Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 6, 2021, Josh Paul joined Palo Alto Networks, Inc. (the "Company")
as the Company's Chief Accounting Officer. Prior to joining the Company,
Mr. Paul, age 45, served as Sr. Director of Accounting and Controller-Corporate
Accounting of Alphabet, Inc., the parent company of Google LLC, a company that
provides internet-related services and products, from January 2016 to September
2021 and as a partner at PricewaterhouseCoopers LLP from July 2012 to December
2015. Jean Compeau will remain Deputy Chief Financial Officer.
Pursuant to an offer letter, Mr. Paul will be entitled to an annual base salary
of $425,000 and his target annual incentive compensation will be 40% of his base
salary. He will also be paid a $250,000 one-time sign-on bonus, which must be
repaid to the Company, on a pro-rata basis, if he voluntarily resigns from his
position within two years of his start date. In addition, Mr. Paul will receive
a restricted stock unit award having an approximate value of $4,600,000, which
will vest 25% on the one-year anniversary of the date of grant and the remainder
vesting on a quarterly basis thereafter, subject to his continuing with the
Company on each vesting date. The equity grants will be granted under the
Company's 2012 Equity Incentive Plan. The foregoing description of Mr. Paul's
offer letter does not purport to be complete and is qualified in its entirety by
reference to the offer letter, which is attached as Exhibit 10.1 to this report.
Mr. Paul executed the Company's standard form of indemnification agreement (see
Exhibit 10.1 to our Annual Report on Form 10-K for the fiscal year ended
July 31, 2020 filed with the Securities and Exchange Commission on September 4,
2020).
There are no family relationships between Mr. Paul and any director or executive
officer of the Company, there is and was no arrangement or understanding between
him and any other person pursuant to which he was selected as an officer and he
has no direct or indirect material interest in any transaction, or series of
transactions, required to be disclosed pursuant to Item 404(a) of Regulation
S-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description of Exhibit
10.1 Offer Letter between the Registrant and Mr. Paul, dated
August 5, 2021.
104 Cover Page Interactive Data File (formatted as inline XBRL).
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