Form 4: Palo Alto Networks EVP Lee Klarich Reports Changes in Beneficial Ownership

Lee Klarich, EVP and Chief Product Officer of Palo Alto Networks, reports a transaction involving the withholding of shares to cover tax obligations related to vesting restricted stock units.

Summary

• Lee Klarich, EVP and Chief Product Officer of Palo Alto Networks, filed a Form 4 detailing changes in beneficial ownership.
• On April 20, 2024, 7,533 shares of common stock were withheld by Palo Alto Networks to satisfy income tax obligations related to the vesting of performance-based restricted stock units at a price of $277.71.
• Following the transaction, Klarich directly owns 166,542 shares of Palo Alto Networks common stock.
• Klarich also indirectly owns 400,000 shares through the Lee and Susan Klarich 2005 Trust, for which he and his spouse serve as trustees.

Sentiment

Score: 5

Explanation: This is a neutral filing related to standard tax withholding procedures, and doesn't indicate positive or negative sentiment.

Industry Context

Form 4 filings are routine disclosures required by the SEC to provide transparency into the transactions of company insiders, allowing investors to track executive sentiment and potential alignment with shareholder interests.

Stakeholder Impact

• The transaction has a minimal impact on shareholders, as it primarily reflects internal tax obligations.

Key Dates