8-KLeadership ChangesExhibits & Filings

Palo Alto Networks Inc 8-K Report, Executive Changes (Sep 8, 2021)

Filed September 8, 2021For Securities:PANW

Summary

Palo Alto Networks, Inc. (PANW) announced the appointment of Josh Paul as its new Chief Accounting Officer (CAO) on September 6, 2021. Mr. Paul brings significant experience from his previous roles, including Sr. Director of Accounting and Controller-Corporate Accounting at Alphabet, Inc., and a partner at PricewaterhouseCoopers LLP. This appointment is a key personnel change within the Company's financial leadership team and signals a strengthening of its accounting oversight. The compensation package for Mr. Paul reflects the importance of this role and includes a base salary of $425,000, a target annual incentive of 40% of base salary, and a one-time sign-on bonus of $250,000. Additionally, he will receive a substantial restricted stock unit award valued at approximately $4,600,000, with a vesting schedule designed to incentivize long-term commitment. Investors should note the potential repayment clause of the sign-on bonus if Mr. Paul voluntarily resigns within two years, indicating a retention incentive.

Key Highlights

  • 1Appointment of Josh Paul as Chief Accounting Officer (CAO) effective September 6, 2021.
  • 2Mr. Paul's prior experience includes roles at Alphabet, Inc. (Google) and PricewaterhouseCoopers LLP.
  • 3Annual base salary for Mr. Paul is set at $425,000.
  • 4Mr. Paul is eligible for a target annual incentive compensation of 40% of his base salary.
  • 5A one-time sign-on bonus of $250,000 is provided, subject to pro-rata repayment if voluntary resignation occurs within two years.
  • 6Restricted stock unit award of approximately $4,600,000 granted, vesting over time, subject to continued employment.
  • 7No disclosed family relationships or material indirect interests of Mr. Paul with existing officers or directors.

Frequently Asked Questions

Josh Paul has been appointed as the new Chief Accounting Officer (CAO) for Palo Alto Networks, effective September 6, 2021.

Mr. Paul has a strong financial background, having served as Sr. Director of Accounting and Controller-Corporate Accounting at Alphabet, Inc. (parent of Google) from January 2016 to September 2021. Prior to that, he was a partner at PricewaterhouseCoopers LLP from July 2012 to December 2015.

Mr. Paul will receive an annual base salary of $425,000, a target annual incentive compensation of 40% of his base salary, a $250,000 sign-on bonus (with a repayment clause), and a restricted stock unit award valued at approximately $4,600,000 that vests over time.

Yes, the $250,000 sign-on bonus must be repaid on a pro-rata basis if Mr. Paul voluntarily resigns from his position within two years of his start date. This provision is designed to incentivize his continued employment.