# EDGAR Filing Document

**Accession Number:** 0001598110
**File Stem:** 0001104659-26-013062
**Filing Date:** 2026-2
**Character Count:** 188823
**Document Hash:** c14dabf3c5542eab50e756452698ecbe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-013062.hdr.sgml**: 20260211

**ACCESSION NUMBER**: 0001104659-26-013062

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260211

**FILED AS OF DATE**: 20260211

**DATE AS OF CHANGE**: 20260211

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CyberArk Software Ltd.
- **CENTRAL INDEX KEY:** 0001598110
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36625
- **FILM NUMBER:** 26618486

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 9 HAPSAGOT ST.
- **STREET 2:** PARK OFER B, P.O. BOX 3143
- **CITY:** PETACH-TIKVA
- **PROVINCE COUNTRY:** L3
- **BUSINESS PHONE:** 97239180000

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 9 HAPSAGOT ST.
- **STREET 2:** PARK OFER B, P.O. BOX 3143
- **CITY:** PETACH-TIKVA
- **PROVINCE COUNTRY:** L3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cyber-Ark Software Ltd.
- **DATE OF NAME CHANGE:** 20140123

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM 6-K**

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**REPORT OF FOREIGN PRIVATE ISSUER**

**Pursuant to Rule 13a-16 or 15d-16 under the**

**Securities Exchange Act of 1934**

**For the month of February 2026**

**Commission File Number: 001-36625**

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**CyberArk Software Ltd.**

**(Translation of registrant's name into English)**

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**CyberArk Software Ltd.**

**9 Hapsagot St.**

**Park Ofer 2, P.O. Box 3143**

**Petach-Tikva, 4951040 Israel**

**(Address of principal executive offices)**

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

**EXPLANATORY NOTE**

On February 11, 2026, CyberArk Software Ltd., a company organized under the laws of the State of Israel ("CyberArk" or the "Company"), and Palo Alto Networks, Inc. ("PANW"), a Delaware corporation, completed their previously announced merger pursuant to the Agreement and Plan of Merger, dated as of July 30, 2025 (the "Merger Agreement"), by and among the Company, PANW, and Athens Strategies Ltd., a company organized under the laws of the State of Israel and a wholly owned subsidiary of PANW ("Merger Sub"). Pursuant to the Merger Agreement, and upon the terms and subject to the conditions therein, Merger Sub merged with and into the Company (the "Merger"), with the Company continuing as the surviving company in the Merger and as a wholly owned subsidiary of PANW.

Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger (the "Effective Time"):

&nbsp;&nbsp;&nbsp;&nbsp;· each outstanding ordinary share, par value NIS 0.01 per share, of the Company (each, a "Company Share") was converted
into the right to receive 2.2005 shares of common stock, par value $0.0001 per share, of PANW (the "PANW Shares") and $45.00
in cash, without interest (together, the "Merger Consideration");

&nbsp;&nbsp;&nbsp;&nbsp;· each option to purchase Company Shares (each, a "Company Option") that was outstanding, unexercised and vested as of the
Effective Time was cancelled, and each holder became entitled to receive the Merger Consideration applicable to the Company Shares covered
by such Company Option after withholding Company Shares to cover the exercise price (as determined in accordance with the formula set
forth in the Merger Agreement), less applicable tax withholdings;

&nbsp;&nbsp;&nbsp;&nbsp;· each Company Option, other than those described above, that was outstanding and unexercised as of the Effective Time was assumed and
converted automatically into an option to purchase PANW Shares based on the exchange ratio set forth in the Merger Agreement, on the same
terms and conditions (including vesting and acceleration terms);

&nbsp;&nbsp;&nbsp;&nbsp;· each restricted stock unit award relating to Company Shares ("Company RSU Award") that was outstanding and held by a non-employee
director of Company as of the Effective Time, each performance stock unit award relating to Company Shares ("Company PSU Award")
granted subject to relative total shareholder return performance objectives that was outstanding as of the Effective Time, and certain
other Company RSU Awards that were outstanding as of the Effective Time as set forth in the Merger Agreement were cancelled and each holder
became entitled to receive the Merger Consideration in respect of each Company Share covered by such Company RSU Award or Company PSU
Award, as applicable, with the performance objectives applicable to any such Company PSU Award for which the performance measurement period
had not been completed prior to the Effective Time deemed achieved at the greater of the target level of performance and actual performance;
and

· each Company RSU Award and Company PSU Award, other than those described above, that was outstanding as of the Effective Time was assumed and converted automatically into a corresponding award in respect of PANW Shares based on the exchange ratio set forth in the Merger Agreement, on the same terms and conditions (including vesting (other than performance-based vesting) and acceleration terms), with the performance objectives applicable to any such Company PSU Award for which the performance measurement period had not been completed prior to the Effective Time deemed achieved at the target level of performance.

In connection with the Merger, the Company, PANW and U.S. Bank Trust Company, National Association, as trustee, entered into that certain First Supplemental Indenture, dated as of February 11, 2026 (the "Supplemental Indenture", and the Base Indenture (as defined below), as modified and supplemented by the Supplemental Indenture, the "Indenture"), amending and supplementing that certain Indenture, dated as of June 10, 2025 (the "Base Indenture"), between the Company and U.S. Bank Trust Company, National Association, as trustee, related to the Company's 0.00% Convertible Senior Notes due 2030 (the "Notes") to, among other things, (i) change the right to convert each $1,000.00 principal amount of Notes into a right to convert such principal amount of Notes into the number of units of Merger Consideration that a holder of a number of Company Shares equal to the conversion rate effective immediately prior to the Effective Time would have owned or been entitled to receive upon such Merger, (ii) in connection with the foregoing, implement anti-dilution and other adjustments to the conversion rate as provided for in the Supplemental Indenture and (iii) add PANW as a guarantor of the Notes pursuant to the unconditional and irrevocable guarantee set forth in the Supplemental Indenture.

The Supplemental Indenture also provides that the Company has irrevocably elected (A) to eliminate the right of the Company to elect Physical Settlement (as such term is defined in the Indenture) as the settlement method of any conversion of Notes that occurs on or after the date of the Supplemental Indenture and (B) that with respect to any Combination Settlement (as such term is defined in the Indenture) of any conversion of Notes that occurs on or after the date of the Supplemental Indenture, the Specified Dollar Amount (as such term is defined in the Indenture) per $1,000.00 principal amount of Notes shall be no lower than $1,000.00.

Furthermore, on February 11, 2026, the Company notified holders of the Notes, the trustee and the conversion agent that the Default Settlement Method (as such term is defined in the Indenture) will be Cash Settlement (as such term is defined in the Indenture) with respect to all conversions of Notes with a Conversion Date (as such term is defined in the Indenture) that occurs on or after February 11, 2026. As a result, all conversions of Notes with a Conversion Date on and after February 11, 2026, will be settled by Cash Settlement until the Company modifies the settlement method in accordance with the Indenture.

The foregoing description of the Supplemental Indenture does not purport to be complete and is qualified in its entirety by reference to the Base Indenture and the Supplemental Indenture, a copy of which is attached hereto as Exhibit 4.1 and 4.2, respectively.

In connection with the Merger, shortly after the Effective Time, the Company and PANW entered into amended and restated letter agreements (collectively, the "Capped Call Amendments") with respect to the capped call transactions (the "Capped Call Transactions") entered into by the Company and certain financial institutions (the "Dealers") in connection with the issuance of the Notes. The Capped Call Amendments modify the Capped Call Transactions by, among other things, requiring the Dealers to deliver PANW Shares in lieu of Company Shares. Pursuant to the Capped Call Amendments, PANW has assumed the rights and obligations of the Company with respect to the Capped Call Transactions.

The foregoing description of the Capped Call Amendments does not purport to be complete and is qualified in its entirety by reference to the Capped Call Amendments, the form of which is attached hereto as Exhibit 10.1 hereto and is incorporated herein by reference.

In connection with the consummation of the Merger, the Company notified the Nasdaq Stock Market ("Nasdaq") that each outstanding Company Share was converted pursuant to the Merger into the right to receive the Merger Consideration, subject to the terms and conditions of the Merger Agreement. The Company requested that Nasdaq file a notification of removal from listing on Form 25 with the Securities and Exchange Commission (the "SEC") with respect to the delisting of the Company Shares. The Company expects to terminate the registration of the Company Shares under the Securities Exchange Act of 1934, as amended, and cease to report to the SEC, approximately 10 days following the filing of the Form 25.

This Report on Form 6-K is hereby incorporated by reference into the Company's Registration Statements on Form S-8 (File Nos. 333-200367, 333-202850, 333-216755, 333-223729, 333-230269, 333-236909, 333-254152, 333-254154, 333-263436, 333-270222, 333-270223, 333-277932, 333-280349, 333-285751 and 333-285753) and on Form F-3 (File No. 333-282772).

**EXHIBIT INDEX**

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| | |
|:---|:---|
| Exhibit | Description |
| [4.1](https://www.sec.gov/Archives/edgar/data/1598110/000117891325002149/exhibit_4-1.htm) | [Indenture, dated June 10, 2025, by and between CyberArk Software Ltd. and U.S. Bank Trust Company, National Association (incorporated by reference to Exhibit 4.1 to the Company's Report of Foreign Private Issuer on Form 6-K furnished on June 10, 2025)](https://www.sec.gov/Archives/edgar/data/1598110/000117891325002149/exhibit_4-1.htm) |
| [4.2](tm265803d1_ex4-2.htm) | [First Supplemental Indenture, dated as of February 11, 2026, by and among Palo Alto Networks, Inc., CyberArk Software Ltd. and U.S. Bank Trust Company, National Association.](tm265803d1_ex4-2.htm) |
| [4.3](https://www.sec.gov/Archives/edgar/data/1598110/000117891325002149/exhibit_4-1.htm) | [Form of Global 0.00% Convertible Senior Note due 2030 (included in Exhibit 4.1) (incorporated by reference to Exhibit 4.1 to the Company's Report of Foreign Private Issuer on Form 6-K furnished on June 10, 2025)](https://www.sec.gov/Archives/edgar/data/1598110/000117891325002149/exhibit_4-1.htm) |
| [10.1](tm265803d1_ex10-1.htm) | [Form of Amended and Restated Confirmation of Capped Call Transaction.](tm265803d1_ex10-1.htm) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | CYBERARK SOFTWARE LTD. | CYBERARK SOFTWARE LTD. |
| Date: February 11, 2026 | By: | /s/ Erica Smith |
|  |  | Name: Erica Smith |
|  |  | Title: Chief Financial Officer |

---

## Exhibit 4.2

**Exhibit 4.2**

**Execution Version**

**FIRST SUPPLEMENTAL INDENTURE**

This FIRST SUPPLEMENTAL INDENTURE, dated as of February 11, 2026 (this "<u>First Supplemental Indenture</u>"), is entered into among CyberArk Software Ltd., a company organized under the laws of the State of Israel (the "<u>Company</u>"), Palo Alto Networks, Inc., a Delaware corporation ("<u>Parent</u>") and U.S. Bank Trust Company, National Association, a national banking association, as trustee (the "<u>Trustee</u>").

