PALO ALTO NETWORKS, INC. (NYSE:PANW) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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PALO ALTO NETWORKS, INC. (NYSE:PANW) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

PALO ALTO NETWORKS, INC. (NYSE:PANW) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 10, 2019, René Bonvanie informed Palo Alto Networks, Inc. (the “Company”) of his decision to resign from his position as Chief Marketing Officer of the Company, effective August 1, 2019. Mr. Bonvanie will continue to be employed by the Company as Executive Vice President, Strategic Accounts, reporting to the Company’s Chief Executive Officer. The terms of Mr. Bonvanie’s offer letter were amended and his annual base salary will be $200,000 commencing August 1, 2019. Effective August 1, 2019, he will be eligible to participate in the Company’s incentive bonus plan with a target annual incentive compensation payment of 50% of his then-current annual base salary based on the achievement of certain objectives. Mr. Bonvanie will forfeit his performance stock option awards covering 419,183 shares of the Company’s common stock effective as of August 1, 2019, while his other equity awards covering shares of Company common stock will continue to vest, subject to Mr. Bonvanie’s continued service. He will also continue to be eligible to participate in the Company’s equity incentive plans and its other employee benefit plans.

The foregoing description of Mr. Bonvanie’s amended offer letter is qualified in its entirety by the full text of such letter, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Effective August 1, 2019, Jean English will join the Company and serve as the Company’s Chief Marketing Officer, reporting to the Company’s Chief Executive Officer. Ms. English brings a wealth of leadership and experience to the role. Prior to joining the Company, Ms. English served as Senior Vice President and Chief Marketing Officer at NetApp Inc., a provider of hybrid cloud data services and data management, for three years. Prior to joining NetApp, she served as the global vice president for IBM Cloud Marketing and led the go-to-market transformation for IBM’s cloud business.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

10.1    Amended Offer Letter between the Registrant and René Bonvanie, dated July 10, 2019.
99.1    Press release dated as of July 11, 2019.


Palo Alto Networks Inc Exhibit
EX-10.1 2 d773173dex101.htm EX-10.1 EX-10.1 Exhibit 10.1   July 10,…
To view the full exhibit click here

About PALO ALTO NETWORKS, INC. (NYSE:PANW)

Palo Alto Networks, Inc. offers a next-generation security platform. The Company’s security platform consists of three elements: Next-Generation Firewall, Advanced Endpoint Protection and Threat Intelligence Cloud. Its Next-Generation Firewall delivers application, user and content visibility and control, as well as protection against network-based cyber threats integrated within the firewall through its hardware and software architecture. Its Advanced Endpoint Protection prevents cyber attacks that run malicious code or exploit software vulnerabilities on a range of fixed and virtual endpoints and servers. Its Threat Intelligence Cloud provides central intelligence capabilities, security for software as a service applications and automated delivery of preventative measures against cyber attacks. Its products and services include firewall appliances, panorama, virtual system upgrades, subscription services, support and maintenance, and professional services.