---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-160228"
form_type: "8-K"
ticker: "PANW"
cik: "0001327567"
company_name: "Palo Alto Networks Inc"
filed_at: "2023-06-05T23:59:59+00:00"
generated_at: "2026-06-14T07:11:55.779956+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-160228
- form_type: 8-K
- ticker: PANW
- cik: 0001327567
- company_name: Palo Alto Networks Inc
- filed_at: 2023-06-05T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 7.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1327567/000119312523160228/0001193125-23-160228-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1327567/000119312523160228/d615128d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-160228
- JSON: https://secwatch.observer/filing/0001193125-23-160228.json
- Plain text: https://secwatch.observer/filing/0001193125-23-160228.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.