WHEREAS, the Company and the Trustee entered into an indenture, dated as of June 10, 2025 (the "<u>Base Indenture</u>", as modified by this First Supplemental Indenture, the "<u>Indenture</u>"), between the Company and the Trustee, providing for the issuance of the 0.00% Convertible Senior Notes due 2030 (the "<u>Notes</u>");

WHEREAS, on July 30, 2025, the Company entered into an Agreement and Plan of Merger (the "<u>Merger Agreement</u>") with Parent and Athens Strategies Ltd., a company organized under the laws of the State of Israel and a wholly owned subsidiary of Parent ("<u>Merger Sub</u>");

WHEREAS, pursuant to the Merger Agreement, and subject to the terms and conditions thereof, Merger Sub will merge with and into the Company, with the Company continuing as the surviving corporation and a wholly owned subsidiary of Parent (the "<u>Merger</u>");

WHEREAS, pursuant to the Merger Agreement, at the effective time of the Merger (the "<u>Effective Time</u>"), each ordinary share, par value NIS 0.01 per share, of the Company (a "<u>Company Share</u>") issued and outstanding immediately prior to the Effective Time (other than any Deemed Cancelled Shares (as defined in the Merger Agreement) and Converted Shares (as defined in the Merger Agreement)) will be converted into (A) 2.2005 fully paid and non-assessable shares of common stock, par value $0.0001 per share, of Parent ("<u>Parent Common Stock</u>"), and (B) the right to receive $45.00 in cash, without interest, in each case in accordance with the terms of, and subject to the qualifications described in, the Merger Agreement ((A) and (B) together, a "<u>unit of Reference Property</u>" for purposes of Section 14.07(a) of the Base Indenture, which is the amount of Reference Property (as defined in the Base Indenture) that a holder of one Company Share is entitled to receive in the Merger), and cash in lieu of any fractional shares of Parent Common Stock as set forth in the Merger Agreement;

WHEREAS, Section 14.07(a) of the Base Indenture provides, among other things, that at and after the Effective Time, the right to convert each $1,000 principal amount of Notes shall be changed into a right to convert such principal amount of Notes into the kind and amount of Reference Property that a holder of a number of Ordinary Shares equal to the Conversion Rate immediately prior to such Merger Event would have owned or been entitled to receive upon such Merger Event;

WHEREAS, Section 14.07(a) of the Base Indenture further provides, among other things, that at and after the Effective Time (i) the Company shall continue to have the right to determine the form of consideration to be paid or delivered, as the case may be, upon conversion of Notes in accordance with Section 14.02 of the Base Indenture and (ii)(A) any amount payable in cash upon conversion of the Notes in accordance with Section 14.02 of the Base Indenture shall continue to be payable in cash, (B) any Ordinary Shares that the Company would have been required to deliver upon conversion of the Notes in accordance with Section 14.02 of the Base Indenture shall instead be deliverable in the amount and type of Reference Property that a holder of that number of Ordinary Shares would have been entitled to receive in such Merger Event, and (C) the Daily VWAP shall be calculated based on the equity value component of a unit of Reference Property as set forth in this Supplemental Indenture;

WHEREAS, the Merger constitutes a Merger Event, Fundamental Change and Make-Whole Fundamental Change under the Base Indenture;

WHEREAS, Section 10.01(j) of the Base Indenture provides that the Company and the Trustee may amend or supplement the Indenture or the Notes without the consent of any Holder in connection with any Merger Event, to provide that the Notes are convertible into Reference Property, subject to the provisions of Section 14.02 of the Base Indenture, and make such related changes to the terms of the Notes to the extent expressly required by Section 14.07 of the Base Indenture;

WHEREAS, pursuant to Section 14.07 of the Base Indenture, prior to or at the Effective Time, the Company and Parent shall execute with the Trustee a supplemental indenture permitted under Section 10.01(j) of the Base Indenture providing for (i) changing the right to convert each $1,000 principal amount of Notes into a right to convert such principal amount of Notes into the kind and amount of Reference Property that a holder of a number of Ordinary Shares equal to the Conversion Rate immediately prior to such Merger Event would have been entitled to receive, (ii) anti-dilution and other adjustments to the Conversion Rate provided for in Article 14 of the Base Indenture in the manner set forth in Section 14.07 of the Base Indenture and (iii) such additional provisions to protect the interests of the Holders of the Notes as the Board of Directors shall reasonably consider necessary by reason of the fact that the Reference Property includes Parent Common Stock, including the provisions providing for the purchase rights set forth in Article 15 of the Base Indenture;

WHEREAS, Section 10.01(c) of the Base Indenture provides that the Company and the Trustee may amend or supplement the Indenture or the Notes without the consent of any Holder to add guarantees with respect to the Notes;

WHEREAS, Parent wishes to fully and unconditionally guarantee all of the obligations of the Company under the Notes and the Indenture (the "<u>Guarantee</u>");

WHEREAS the Effective Time will occur concurrently with the execution of this First Supplemental Indenture;

WHEREAS, Section 10.01(i) of the Base Indenture provides that the Company and the Trustee may amend or supplement the Indenture without the consent of any Holder to irrevocably elect or eliminate a Settlement Method or a Specified Dollar Amount, or eliminate the Company's right to elect a Settlement Method;

WHEREAS, the Company intends to supplement the Indenture to irrevocably surrender its right to elect Physical Settlement and to irrevocably elect a minimum Specified Dollar Amount for any Combination Settlement upon conversion of any Note;

WHEREAS, the Company has pursuant to Sections 10.05, 14.07(b) and 17.05 of the Base Indenture heretofore delivered or is delivering contemporaneously herewith to the Trustee an Officers' Certificate and an Opinion of Counsel; and

WHEREAS, the Company has complied with all conditions precedent provided for in the Base Indenture relating to this First Supplemental Indenture.

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto mutually covenant and agree for the equal and proportionate benefit of the respective Holders from time to time of the Notes as follows:

Article I<br> DEFINITIONS

Section 1.01 All capitalized terms used but not defined in this First Supplemental Indenture shall have the meanings ascribed to such terms in the Base Indenture.

Section 1.0 The following definitions in Section 1.01 of the Base Indenture are hereby amended and restated as follows:

"**Fundamental Change**" shall be deemed to have occurred at the time after the Notes are originally issued if any of the following occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a "person" or "group" within the meaning of Section 13(d) of the Exchange
Act, other than Parent, its Wholly Owned Subsidiaries and the employee benefit plans of Parent and its Wholly Owned Subsidiaries, files
a Schedule TO or any schedule, form or report under the Exchange Act disclosing that such person or group, has become the direct or indirect
 "beneficial owner," as defined in Rule 13d-3 under the Exchange Act, of Ordinary Shares representing more than 50% of
the voting power of Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the consummation of (A) any recapitalization, reclassification or change of the Ordinary Shares (other
than changes resulting from a subdivision or combination or changes in nominal (par) value) as a result of which the Ordinary Shares would
be converted into, or exchanged for, stock, other securities, other property or assets; (B) any share exchange, consolidation or
merger or statutory scheme of arrangement of Parent pursuant to which the Ordinary Shares will be converted into cash, securities or other
property or assets; or (C) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially
all of the consolidated assets of the Parent and its Subsidiaries, taken as a whole, to any Person other than one of the Parent's
Wholly Owned Subsidiaries; *provided, however*, that a transaction described in clause (A) or (B) in which the holders
of all classes of the Parent's Common Equity immediately prior to such transaction own, directly or indirectly, more than 50% of
all classes of Common Equity of the continuing or surviving corporation or transferee or the direct or indirect parent thereof immediately
after such transaction in substantially the same proportions as such ownership immediately prior to such transaction shall not be a Fundamental
Change pursuant to this clause (b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the shareholders of the Parent approve any plan or proposal for the liquidation or dissolution of the
Parent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Ordinary Shares (or other Common Equity underlying the Notes) cease to be listed or quoted on any
of The New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of their respective successors);

*provided*, *however*, that a transaction or transactions described in clause (b) above shall not constitute a Fundamental Change, if at least 90% of the consideration received or to be received by holders of the Ordinary Shares, excluding cash payments for fractional shares and cash payments made in respect of dissenters' statutory appraisal rights, in connection with such transaction or transactions consists of shares of Common Equity (other than American Depositary Receipts or American Depositary Shares) of a corporation that are listed or quoted on any of The New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of their respective successors) or will be so listed or quoted when issued or exchanged in connection with such transaction or transactions and as a result of such transaction or transactions the Notes become convertible into such consideration, excluding cash payments for fractional shares and cash payments made in respect of dissenters' statutory appraisal rights (subject to the provisions of Section 14.02(a)). If any transaction in which the Ordinary Shares are replaced by the securities of another entity occurs, following completion of any related Make-Whole Fundamental Change Period (or, in the case a transaction that would have been a Fundamental Change or a Make-Whole Fundamental Change but for the proviso immediately following clause (d) of this definition, following the effective date of such transaction), references to Parent in this definition shall instead be references to such other entity. For purposes of this definition of "Fundamental Change", any transaction that constitutes a Fundamental Change pursuant to both clause (a) and clause (b) of this definition (whether or not the proviso to clause (b) applies to such transaction) shall be deemed a Fundamental Change solely under clause (b) of this definition (subject to the proviso therein).

"**Ordinary Shares**" means the common stock of the Parent, par value $0.0001 per share, subject to Section 14.07.

Section 1.03 For the purposes of Section 2.02 hereof, the following definitions are hereby added to Section 1.01 of the Base Indenture:

"**Cash Component**" means the cash portion of a unit of Reference Property at the Effective Time of the Merger, which is $45.00 in cash, without interest.

"**Equity Component**" means the equity portion of a unit of Reference Property at the Effective Time of the Merger, which is 2.2005 Ordinary Shares, subject to adjustment as provided in Article 14 and subject to Section 14.07.

"**Equity Price Component**" shall have the meaning specified in Section 14.03(c).

