Lee Klarich sells 62,904 shares at $258.65 avg for $16.3M under 10b5-1 plan; post-transaction holds 235,983 shares.
Lee Klarich, EVP Chief Product & Tech Officer, executed 12 separate sales totaling 62,904 shares for $16,270,351.92 on 2026-05-22 under a pre-arranged 10b5-1 trading plan adopted 2025-12-11. The blended average price of $258.65 falls near the 52-week high of $261.41, representing a -5.0% discount from peak. This is a scheduled liquidation, not a discretionary trade, so timing interpretation is not applicable. His cross-ticker track record shows 20 prior sells with an average 90-day return of -15.8%; his five prior PANW sales (all on 2026-01-08) averaged -9.2% to -10.0% at 90 days. The disposition reduces his PANW holding by 21.0% from 298,887 to 235,983 shares—a material reduction but still a substantial retained position given the company's $202.8B market cap and strong fundamentals (14.9% annual revenue growth, $2.6B latest-quarter revenue). The 10b5-1 plan structure removes discretion from this execution.