X0407 4 2023-06-06 0 0001327567 Palo Alto Networks Inc PANW 0001468233 Arora Nikesh C/O PALO ALTO NETWORKS INC. 3000 TANNERY WAY SANTA CLARA CA 95054 1 1 0 0 Chief Executive Officer 0 Common Stock 2023-06-06 4 S 0 17134 225.079 D 1075825 D Common Stock 2023-06-06 4 S 0 2535 226.106 D 1073290 D Common Stock 2023-06-07 4 M 0 474300 66.1667 A 1547590 D Common Stock 2023-06-07 4 S 0 109613 216.595 D 1437977 D Common Stock 2023-06-07 4 S 0 26608 217.857 D 1411369 D Common Stock 2023-06-07 4 S 0 110595 218.682 D 1300774 D Common Stock 2023-06-07 4 S 0 118668 219.735 D 1182106 D Common Stock 2023-06-07 4 S 0 104366 220.773 D 1077740 D Common Stock 2023-06-07 4 S 0 26487 221.554 D 1051253 D Common Stock 2023-06-07 4 S 0 33832 225.246 D 1017421 D Common Stock 2023-06-07 4 D 0 21279 0.00 D 996142 D Common Stock 16005 I See footnote Stock Option (right to buy) 66.1667 2023-06-07 4 M 0 474300 0.00 D 2025-12-07 Common Stock 474300 3000000 D Phantom Stock 2023-06-07 4 A 0 21279 A Common Stock 21279 191439 D This sale price represents the weighted average sale price of the shares sold ranging from $225.00 to $225.10 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4. This sale price represents the weighted average sale price of the shares sold ranging from $226.00 to $226.30 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4. This sale price represents the weighted average sale price of the shares sold ranging from $216.25 to $217.245 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4. This sale price represents the weighted average sale price of the shares sold ranging from $217.26 to $218.25 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4. This sale price represents the weighted average sale price of the shares sold ranging from $218.26 to $219.25 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4. This sale price represents the weighted average sale price of the shares sold ranging from $219.26 to $220.255 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4. This sale price represents the weighted average sale price of the shares sold ranging from $220.26 to $221.255 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4. This sale price represents the weighted average sale price of the shares sold ranging from $221.26 to $221.97 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4. This sale price represents the weighted average sale price of the shares sold ranging from $225.00 to $225.84 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4. In connection with the vesting of previously reported restricted stock units, the Reporting Person elected to defer these shares pursuant to the Palo Alto Networks, Inc. Deferred Compensation Plan (the "Deferred Compensation Plan"). Shares are held by Bacchey Investments L.P., of which Bacchey Management LLC (the "LLC") is the General Partner. The Reporting Person is the manager of the LLC. The sole member of the LLC is the Aurora Trust, for which the Reporting Person serves as a trustee. The shares subject to the option are fully vested and exercisable. Pursuant to the Deferred Compensation Plan, each share of phantom stock represents the Reporting Person's right to receive one share of common stock of the Issuer. The common stock shares will be released on or about January 31, 2027. /s/ Mary Shimizu, Attorney-in-Fact for Nikesh Arora 2023-06-08