"**PANW Consideration Unit**" means (i) the Equity Component plus (ii) the Cash Component.

Article II<br> EFFECT OF MERGER; MODIFICATIONS OF THE INDENTURE

Section 2.01 <u>Conversion Right Generally</u>.

Pursuant to Section 14.07 of the Base Indenture, as a result of the Merger: (a) at and after the Effective Time of the Merger, the right to convert each $1,000 principal amount of Notes shall be changed into a right to convert such principal amount of Notes into the number of units of Reference Property that a holder of a number of Ordinary Shares equal to the Conversion Rate in effect immediately prior to the Effective Time of the Merger would have owned or been entitled to receive upon the Merger; (b) at and after the Effective Time, (A) the Company shall continue to have the right to determine the form of consideration to be paid or delivered, as the case may be, upon conversion of Notes in accordance with Section 14.02 of the Base Indenture and (B)(I) any amount payable in cash upon conversion of the Notes in accordance with Section 14.02 of the Base Indenture shall continue to be payable in cash, (II) any Ordinary Shares (as defined in the Base Indenture) that the Company would have been required to deliver upon conversion of the Notes in accordance with Section 14.02 of the Base Indenture shall instead be deliverable in the amount and type of Reference Property that a holder of that number of Ordinary Shares (as defined in the Base Indenture) would have been entitled to receive in the Merger Event, and (III) the Daily VWAP shall be calculated based on the value of a Unit of Reference Property; (c) the definitions of "Effective Date", "Ex-Dividend Date", "Market Disruption Event", "Record Date", "Scheduled Trading Day", "Specified Dollar Amount", and "Trading Day" shall be determined by reference to the Ordinary Shares (as such term is defined in this First Supplemental Indenture); and (d) the provisions of the Base Indenture, as modified herein, including without limitation, (i) all references and provisions respecting the terms "Ordinary Shares," "Conversion Price," "Conversion Rate," and "Last Reported Sale Price" and (ii) the provisions of Article 14 of the Base Indenture shall continue to apply, *mutatis mutandis*, to the Holders' right to convert each Note into the Reference Property.

Section 2.0 <u>Certain Amendments (Conversions)</u>.

For greater clarity, subject in all regards to Section 2.01 of this First Supplemental Indenture and without limiting the generality of Section 2.01 of this First Supplemental Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The phrase "the Last Reported Sale Price of the Ordinary Shares and the" in the definition of "Trading Price" in Section 1.01 of the Base Indenture shall be read as "(1) the sum of (x) the product of the Last Reported Sale Price of the Ordinary Shares and the Equity Component and (y) the Cash Component and (2) the" and the phrase "the Last Reported Sale Price of the Ordinary Shares on each such Trading Day" and phrases of similar import in Sections 14.01(b) of the Base Indenture shall be interpreted in a conforming manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The term "the Last Reported Sale Price of the Ordinary Share" and phrases of similar import in Section 14.01(b)(iv) and Section 16.02(a), in each case of the Base Indenture shall be read as " the sum of (x) the product of the Last Reported Sale Price of the Ordinary Shares and the Equity Component and (y) the Cash Component".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The following definitions from the Base Indenture shall be read as follows:

"**Daily Conversion Value**" means, for each of the 30 consecutive Trading Days during the Observation Period, one-thirtieth (1/30) of the product of (a) the Conversion Rate on such Trading Day and (b) the sum of (1) the product of the Daily VWAP on such Trading Day and the Equity Component and (2) the Cash Component.

"**Daily Settlement Amount**," for each of the 30 consecutive Trading Days during the Observation Period, shall consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cash in an amount equal to the lesser of (i) the Daily Measurement Value and (ii) the Daily
Conversion Value for such Trading Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Daily Conversion Value on such Trading Day exceeds the Daily Measurement Value, a number of PANW
Consideration Units equal to (i) the difference between the Daily Conversion Value and the Daily Measurement Value, *divided by* (ii) the sum of (A) the product of the Daily VWAP for such Trading Day and the Equity Component and (B) the Cash Component.

"**Daily VWAP**" means, for each of the 30 consecutive Trading Days during the relevant Observation Period, the per share volume-weighted average price as displayed under the heading "Bloomberg VWAP" on Bloomberg page "PANW AQR" (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume weighted average price is unavailable, the market value of one Ordinary Share on such Trading Day determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by the Company). The "Daily VWAP" shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The phrase "the Company" in the lead in to Section 14.01(b)(ii), Section 14.01(b)(ii)(B), Section 14.01(b)(ii)(2), Section 14.10(a), Section 14.10(c) and Section 14.11, in each case of the Base Indenture shall be read as "the Parent".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The phrases "made by the Company" and "on behalf of the Company" or phrases of similar import in respect of payments and deliveries under the Notes in Section 4.10 and elsewhere in the Base Indenture, the form of Notes and the Notes shall be read as "made by the Company or the Parent, as applicable," and "on behalf of the Company or the Parent", respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The phrase "1.9614 Ordinary Shares (subject to adjustment as provided in this Article 14, the "Conversion Rate")" in Section 14.01(a) of the Base Indenture shall be read as "the sum of (x) the product of 1.9614 (subject to adjustment as provided in this Article 14, the "**Conversion Rate**") and the Equity Component and (y) the product of the Conversion Rate and the Cash Component".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The introductory paragraph of Section 14.02(a) of the Base Indenture shall be read as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to this Section 14.02, Section 14.03(b) and Section 14.07(a), upon conversion
of any Note, the Company shall pay or deliver, as the case may be, to the converting Holder, in respect of each $1,000 principal amount
of Notes being converted, cash ()"**Cash Settlement** "), PANW Consideration Units, together with cash, if applicable, in
lieu of delivering any fractional Ordinary Shares in accordance with subsection (k) of this Section 14.02 ()"**Physical Settlement**") or a combination of cash and PANW Consideration Units, together with cash, if applicable, in lieu of delivering
any fractional Ordinary Shares in accordance with subsection (k) of this Section 14.02 ()"**Combination Settlement** "),
at its election, as set forth in this Section 14.02.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Section 14.02(a)(iv) of the Base Indenture shall be read as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The cash, Ordinary Shares or combination of cash and Ordinary Shares in respect of any conversion of Notes (the "**Settlement Amount**") shall be computed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if the Company elects to satisfy its Conversion Obligation in respect of such conversion by Physical Settlement, Parent or the Company shall deliver, respectively, to the converting Holder in respect of each $1,000 principal amount of Notes being converted (x) a number of PANW Consideration Units consisting of the Equity Component equal to the Conversion Rate in respect of the Equity Component in effect on the Conversion Date and (y) a number of PANW Consideration Units consisting of the Cash Component equal to the Conversion Rate in respect of the Cash Component in effect on the Conversion Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if the Company elects to satisfy its Conversion Obligation in respect of such conversion by Cash Settlement, the Company shall pay to the converting Holder in respect of each $1,000 principal amount of Notes being converted cash in an amount equal to the sum of the Daily Conversion Values for each of the 30 consecutive Trading Days during the related Observation Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) if the Company elects (or is deemed to have elected) to satisfy its Conversion Obligation in respect of such conversion by Combination Settlement, the Company shall pay or the Parent shall deliver, as the case may be, in respect of each $1,000 principal amount of Notes being converted, a Settlement Amount equal to the sum of the Daily Settlement Amounts for each of the 30 consecutive Trading Days during the related Observation Period.

If more than one Note is surrendered for conversion at any one time by the same Holder, the Conversion Obligation with respect to such Notes shall be computed on the basis of the aggregate principal amount of the Notes surrendered.

Section 2.03 <u>Anti-Dilution Adjustments</u>.

As and to the extent required by Section 14.07(a) of the Base Indenture, the Conversion Rate shall be subject to anti-dilution and other adjustments as a result of events occurring subsequent to the date hereof with respect to the PANW Consideration Units that shall be as nearly equivalent as is possible to the adjustments of the Conversion Rate provided for in Article 14 of the Base Indenture and, following any such adjustment, the definition of the Conversion Price in Section 1.01 of the Base Indenture shall be interpreted in a conforming manner.

Section 2.04 <u>Certain Amendments (Adjustments)</u>.

For greater clarity, subject in all regards to Section 2.03 of this First Supplemental Indenture and without limiting the generality of Section 2.03 of this First Supplemental Indenture, the term "Ordinary Share" or "ordinary share" in Section 14.03(a) and Section 14.03(e), in each case of the Base Indenture shall be read as "PANW Consideration Unit", the phrase "Additional Ordinary Shares" in Section 14.03(e) of the Base Indenture shall be read as "Additional Shares" and Section 14.03(c) of the Base Indenture shall be read as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The number of Additional Shares, if any, by which the Conversion Rate shall be increased shall be determined by reference to the table below, based on (i) (x) in the case of a Make-Whole Fundamental Change, the date on which the Make-Whole Fundamental Change occurs or becomes effective or (y) in the case of a Redemption Notice, the Redemption Notice Date (in each case, the "**Effective Date**") and (ii) the amount equal to (x) in the case of a Make-Whole Fundamental Change, the sum of (A) the price paid (or deemed to be paid) for a number of Ordinary Shares equal to the Equity Component in the Make-Whole Fundamental Change and (B) the Cash Component or (y) in the case of a Redemption Notice, the sum of (A) the product of (I) the Equity Component and (II) the average of the Last Reported Sale Prices of an Ordinary Share over the five consecutive Trading Days ending on, and including, the Trading Day immediately preceding the Redemption Notice Date (the amount described in clause (ii)(x)(A) or (ii)(y)(A) of this sentence, the "**Equity Price Component**") and (B) the Cash Component (in each case (x) and (y), as applicable, the "**Share Price**"). If the holders of the Ordinary Shares receive in exchange for their Ordinary Shares only cash in a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Equity Price Component shall be the cash amount paid for a number of Ordinary Shares equal to the Equity Component in such Make-Whole Fundamental Change. In the case of any other Make-Whole Fundamental Change, the Equity Price Component shall be the product of (x) the average of the Last Reported Sale Prices of an Ordinary Share over the five consecutive Trading Days ending on, and including, the Trading Day immediately preceding the Effective Date and (y) the Equity Component. In the event that a conversion during a Redemption Period would also be deemed to be in connection with a Make-Whole Fundamental Change, or in connection with another Redemption Period, a Holder of Notes to be converted will be entitled to a single increase to the Conversion Rate with respect to the first to occur of the earliest applicable Redemption Notice Date or the Effective Date of any applicable Make-Whole Fundamental Change, and the later event(s) will be deemed not to have occurred for purposes of this Section with respect to such conversion. The Company shall make appropriate adjustments to the Share Price, in its good faith determination, to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, Effective Date (as such term is used in Section 14.04) or expiration date of the event occurs, during any such five consecutive Trading Day period during which the Share Price is to be calculated.

