds $310,500 (Code S)
• Tax withholding / net settlement: 1,092 shares @ $341.02 — $372,394 (Code F); issuer withheld shares to cover tax obligations (not a personal sale)
• 10b5-1 plan: The 900-share sale was made under a Rule 10b5-1 trading plan adopted by Mr. Paul on September 17, 2025 (footnote)
• Shares owned after transaction: Not specified in the provided filing
• Filing timeliness: Reported on the same date (2026-07-01); no late filing indicated

Context The 1,092-share action represents net settlement/tax withholding of previously granted RSUs, which is routine and not an active market sale by the insider. The 900-share sale was pre-arranged under a 10b5-1 plan, a common way insiders systematically sell shares without contemporaneous trading decisions. These entries reflect share disposals rather than purchases; purchases would be a stronger bullish signal.