Palo Alto Networks Inc (PANW) Quarterly Institutional 13F Update (Q2 2026)

AI summary pending

On August 20, 2026, Palo Alto Networks' board approved a brand-new Executive Change in Control and Severance Policy — strictly speaking no director left; this Item 5.02 disclosure covers a new executive compensation safety net (the filing also lists an Item 5.03, usually a bylaws amendment, whose details aren't included in the provided excerpt). It applies to company executives at Senior Vice President level and above who sign participation agreements, and the named participants read like a leadership roster: Chairman/CEO Nikesh Arora, CFO Dipak Golechha, President BJ Jenkins, and Chief Product & Technology Officer Lee Klarich. In plain terms, if the company terminates one of them without cause outside a change-in-control window, they'd walk away with 100% of base salary, 12 months of continued health coverage, and 12 months of accelerated stock vesting; inside the protection window (three months before to 12 months after a change in control, or 18 for the CEO) — or if they quit for 'good reason' — the package jumps to double salary plus double target bonus for the CEO and 150% for other execs, along with full acceleration of all unvested equity. The payments are also engineered around the IRS's 280G 'golden parachute' rules, paying out whichever structure nets the executive more after tax.