Section 2.05 <u>Repurchase of Notes at Option of Holders</u>.

The definition of "Fundamental Change" in Section 1.01 of the Base Indenture shall be amended as set forth in Section 1.02 of this First Supplemental Indenture. Except as amended hereby, the purchase rights of the Holders set forth in Article 15 of the Base Indenture shall continue to apply.

Section 2.06 <u>Parent to Provide Ordinary Shares</u>. The Parent hereby irrevocably and unconditionally agrees to issue Ordinary Shares as necessary to satisfy the provisions of the Indenture with respect to delivery of the consideration due in respect of the Conversion Obligation pursuant to Article 14 of the Base Indenture. Without limiting the generality of the foregoing, the reference to the phrase "the Company shall issue or cause to be issued, and deliver" in Section 14.02(c) of the Base Indenture shall be read as "the Parent shall issue or cause to be issued, and deliver", the reference to "the Company" in Section 14.06 of the Base Indenture shall be read as "the Parent", the phrase "Company or any agent thereof may refuse to deliver the certificates representing the Ordinary Shares" in Section 14.02(e) of the Base Indenture shall be read as "Parent or any agent thereof may refuse to deliver the certificates representing the Ordinary Shares" and the phrase "the Company shall not issue any fractional Ordinary Share upon conversion of the Notes and shall instead pay cash" in Section 14.02(k) of the Base Indenture shall be read as "the Parent shall not issue any fractional Ordinary Share upon conversion of the Notes and the Company shall instead pay cash".

Article III<br> GUARANTEE

Section 3.01 <u>Guarantee</u>. Parent hereby absolutely, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, and on a joint and several basis, to each Holder of Notes and to the Trustee and its successors and assigns, (i) the full and punctual payment when due (whether at the stated maturity, by acceleration or otherwise) of all monetary obligations of the Company under the Indenture and (ii) the full and punctual performance within applicable grace periods of all other obligations of the Company under the Indenture. Parent further agrees that its obligations hereunder shall be joint and several, irrevocable, absolute and unconditional, and shall not be affected or impaired by any circumstances or occurrence whatsoever, irrespective of, and the Guarantor hereby irrevocably waives any defenses (other than a defense of (1) payment in full of the obligations under the Indenture and the Notes or (2) release of the guarantee in accordance with Section 3.01(d) hereof) or the absence or existence of any action to enforce the same, the recovery of any judgment against the Company (except to the extent such judgment is paid) or any waiver or amendment of the provisions of the Indenture or the Notes to the extent that any such action or any similar action would otherwise constitute a legal or equitable discharge or defense of Parent (except that such waiver or amendment shall be effective in accordance with its terms).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Parent further agrees that its Guarantee constitutes a guarantee of payment, performance and compliance and not merely of collection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Parent further agrees to waive presentment to, demand of payment from and protest to the Company of its Guarantee, and also waives promptness, diligence, notice of acceptance of its Guarantee, presentment, demand for payment, notice of protest for nonpayment, the filing of claims with a court in the event of merger or bankruptcy of the Company, any right (i) to require a proceeding first against, initiate any actions before a court or any other judge or authority against, or enforce any other rights or security or claim payment from, the Company or any other Person before claiming any amounts due from the Guarantor hereunder, (ii) to which it may be entitled to have the assets of the Company or any other person first be used, applied or depleted as payment of the obligations under the Indenture, prior to any amount being claimed from or paid by the Guarantor hereunder or (iii) to which it may be entitled to have claims against it, or assets to be used or applied as payment, divided between the Company and the Guarantor, and all other defenses based on suretyship. The obligations of Parent shall not be affected by any failure or delay on the part of the Trustee to exercise any right or remedy under the Indenture or the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The obligation of Parent to make any payment hereunder may be satisfied by causing the Company to make such payment. If any Holder of any Note or the Trustee is required by any court or otherwise to return to the Company or Parent or any custodian, trustee, liquidator or other similar official acting in relation to the Company or Parent any amount paid by either of them to the Trustee or such Holder, the Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the satisfaction and discharge of the Indenture in accordance with Article 3 thereof, Parent will be released and relieved of any obligations under the Guarantee.

Article IV<br> IRREVOCABLE ELECTIONS

Section 4.01 <u>Irrevocable Election to Eliminate Physical Settlement</u>. The Company hereby irrevocably eliminates the right of the Company to elect Physical Settlement as the Settlement Method of any conversion of Notes that occurs on or after the date of this Supplemental Indenture.

Section 4.02 <u>Irrevocable Election of Minimum Specified Dollar Amount</u>. The Company hereby irrevocably elects that, with respect to any Combination Settlement of any conversion of Notes that occurs on or after the date of this Supplemental Indenture, the Specified Dollar Amount per $1,000 principal amount of Notes shall be no lower than $1,000.

Article V<br> ACCEPTANCE OF FIRST SUPPLEMENTAL INDENTURE

Section 5.01 <u>Trustee's Acceptance</u>. The Trustee hereby accepts this First Supplemental Indenture and agrees to perform the same under the terms and conditions set forth in the Indenture.

Article VI<br> MISCELLANEOUS PROVISIONS

Section 6.01 <u>Effectiveness of First Supplemental Indenture</u>. This First Supplemental Indenture shall become effective as of the Effective Time.

Section 6.02 <u>Effect of First Supplemental Indenture</u>. Upon the execution and delivery of this First Supplemental Indenture by the Company, Parent and the Trustee, the Indenture shall be supplemented and amended in accordance herewith, and this First Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder heretofore or hereafter authenticated and delivered under the Indenture shall be bound hereby. All the provisions of this First Supplemental Indenture shall thereby be deemed to be incorporated in, and a part of, the Indenture; and the Indenture, as supplemented and amended by this First Supplemental Indenture, shall be read, taken and construed as one and the same instrument.

Section 6.03 <u>Indenture Remains in Full Force and Effect</u>. This First Supplemental Indenture shall form a part of the Indenture for all purposes and, except as supplemented or amended hereby, all other provisions in the Base Indenture and the Notes, to the extent not inconsistent with the terms and provisions of this First Supplemental Indenture, shall remain in full force and effect and is in all respects confirmed and preserved.

Section 6.04 <u>Headings</u>. The titles and headings of the articles and sections of this First Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions of this First Supplemental Indenture.

Section 6.05 <u>Counterparts</u>. This First Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this First Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this First Supplemental Indenture as to the parties hereto and may be used in lieu of the original First Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, PDF or other electronic transmission shall constitute effective execution and delivery of this First Supplemental Indenture as to the other parties hereto shall be deemed to be their original signatures for all purposes. All notices, approvals, consents, requests and any communications hereunder must be in writing (provided that any communication sent to the Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature provider as specified in writing to the Trustee by the authorized representative), in English). The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

Section 6.06 <u>Governing Law</u>. THIS FIRST SUPPLEMENTAL INDENTURE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS FIRST SUPPLEMENTAL INDENTURE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF).

Section 6.07 <u>Separability</u>. In the event that any provision of this First Supplemental Indenture shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired.

Section 6.08 <u>Waiver of Jury Trial</u>. EACH OF THE COMPANY, PARENT AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 6.09 <u>Indenture and Notes Solely Corporate Obligations</u>. No recourse for the payment of the principal of or any accrued and unpaid Special Interest on any Note, nor for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company or Parent in this First Supplemental Indenture or in any Note, nor because of the creation of any indebtedness represented thereby, shall be had against any incorporator, shareholder, employee, agent, Officer or director or Subsidiary, as such, past, present or future, of the Parent or the Company or of any successor corporation, either directly or through the Parent, the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this First Supplemental Indenture and the issue of the Notes and the Guarantee.

Section 6.10 <u>No Responsibility for Recitals, Etc.</u> The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture. The recitals, statements, warranties and representations contained herein and in the Notes (except in the Trustee's certificate of authentication) shall be taken as the statements of the Company or the Parent, and the Trustee assumes no responsibility for the correctness of the same.

IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed as of the day and year first written above.

---

| | | |
|:---|:---|:---|
| **CYBERARK SOFTWARE LTD.** | **CYBERARK SOFTWARE LTD.** | **CYBERARK SOFTWARE LTD.** |
| By: | /s/ Erica Smith | /s/ Erica Smith |
|  | Name: | Erica Smith |
|  | Title: | Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **PALO ALTO NETWORKS, INC.** | **PALO ALTO NETWORKS, INC.** | **PALO ALTO NETWORKS, INC.** |
| By: | /s/ Bruce R. Byrd | /s/ Bruce R. Byrd |
|  | Name: | Bruce R. Byrd |
|  | Title: | Executive Vice President and General Counsel |

---

---

| | | |
|:---|:---|:---|
| **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee** | **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee** | **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee** |
| By: | /s/ Quinton M. DePomplo | /s/ Quinton M. DePomplo |
|  | Name: | Quinton M. DePomplo |
|  | Title: | Vice President |

---

## Exhibit 10.1

**Exhibit 10.1**

February 11, 2026

From: [Dealer]

[__________]

[__________]

[__________]

Attention: [Title of Contact] <sup>1</sup> Telephone No.: [__________] <br> Email: [__________]

To: CyberArk Software Ltd.

9 Hapsagot Street

Park Ofer B, P.O. Box 3143

Petach-Tikva 4951040, Israel

Telephone: +972-3-918-0000

Palo Alto Networks, Inc.

3000 Tannery Way

Santa Clara, CA 95054

Telephone: +1-408-753-4000

Re: [Base][Additional] Call Option Transaction

The purpose of this letter agreement (this "**Confirmation**") is (i) to amend and restate in its entirety, effective as of the Effective Date, the letter agreement (the "**Original Confirmation**") confirming the terms and conditions of the call option transaction entered into between [_________] ("**Dealer**") and CyberArk Software Ltd. ("**Assignor**") as of the Trade Date specified below (the "**Transaction**"), dated as of June [5]<sup>2</sup>[6]<sup>3</sup>, 2025 and (ii) for Assignor to transfer and assign its rights and obligations under the Original Confirmation to Palo Alto Networks, Inc., a Delaware corporation ("**Counterparty**"), and Counterparty to assume and accept the same, also effective as of the Effective Date. This letter agreement constitutes a "Confirmation" as referred to in the ISDA Master Agreement specified below. Assignor, Counterparty and Dealer agree that the assignment of the Original Confirmation by Assignor to Counterparty effected hereby evidences a binding agreement among them as to such assignment. Counterparty and Dealer further agree that this Confirmation together with the Agreement evidence a complete binding agreement between them as to the subject matter and terms of the Transaction to which this Confirmation relates, and shall supersede all prior or contemporaneous written or oral communications between the parties with respect thereto.

