Palo Alto Networks grants CEO Nikesh Arora PSUs up to 750k shares based on S&P 500 5-year relative TSR

Palo Alto Networks Inc

PSUs range from 0 shares (below 40th percentile) to 750k shares (90th+ percentile) vs. S&P 500 over 5 years.
If PANW stock price is lower at end than start, max payout capped at 500k shares even if outperformance.
Vesting at certification date with a 1-year lock-up unless change in control occurs.
Committee cites retention need, noted PANW revenue grew from $2.3B (FY18) to $5.5B (FY22) under Arora.

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