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 Companys Chief Executive Officer. The terms of Mr. Bonvanies 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 Companys 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 Companys 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. Bonvanies continued service. He will also continue to be eligible to participate in the Companys equity incentive plans and its other employee benefit plans.
The foregoing description of Mr. Bonvanies 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 Companys Chief Marketing Officer, reporting to the Companys 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 IBMs cloud business.
Item 9.01 Financial Statements and 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.|