Reference is made to the Agreement and Plan of Merger (the "**Merger Agreement**") among Assignor, Counterparty, and Athens Strategies Ltd., a company organized under the laws of the State of Israel and a wholly owned subsidiary of Counterparty ("**Merger Sub**"), dated July 30, 2025. Pursuant to the Merger Agreement, and subject to the terms and conditions thereof, Merger Sub will merge with and into Assignor, with Assignor continuing as the surviving corporation and wholly owned subsidiary of Counterparty (the "**Merger**"). Pursuant to the Merger Agreement, at the effective time of the Merger (the "**Effective Time**"), each ordinary share, par value NIS 0.01 per share, of Assignor issued and outstanding immediately prior to the Effective Time (other than any Deemed Cancelled Shares (as defined in the Merger Agreement) and Converted Shares (as defined in the Merger Agreement)) will be converted into (A) 2.2005 fully paid and non-assessable Shares (as defined below), and (B) the right to receive $45.00 in cash, without interest, in each case in accordance with the terms of, and subject to the qualifications described in, the Merger Agreement, and cash in lieu of any fractional Shares, as set forth in the Merger Agreement.

Assignor has outstanding USD 1,250,000,000 in aggregate principal amount of 0.00% Convertible Senior Notes due 2030 (as originally issued by Assignor, the "**Convertible Notes**" and each USD 1,000 principal amount of Convertible Notes, a "**Convertible Note**") issued pursuant to an Indenture dated June 10, 2025 (the "**Base Indenture**"), between Assignor and U.S. Bank Trust Company, National Association, as trustee (the "**Trustee**"). In connection with the Merger, Assignor, Counterparty and the Trustee have entered into a First Supplemental Indenture to the Base Indenture, dated February 11, 2026 (the "**Supplemental Indenture**" and the Base Indenture, as so supplemented, the "**Indenture**").

<sup>1</sup> Include for Dealer.

<sup>2</sup> Insert for base call option.

<sup>3</sup> Insert for additional call option.

Assignor and Counterparty have requested, and Dealer has agreed, to amend and restate the Original Confirmation. Upon the execution and delivery of this Confirmation, and the satisfaction of the other conditions set forth in Section 9(w) hereof, this Confirmation will supersede and replace the Original Confirmation in its entirety. All references to the Original Confirmation in the Agreement or in any other documentation between the parties regarding the Transaction shall be to this amended and restated Confirmation.

Furthermore, pursuant to this Confirmation, (i) Assignor transfers and assigns all of its rights and obligations under the Original Confirmation with respect to all of the Options to Counterparty, in each case arising on and after the Effective Date; (ii) Counterparty assumes and agrees to perform all of the obligations of, and acquires all of the rights, title and interest of, Assignor under the Original Confirmation, in each case arising on and after the Effective Date; and (iii) Dealer consents to the foregoing and releases and discharges Assignor from any and all obligations and liabilities under the Original Confirmation arising on or after the Effective Date. For the avoidance of doubt, Assignor remains responsible for any obligations and liabilities that have accrued or relate to any period prior to the Effective Time. Assignor is executing this Confirmation for purposes of effecting the assignment described in this paragraph only and, for the avoidance of doubt, shall have no further rights or obligations under this Confirmation. Assignor, Counterparty and Dealer confirm that, concurrently with the entry into this Confirmation, Assignor has assigned the letter agreement dated June [6]<sup>4</sup>[5]<sup>5</sup>, 2025 between Dealer and Assignor relating to [an additional]<sup>6</sup> [a base]<sup>7</sup> call option transaction to Counterparty.

The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the "**Equity Definitions**"), as published by the International Swaps and Derivatives Association, Inc. ("**ISDA**") are incorporated into this Confirmation. In the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation shall govern. Certain defined terms used herein are based on terms that are defined in the Preliminary Offering Memorandum dated June 4, 2025 (the "**Offering Memorandum**") relating to the Convertible Notes. In the event of any inconsistency between the terms defined in the Offering Memorandum, the Indenture and this Confirmation, this Confirmation shall govern. Subject to the foregoing, references to the Indenture herein are references to the Indenture as in effect on the date of the execution of the Supplemental Indenture, after giving effect to the Supplemental Indenture, and if the Indenture is amended or supplemented following the date of the execution of the Supplemental Indenture (other than any amendment or supplement pursuant to Section 14.07 of the Indenture, subject to the second paragraph under "Method of Adjustment" in Section 3 of this Confirmation), any such amendment or supplement will be disregarded for purposes of this Confirmation (other than as provided in Section 9(j)(iii) below) unless the parties agree otherwise in writing. For the purposes of the Equity Definitions, the Transaction shall be deemed to be a Share Option Transaction.

Each party is hereby advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial transactions and has taken other material actions in reliance upon the parties' entry into the Transaction to which this Confirmation relates on the terms and conditions set forth below.

1. This Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which this Confirmation relates. This Confirmation shall supplement, form a part of, and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the "**Agreement**") as if Dealer and Counterparty had executed an agreement in such form on the date hereof (but without any Schedule except for (i) the election of the laws of the State of New York as the governing law (without reference to choice of law doctrine), (ii) in respect of Section 5(a)(vi) of the Agreement, (a) the "Cross Default" provisions shall apply to Dealer with a "Threshold Amount" of three percent of the shareholders' equity of [Dealer][Dealer's ultimate parent]<sup>8</sup> as of the Trade Date, (b) the phrase "or becoming capable at such time of being declared" shall be deleted from clause (1) and (c) the following language shall be added to the end thereof: "Notwithstanding the foregoing, a default under subsection (2) hereof shall not constitute an Event of Default if (x) the default was caused solely by error or omission of an administrative or operational nature; (y) funds were available to enable the party to make the payment when due; and (z) the payment is made within two Local Business Days of such party's receipt of written notice of its failure to pay." and (iii) the term "Specified Indebtedness" shall have the meaning specified in Section 14 of the Agreement, except that such term shall not include obligations in respect of deposits received in the ordinary course of a party's banking business). In the event of any inconsistency between provisions of the Agreement and this Confirmation, this Confirmation will prevail for the purpose of the Transaction to which this Confirmation relates. The parties hereby agree that no transaction other than the Transaction to which this Confirmation relates shall be governed by the Agreement. If there exists any ISDA Master Agreement between Dealer and Counterparty or any confirmation or other agreement between Dealer and Counterparty pursuant to which an ISDA Master Agreement is deemed to exist between Dealer and Counterparty, then notwithstanding anything to the contrary in such ISDA Master Agreement, such confirmation or agreement or any other agreement to which Dealer and Counterparty are parties, the Transaction shall not be considered a Transaction under, or otherwise governed by, such existing or deemed ISDA Master Agreement.

<sup>4</sup> Insert for base call option.

<sup>5</sup> Insert for additional call option.

<sup>6</sup> Insert for base call option.

<sup>7</sup> Insert for additional call option.

<sup>8</sup> Retain reference to Dealer's ultimate parent in UBS Confirmations; delete in all others.

2. The terms of the particular Transaction to which this Confirmation relates are as follows:

*<u>General Terms</u>*.

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| | |
|:---|:---|
| Trade Date: | June [5]<sup>9</sup>[6]<sup>10</sup>, 2025 |
| Effective Date: | The date on which the conditions set forth in Section 9(w) are satisfied. |
| Option Style: | "Modified American," as described under "Procedures for Exercise" below |
| Option Type: | Call |
| Buyer: | Counterparty |
| Seller: | Dealer |
| Shares: | The common stock of Counterparty, par value $0.0001 per share (Exchange symbol "PANW"). |
| Number of Options: | [_______]<sup>11</sup>[______]<sup>12</sup>. For the avoidance of doubt, the Number of Options shall be reduced by any Options exercised by Counterparty. In no event will the Number of Options be less than zero. |
| Applicable Percentage: | [__]%<sup>13</sup> |
| Option Entitlement: | A number equal to the product of the Applicable Percentage and 1.9614. |
| Strike Price: | USD 211.2429 |
| Cap Price: | USD 291.4406 |
| Premium: | USD [______]<sup>14</sup> |
| Premium Payment Date: | June 10, 2025 |
| Exchange: | The Nasdaq Global Select Market |
| Related Exchange(s): | All Exchanges |
| Excluded Provisions: | Section 14.04(h) and Section 14.03 of the Indenture. |

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<sup>9</sup> Insert for base call option.

<sup>10</sup> Insert for additional call option.

<sup>11</sup> Insert number of options for applicable Dealer's Original Confirmation (Base)

<sup>12</sup> Insert number of options for applicable Dealer's Original Confirmation (Additional)

<sup>13</sup> Insert applicable percentage from dealer's Original Confirmation

<sup>14</sup> Insert applicable premium from applicable Dealer's Original Confirmation (Base/Additional)

*<u>Procedures for Exercise</u>*.

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|:---|:---|
| Conversion Date: | With respect to any conversion of a Convertible Note (other than any conversion of Convertible Notes with a Conversion Date occurring prior to the Free Convertibility Date (any such conversion, an "**Early Conversion**"), to which the provisions of Section 9(j)(i) of this Confirmation shall apply), the date on which the Holder (as such term is defined in the Indenture) of such Convertible Note [that is not a "Relevant Convertible Note" under (and as defined in) the Base Call Option Transaction Confirmation letter agreement dated February 11, 2026 among Dealer, Assignor and Counterparty (the "**Base Call Option Confirmation**")]<sup>15</sup> satisfies all of the requirements for conversion thereof as set forth in Section 14.02(b) of the Indenture (such Convertible Notes, the "**Relevant Convertible Notes**" for such Conversion Date). [For the purposes of determining whether any Convertible Notes will be Relevant Convertible Notes hereunder or "Relevant Convertible Notes" under the Base Call Option Confirmation, Convertible Notes that are converted pursuant to the Indenture shall be allocated first to the Base Call Option Confirmation until all Options thereunder are exercised or terminated.]<sup>16</sup> |
| Free Convertibility Date: | February 15, 2030 |
| Expiration Time: | The Valuation Time |
| Expiration Date: | June 15, 2030, subject to earlier exercise. |
| Multiple Exercise: | Applicable, as described under "Automatic Exercise" below. |
| Automatic Exercise: | Notwithstanding Section 3.4 of the Equity Definitions, on each Conversion Date occurring on or after the Free Convertibility Date, in respect of which a Notice of Conversion (as such term is defined in the Indenture) that is effective as to Counterparty has been delivered by the relevant converting Holder, a number of Options equal to [(i)] the number of Convertible Notes in denominations of USD 1,000 as to which such Conversion Date has occurred [*minus* (ii) the number of Options that are or are deemed to be automatically exercised on such Conversion Date under the Base Call Option Transaction]<sup>17</sup> shall be deemed to be automatically exercised; *provided however* that such Options shall be exercised or deemed exercised only if Counterparty has provided a Notice of Exercise to Dealer in accordance with "Notice of Exercise" below. |
|  | Notwithstanding the foregoing, in no event shall the number of Options that are exercised or deemed exercised hereunder exceed the Number of Options. |

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Automatic Exercise After Free

<sup>15</sup> Include for Additional Call Option Confirmation only.

