Palo Alto Networks Officer Lee Klarich Files Form 144 to Sell $23.9M via Foundation

Executive Summary

On October 8, 2026, Lee Klarich, an Officer of Palo Alto Networks Inc ($PANW), filed Form 144 indicating a proposed sale of 60,000 shares of common stock through Goldman Sachs & Co. LLC. The aggregate market value of the proposed transaction is $23,910,000, implying a share price of approximately $398.50.

Transaction & Context Details

• Entity Conducting Sale: The filing notes that the sale is being executed by the Boost Giving Foundation, a charitable 501(c)(3) organization established by Lee Klarich, over which he exercises investment discretion.
• Origin of Shares: The underlying shares were originally acquired on October 17, 2013, from the issuer via equity compensation in the form of Restricted Stock Units (RSUs).
• Market Impact: Palo Alto Networks has approximately 818 million shares outstanding. The proposed disposition of 60,000 shares represents less than 0.01% of the total outstanding float, indicating minimal market dilution or direct liquidity impact.

Trading Significance

This transaction is categorized as Medium significance due to the substantial gross transaction value ($23.91M), balanced against the fact that it represents philanthropic foundation liquidation of long-held equity (dating back to 2013) rather than a direct reduction in the insider's personal core holdings.