<sup>16</sup> Include for Additional Call Option Confirmation only.

<sup>17</sup> Include for Additional Call Option Confirmation only.

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|:---|:---|
| Convertibility Date: | Notwithstanding Section 3.4 of the Equity Definitions, unless Counterparty notifies Dealer in writing prior to 5:00 p.m. (New York City time) on the Expiration Date that it does not wish Automatic Exercise to occur, all Options then outstanding as of 9:30 a.m. (New York City time) on the Expiration Date will be deemed to be automatically exercised as if (i) a number of Convertible Notes (in denominations of USD 1,000 principal amount) equal to such number of then-outstanding Options were converted with a "Conversion Date" (as defined in the Indenture) occurring on or after the Free Convertibility Date and (ii) the Relevant Settlement Method applied to such Convertible Notes; *provided* that, no such automatic exercise pursuant to this paragraph will occur if the Relevant Price of the Equity Component (as defined in the Supplemental Indenture) for each Valid Day during the Settlement Averaging Period plus the amount of the Cash Component (as defined in the Supplemental Indenture) is less than or equal to the Strike Price. |
| Notice of Exercise: | Notwithstanding anything to the contrary in the Equity Definitions or under "Automatic Exercise" above, but subject to "Automatic Exercise After Free Convertibility Date" above, in order to exercise any Options relating to Convertible Notes with a Conversion Date occurring on or after the Free Convertibility Date, Counterparty must notify Dealer in writing before 5:00 p.m. (New York City time) on the Scheduled Valid Day immediately preceding the Expiration Date specifying the number of such Options; provided that if the Relevant Settlement Method for such Options is not Net PANW Consideration Unit Settlement, Dealer shall have received a separate notice (the "**Notice of Final Settlement Method**") in respect of all such Convertible Notes before 5:00 p.m. (New York City time) on the Free Convertibility Date specifying (1) the Relevant Settlement Method for such Options, and (2) if the settlement method for the related Convertible Notes is not Settlement in PANW Consideration Units (as defined in the Supplemental Indenture) or Settlement in Cash (as defined below), the fixed amount of cash per Convertible Note that Counterparty has elected to deliver to Holders (as such term is defined in the Indenture) of the related Convertible Notes (the "**Specified Cash Amount**"). If Counterparty elects a Settlement Method other than Net PANW Consideration Unit Settlement in the Notice of Final Settlement Method, the Notice of Final Settlement Method shall contain a written representation by Counterparty to Dealer that Counterparty is not, on the date of the Notice of Final Settlement Method, in possession of any material non-public information with respect to Counterparty or the Shares. Counterparty acknowledges its responsibilities under applicable securities laws, in particular Section 9 and Section 10(b) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") and the rules and regulations thereunder, in respect of any election of a settlement method with respect to the Convertible Notes and in respect of any election of a Relevant Settlement Method for any Options. |

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| | |
|:---|:---|
|  | [Any Notice of Exercise or Notice of Final Settlement Method delivered to Dealer pursuant to the Base Call Option Confirmation shall be deemed to be a Notice of Exercise or Notice of Final Settlement Method, as the case may be, pursuant to this Confirmation and the terms of such Notice of Exercise or Notice of Final Settlement Method, as the case may be, shall apply, mutatis mutandis, to this Confirmation.]<sup>18</sup> |
| Valuation Time: | At the close of trading of the regular trading session on the Exchange; *provided* that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in its reasonable discretion. |
| Market Disruption Event: | Section 6.3(a) of the Equity Definitions is hereby replaced in its entirety by the following: |
|  | "'Market Disruption Event' means, in respect of a Share, (i) a failure by the primary United States national or regional securities exchange or market on which the Shares are listed or admitted for trading to open for trading during its regular trading session or (ii) the occurrence or existence prior to 1:00 p.m. (New York City time) on any Scheduled Valid Day for the Shares for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Shares or in any options contracts or futures contracts relating to the Shares." |

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*<u>Settlement Terms</u>*.

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|:---|:---|
| Settlement Method: | For any Option, Net PANW Consideration Unit Settlement; *provided* that if the Relevant Settlement Method set forth below for such Option is not Net PANW Consideration Unit Settlement, then the Settlement Method for such Option shall be such Relevant Settlement Method, but only if Counterparty shall have notified Dealer of the Relevant Settlement Method in the Notice of Final Settlement Method for such Option. |
| Relevant Settlement Method: | In respect of any Option, Net PANW Consideration Unit Settlement, Combination Settlement or Cash Settlement, as specified by Counterparty in the Notice of Final Settlement Method; *provided* that: |
|  | (i) if the Notice of Final Settlement Method for such Option specifies that Net PANW Consideration Unit Settlement will be the Relevant Settlement Method for such Option and Counterparty has elected (or, in the case of (B), is deemed to have elected) to settle its conversion obligations in respect of the related Convertible Note (A) entirely in PANW Consideration Units pursuant to Section 14.02(a)(iv)(A) of the Indenture (together with cash in lieu of fractional Shares) (such settlement method, "**Settlement in PANW Consideration Units**") or (B) in a combination of cash and PANW Consideration Units pursuant to Section 14.02(a)(iv)(C) of the Indenture, as amended by Section 2.04 of the Supplemental Indenture, with a Specified Cash Amount equal to USD 1,000, then, in each case, the Relevant Settlement Method for such Option shall be Net PANW Consideration Unit Settlement; |

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<sup>18</sup> Include for Additional Call Option Confirmation only.

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|:---|:---|
|  | (ii) if the Notice of Final Settlement Method for such Option specifies that Combination Settlement will be the Relevant Settlement Method for such Option, together with the applicable Specified Cash Amount, and Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note in a combination of cash and PANW Consideration Units pursuant to Section 14.02(a)(iv)(C) of the Indenture, as amended by Section 2.04 of the Supplemental Indenture, with a Specified Cash Amount greater than USD 1,000, then the Relevant Settlement Method for such Option shall be Combination Settlement; and |
|  | (iii) if Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note entirely in cash pursuant to Section 14.02(a)(iv)(B) of the Indenture, as amended by Section 2.04 of the Supplemental Indenture (such settlement method, "**Settlement in Cash**"), then the Relevant Settlement Method for such Option shall be Cash Settlement. |
| Net PANW Consideration Unit Settlement: | If Net PANW Consideration Unit Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will deliver to Counterparty, on the relevant Settlement Date for each such Option, a number of PANW Consideration Units (as defined in the Supplemental Indenture) (the "**Net PANW Consideration Unit Settlement Amount**") equal to the sum, for each Valid Day during the Settlement Averaging Period for each such Option, of (i) (a) the Daily Option Value for such Valid Day, *divided* by (b) the sum of (x) the product of the Relevant Price of the Equity Component on such Valid Day and the Equity Component (as defined in the Supplemental Indenture) and (y) the Cash Component (as defined in the Supplemental Indenture), *divided* by (ii) the number of Valid Days in the Settlement Averaging Period; *provided* that in no event shall the number of PANW Consideration Units (as defined in the Supplemental Indenture) delivered for any Option result in Counterparty receiving (A) an amount equal to the sum of (x) a number of Shares included in such PANW Consideration Units for such Option *multiplied by* the Applicable Limit Price and (y) cash in such PANW Consideration Units for such Option divided by (B) the Applicable Limit Price that exceeds (1) the Applicable Limit for such Option *divided* by (2) the Applicable Limit Price on the Settlement Date for such Option. |
|  | Dealer will pay cash in lieu of delivering any fractional Shares to be delivered with respect to any Net PANW Consideration Unit Settlement Amount valued at the Relevant Price of the Equity Component (as defined in the Supplemental Indenture) for the last Valid Day of the Settlement Averaging Period. |

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Combination Settlement: If Combination Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will pay or deliver, as the case may be, to Counterparty, on the relevant Settlement Date for each such Option: <br>

(i) cash
 (the "**Combination Settlement Cash Amount**") equal to the sum, for each
 Valid Day during the Settlement Averaging Period for such Option, of (A) an amount (the
 "**Daily Combination Settlement Cash Amount**") equal to the lesser of (1) the
 product of (x) the Applicable Percentage and (y) the Specified Cash Amount *minus* USD 1,000 and (2) the Daily Option Value for such Valid Day, *divided by* (B) the
 number of Valid Days in the Settlement Averaging Period; *provided* that if the calculation
 in clause (A) above results in zero or a negative number for any Valid Day, the Daily
 Combination Settlement Cash Amount for such Valid Day shall be deemed to be zero; and

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|:---|:---|
| (ii) | PANW Consideration Units (as defined in the Supplemental Indenture) (the "**Combination Settlement Share Amount**") equal to the sum, for each Valid Day during the Settlement Averaging Period for such Option, of a number of PANW Consideration Units for such Valid Day (the "**Daily Combination Settlement Share Amount**") equal to (A) (1) the Daily Option Value for such Valid Day *minus* the Daily Combination Settlement Cash Amount for such Valid Day, *divided by* (2) the sum of (x) the product of the Relevant Price of the Equity Component on such Valid Day and the Equity Component (as defined in the Supplemental Indenture) and (y) the Cash Component (as defined in the Supplemental Indenture), *divided by* (B) the number of Valid Days in the Settlement Averaging Period; *provided* that if the calculation in sub-clause (A)(1) above results in zero or a negative number for any Valid Day, the Daily Combination Settlement Share Amount for such Valid Day shall be deemed to be zero; *provided further* that in no event shall the sum of (x) the Combination Settlement Cash Amount for any Option, (y) the number of Shares comprising the Combination Settlement Share Amount for such Option *multiplied* by the Applicable Limit Price on the Settlement Date for such Option and (z) the amount of Cash comprising the Combination Settlement Share Amount, exceed the Applicable Limit for such Option. |
| Dealer will pay cash in lieu of delivering any fractional Shares to be delivered with respect to any Combination Settlement Share Amount valued at the Relevant Price of the Equity Component (as defined in the Supplemental Indenture) for the last Valid Day of the Settlement Averaging Period.  | Dealer will pay cash in lieu of delivering any fractional Shares to be delivered with respect to any Combination Settlement Share Amount valued at the Relevant Price of the Equity Component (as defined in the Supplemental Indenture) for the last Valid Day of the Settlement Averaging Period.  |

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|:---|:---|
| Cash Settlement: | If Cash Settlement is applicable to any Option exercised or deemed exercised hereunder, in lieu of Section 8.1 of the Equity Definitions, Dealer will pay to Counterparty, on the relevant Settlement Date for each such Option, an amount of cash (the "**Cash Settlement Amount**") equal to the sum, for each Valid Day during the Settlement Averaging Period for such Option, of (i) the Daily Option Value for such Valid Day, *divided by* (ii) the number of Valid Days in the Settlement Averaging Period; *provided* that in no event shall the Cash Settlement Amount exceed the Applicable Limit for such Option. |
| Daily Option Value: | For any Valid Day, an amount equal to the product of (i) the Option Entitlement on such Valid Day, (ii) the Equity Component (as defined in the Supplemental Indenture) and (iii) (A) the lesser of (1) the Relevant Price on such Valid Day and (2) the Cap Price, *less* (B) the Strike Price on such Valid Day; *provided* that if the calculation contained in clause (ii) above results in a negative number, the Daily Option Value for such Valid Day shall be deemed to be zero. In no event will the Daily Option Value be less than zero. |
| Valid Day: | A day on which (i) there is no Market Disruption Event and (ii) trading in the Shares generally occurs on the Exchange or, if the Shares are not then listed on the Exchange, on the principal other United States national or regional securities exchange on which the Shares are then listed or, if the Shares are not then listed on a United States national or regional securities exchange, on the principal other market on which the Shares are then listed or admitted for trading. If the Shares are not so listed or admitted for trading, "Valid Day" means a Business Day. |
| Scheduled Valid Day: | A day that is scheduled to be a Valid Day on the principal United States national or regional securities exchange or market on which the Shares are listed or admitted for trading. If the Shares are not so listed or admitted for trading, "Scheduled Valid Day" means a Business Day. |
| Applicable Limit: | For any Option, an amount of cash equal to the Applicable Percentage multiplied by the excess of (i) the aggregate of (A) the amount of cash paid to the "Holder" (as such term is defined in the Indenture) of the related Convertible Note upon conversion of such Convertible Note and (B) the number of Shares, if any, delivered to the "Holder" (as such term is defined in the Indenture) of the related Convertible Note upon conversion of such Convertible Note multiplied by the Applicable Limit Price on the Settlement Date for such Option, over (ii) USD 1,000. |
| Applicable Limit Price: | On any day, the opening price as displayed under the heading "Op" on Bloomberg page PANW (or any successor thereto). |

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|:---|:---|
| Business Day: | Any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed. |
| Relevant Price: | On any Valid Day, the per Share volume-weighted average price as displayed under the heading "Bloomberg VWAP" on Bloomberg page PANW AQR (or its equivalent successor if such page is not available) in respect of the period from the scheduled opening time of the Exchange to the Scheduled Closing Time of the Exchange on such Valid Day (or if such volume-weighted average price is unavailable at such time, the market value of one Share on such Valid Day, as determined by the Calculation Agent using, if practicable, a volume-weighted average method). The Relevant Price will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours. |
| Settlement Averaging Period: | For any Option, the 30 consecutive Valid Days commencing on, and including, the 31st Scheduled Valid Day immediately prior to the Expiration Date. |
| Settlement Date: | For any Option, the second Business Day immediately following the final Valid Day of the Settlement Averaging Period for such Option. |
| Settlement Currency: | USD |
| Other Applicable Provisions: | The provisions of Sections 9.1(c), 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable, except that all references in such provisions to "Physically-settled" shall be read as references to "Share Settled". "Share Settled" in relation to any Option means that Net PANW Consideration Unit Settlement or Combination Settlement is applicable to that Option. |
| Representation and Agreement: | Notwithstanding anything to the contrary in the Equity Definitions (including, but not limited to, Section 9.11 thereof), the parties acknowledge that (i) any Shares delivered to Counterparty shall be, upon delivery, subject to restrictions and limitations arising from Counterparty's status as issuer of the Shares under applicable securities laws, (ii) Dealer may deliver any Shares required to be delivered hereunder in certificated form in lieu of delivery through the Clearance System and (iii) any Shares delivered to Counterparty may be "restricted securities" (as defined in Rule 144 under the Securities Act of 1933, as amended (the "**Securities Act**")). |

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**3. <u>Additional Terms applicable to the Transaction</u>.**

Adjustments applicable to the Transaction:

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| | |
|:---|:---|
| Potential Adjustment Events: | Notwithstanding Section 11.2(e) of the Equity Definitions, a "Potential Adjustment Event" means an occurrence of any event or condition, as set forth in any Dilution Adjustment Provision, that would result in an adjustment under the Indenture to the "Conversion Rate," "Cash Component", "Equity Component," "Equity Price Component", "Conversion Price," "PANW Consideration Unit" or the composition of a "unit of Reference Property", or to any "Last Reported Sale Price," "Daily VWAP," "Daily Conversion Value" or "Daily Settlement Amount" (each as defined in the Indenture). For the avoidance of doubt, Dealer shall not have any delivery or payment obligation hereunder, and no adjustment shall be made to the terms of the Transaction, on account of (x) any distribution of cash, property or securities by Assignor (in its role as obligor on the Convertible Notes) or Counterparty (in its role as guarantor of the Convertible Notes) to holders of the Convertible Notes (upon conversion or otherwise) or (y) any other transaction in which holders of the Convertible Notes are entitled to participate, in each case, in lieu of an adjustment under the Indenture of the type referred to in the immediately preceding sentence (including, without limitation, pursuant to the fourth sentence of Section 14.04(c) of the Indenture or the fourth sentence of Section 14.04(d) of the Indenture). |

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|:---|:---|
| Method of Adjustment: | Calculation Agent Adjustment, which means that, notwithstanding Section 11.2(c) of the Equity Definitions, upon any Potential Adjustment Event, the Calculation Agent, acting in good faith and in a commercially reasonable manner, shall make a corresponding adjustment to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction. |
|  | Notwithstanding the foregoing and "Consequences of Merger Events / Tender Offers" below: |

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(i) if
 the Calculation Agent in good faith disagrees with any adjustment to the Convertible Notes
 that involves an exercise of discretion by Assignor, Counterparty or either of their respective
 boards of directors (or equivalent governing party) (including, without limitation, pursuant
 to Section 14.05 of the Indenture, Section 14.07 of the Indenture or any supplemental
 indenture entered into thereunder following the Effective Date or in connection with any
 proportional adjustment or the determination of the fair value of any securities, property,
 rights or other assets), then in each such case, the Calculation Agent will determine the
 adjustment to be made to any one or more of the Strike Price, Number of Options, Option Entitlement
 and any other variable relevant to the exercise, settlement or payment for the Transaction
 in a commercially reasonable manner, taking into account the relevant provisions of the Indenture; *provided* that, notwithstanding the foregoing, if any Potential Adjustment Event occurs
 during the Settlement Averaging Period but no adjustment was made to any Convertible Note
 under the Indenture because the relevant Holder (as such term is defined in the Indenture)
 was deemed to be a record owner of the underlying Shares on the related Conversion Date,
 then the Calculation Agent may in its sole determination make a commercially reasonable adjustment
 to the terms hereof in order to account for such Potential Adjustment Event;

(ii) in
 connection with any Potential Adjustment Event as a result of an event or condition set forth
 in Section 14.04(b) of the Indenture or Section 14.04(c) of the Indenture
 where, in either case, the period for determining "Y" (as such term is used in
 Section 14.04(b) of the Indenture) or "SP<sub>0</sub>" (as such term
 is used in Section 14.04(c) of the Indenture), as the case may be, begins before
 Counterparty has publicly announced the event or condition giving rise to such Potential
 Adjustment Event, then the Calculation Agent shall have the right to adjust, in good faith
 and in a commercially reasonable manner, taking into account the terms of the Indenture,
 any variable relevant to the exercise, settlement or payment for the Transaction as appropriate
 to reflect the costs (including, but not limited to, hedging mismatches and market losses)
 and expenses incurred by Dealer in connection with its commercially reasonable hedging activities
 as a result of such event or condition not having been publicly announced prior to the beginning
 of such period; and

(iii) if
 any Potential Adjustment Event is declared and (a) the event or condition giving rise
 to such Potential Adjustment Event is subsequently amended, modified, cancelled or abandoned,
 (b) the "Conversion Rate" (as defined in the Indenture) is otherwise not
 adjusted at the time or in the manner contemplated by the relevant Dilution Adjustment Provision
 based on such declaration or (c) the "Conversion Rate" (as defined in the
 Indenture) is adjusted as a result of such Potential Adjustment Event and subsequently re-adjusted
 (each of clauses (a), (b) and (c), a "**Potential Adjustment Event Change** ")
 then, in each case, the Calculation Agent shall have the right to adjust, in good faith and
 in a commercially reasonable manner, taking into account the terms of the Indenture, any
 variable relevant to the exercise, settlement or payment for the Transaction as appropriate
 to reflect the costs (including, but not limited to, hedging mismatches and market losses)
 and commercially reasonable expenses incurred by Dealer in connection with its commercially
 reasonable hedging activities as a result of such Potential Adjustment Event Change.

Dilution Adjustment Provisions: Sections 14.04(a), (b), (c), (d) and (e) and Section 14.05 of the Indenture.

Extraordinary Events applicable to the Transaction:

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|:---|:---|
| Merger Events: | Applicable; *provided* that notwithstanding Section 12.1(b) of the Equity Definitions, a "Merger Event" means the occurrence of any event or condition set forth in the definition of "Merger Event" in Section 14.07(a) of the Indenture. |
| Tender Offers: | Applicable; *provided* that notwithstanding Section 12.1(d) of the Equity Definitions, a "Tender Offer" means the occurrence of any event or condition set forth in Section 14.04(e) of the Indenture. |
| Consequences of Merger Events/Tender Offers: | Notwithstanding Section 12.2 and Section 12.3 of the Equity Definitions, upon the occurrence of a Merger Event or a Tender Offer, the Calculation Agent shall make a corresponding or equivalent adjustment in respect of any adjustment under the Indenture to any one or more of the nature of the Shares (in the case of a Merger Event), Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction in a commercially reasonable manner, subject to the second paragraph under "Method of Adjustment"; *provided* that (i) such adjustment shall be made without regard to any adjustment to the Conversion Rate pursuant to any Excluded Provision and (ii) in respect of any election by the holders of Shares with respect to the consideration due upon consummation of any Merger Event, the Calculation Agent shall have the right to adjust any variable relevant to the exercise, settlement or payment for the Transaction as appropriate to compensate Dealer for any losses (including, without limitation, market losses customary for transactions similar to the Transaction with counterparties similar to Counterparty) solely as a result of any mismatch on its Hedge Position, assuming Dealer maintains a commercially reasonable Hedge Position, and the type and amount of consideration actually paid or issued to the holders of Shares in respect of such Merger Event; *provided further* that if with respect to any Merger Event or any Tender Offer, (i) (A) the consideration for the Shares includes (or, at the option of a holder of Shares, may include) shares of an entity or person that is (1) not a corporation which is treated as an association taxable as a corporation for U.S. federal income tax purposes or (2) not organized under the laws of the United States, any State thereof or the District of Columbia and/or (B) Counterparty to the Transaction following such Merger Event or Tender Offer will not be a corporation which is treated as an association taxable as a corporation for U.S. federal income tax purposes or will not be organized under the laws of the United States, any State thereof or the District of Columbia or is not the Issuer and (ii) Dealer determines at any time following the occurrence of such Merger Event or Tender Offer that (A) such Merger Event or Tender Offer has had or will have an adverse effect on Dealer under the Transaction or (B) Dealer will incur or has incurred an increased (as compared with circumstances existing on the Trade Date) amount of tax, duty, expense or fee to (1) acquire, establish, re-establish, substitute, maintain, unwind or dispose of any transaction(s) or asset(s) it deems necessary or appropriate to hedge the economic risk of entering into and performing its obligations with respect to the Transaction or (2) realize, recover or remit the proceeds of any such transaction(s) or asset(s), then Dealer may elect in its sole commercially reasonably discretion that Cancellation and Payment (Calculation Agent Determination) applies to the Transaction; *provided further* that, for the avoidance of doubt, adjustments shall be made pursuant to the provisions set forth above regardless of whether any Merger Event or Tender Offer gives rise to an Early Conversion. |

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| | |
|:---|:---|
| Notice of Merger Consideration: | Upon the occurrence of a Merger Event, Counterparty shall reasonably promptly (but in no event later than the date on which such Merger Event is consummated) notify the Calculation Agent of, in the case of a Merger Event that causes the Shares to be converted into the right to receive more than a single type of consideration (determined based in part upon any form of stockholder election), the weighted average of the types and amounts of consideration actually received by holders of Shares upon consummation of such Merger Event. |
| Consequences of Announcement Events: | Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; *provided* that, in respect of an Announcement Event, (x) references to "Tender Offer" shall be replaced by references to "Announcement Event" and references to "Tender Offer Date" shall be replaced by references to "date of such Announcement Event", (y) the word "shall" in the second line shall be replaced with "shall, if the Calculation Agent determines that such Announcement Event has had a material economic effect on the Transaction", the phrase "exercise, settlement, payment or any other terms of the Transaction (including, without limitation, the spread)" shall be replaced with the phrase "Cap Price (*provided* that in no event shall the Cap Price be less than the Strike Price)" and the words "whether within a commercially reasonable (as determined by the Calculation Agent) period of time prior to or after the Announcement Event" shall be inserted prior to the word "which" in the seventh line of such Section 12.3(d), and, (z) for the avoidance of doubt, the Calculation Agent may determine whether the relevant Announcement Event has had a material economic effect on the Transaction (and, if so, shall adjust the Cap Price accordingly) on one or more occasions on or after the date of the Announcement Event up to, and including, the Expiration Date, any Early Termination Date and/or any other date of cancellation, expiration, withdrawal or termination, it being understood that any adjustment in respect of an Announcement Event shall take into account any earlier adjustment relating to the same Announcement Event and shall not be duplicative with any other adjustment or cancellation valuation made pursuant to this Confirmation, the Equity Definitions or the Agreement; *provided* that in no event shall the Cap Price be adjusted to be less than the Strike Price. An Announcement Event shall be an "Extraordinary Event" for purposes of the Equity Definitions, to which Article 12 of the Equity Definitions is applicable. |

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| | |
|:---|:---|
| Announcement Event: | (i) The public announcement by Issuer, any subsidiary or affiliate of Issuer, or a Valid Third Party of (x) any transaction or event that is reasonably likely to be completed (as determined by the Calculation Agent which may take into account the effect of such announcement on the market for the Shares and/or options on the Shares) and, if completed, would constitute a Merger Event or Tender Offer, (y) any potential acquisition or disposition by Issuer, any of its affiliates and/or any of its subsidiaries where the aggregate consideration exceeds 35% of the market capitalization of Issuer as of the date of such announcement (a "**Transformative Transaction**") or (z) the intention to enter into a Merger Event or Tender Offer or a Transformative Transaction, (ii) the public announcement by Issuer, any of its affiliate and/or any of its subsidiaries of an intention to solicit or enter into, or to explore strategic alternatives or other similar undertaking that may include, a Merger Event or Tender Offer or a Transformative Transaction or (iii) any subsequent public announcement by any relevant entity of a change to a transaction or intention that is the subject of an announcement of the type described in clause (i) or (ii) of this sentence (including, without limitation, a new announcement, whether or not by the same party, relating to such a transaction or intention or the announcement of a withdrawal from, or the abandonment or discontinuation of, such a transaction or intention), as determined by the Calculation Agent. For the avoidance of doubt, the occurrence of an Announcement Event with respect to any transaction or intention shall not preclude the occurrence of a later Announcement Event with respect to such transaction or intention. For purposes of this definition of "Announcement Event," (A) "Merger Event" shall mean such term as defined under Section 12.1(b) of the Equity Definitions (but, for the avoidance of doubt, the remainder of the definition of "Merger Event" in Section 12.1(b) of the Equity Definitions following the definition of "Reverse Merger" therein shall be disregarded) and (B) "Tender Offer" shall mean such term as defined under Section 12.1(d) of the Equity Definitions; provided that "10%" in the third line thereof shall be replaced with "20%". |
| Valid Third Party | In respect of any transaction of the type described in the Announcement Event definition, any third party that has a bona fide intent to enter into or consummate such transaction (it being understood and agreed that in determining whether such third party has such a bona fide intent, the Calculation Agent may take into consideration the effect of the relevant announcement by such third party, any of its affiliates and/or any of its subsidiaries on the Shares and/or options relating to the Shares). |
| Nationalization, Insolvency or Delisting: | Cancellation and Payment (Calculation Agent Determination); *provided* that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors), such exchange or quotation system shall thereafter be deemed to be the Exchange. |

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| | |
|:---|:---|
| Additional Disruption Events: |  |
| Change in Law: | Applicable; *provided* that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase "the interpretation" in the third line thereof with the phrase ", or public announcement of, the formal or informal interpretation", (ii) replacing the word "Shares" where it appears in clause (X) thereof with the words "Hedge Position" and (iii) replacing the parenthetical beginning after the word "regulation" in the second line thereof with the words "(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption, effectiveness or promulgation of new regulations authorized or mandated by existing statute)". |
| Failure to Deliver: | Applicable |
| Hedging Disruption: | Applicable; *provided* that: |

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| | |
|:---|:---|
| (i) | Section 12.9(a)(v) of the Equity Definitions is hereby amended by (a) inserting the following words at the end of clause (A) thereof: "in the manner contemplated by the Hedging Party on the Trade Date" and (b) inserting the following two phrases at the end of such Section: |
|  | "For the avoidance of doubt, the term "equity price risk" shall be deemed to include, but shall not be limited to, stock price and volatility risk. And, for the further avoidance of doubt, any such transactions or assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing terms."; and |

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(ii) Section 12.9(b)(iii) of
 the Equity Definitions is hereby amended by inserting in the third line thereof, after the
 words "to terminate the Transaction", the words "or, if a portion of the
 Transaction is affected by such Hedging Disruption (as commercially reasonably determined
 by the Hedging Party), such portion of the Transaction affected by such Hedging Disruption".

Notwithstanding anything to the contrary herein or in the Equity Definitions, in no event will a Hedging Disruption occur solely due to the deterioration of the creditworthiness of the Hedging Party relative to other comparable financial institutions.

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| | |
|:---|:---|
| Increased Cost of Hedging: | Not Applicable |
| Hedging Party: | For all applicable Additional Disruption Events, Dealer. |
| Determining Party: | For all applicable Extraordinary Events, Dealer. |

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| | |
|:---|:---|
| Non-Reliance: | Applicable |
| Agreements and Acknowledgments |  |
| Regarding Hedging Activities: | Applicable |
| Additional Acknowledgments: | Applicable |

---

**4.**  **<u>Calculation Agent</u>.** Dealer, whose judgments,
 determinations and calculations shall be made in good faith and in a commercially reasonable manner; *provided* that, following
 the occurrence and during the continuance of an Event of Default of the type described in Section 5(a)(vii) of the Agreement
 with respect to which Dealer is the sole Defaulting Party, if the Calculation Agent fails to timely make any calculation, adjustment
 or determination required to be made by the Calculation Agent hereunder and such failure continues for five (5) Exchange Business
 Days following written notice to the Calculation Agent by Counterparty of such failure, Counterparty shall have the right to designate
 a nationally recognized third-party dealer in over-the-counter corporate equity derivatives to act, during the period commencing
 on the date such Event of Default occurred and ending on the Early Termination Date with respect to such Event of Default, as the
 Calculation Agent. Following any determination or calculation by the Calculation Agent hereunder, upon a request by Counterparty,
 the Calculation Agent shall promptly (but in any event within three Scheduled Trading Days) provide to Counterparty by e-mail to
 the e-mail address provided by Counterparty in such request a report (in a commonly used file format for the storage and manipulation
 of financial data) displaying in reasonable detail the basis for such determination or calculation (including any assumptions used
 in making such determination or calculation), it being understood that the Calculation Agent shall not be obligated to disclose any
 proprietary or confidential models used by it for such determination or calculation or any information that may be proprietary or
 confidential or subject to an obligation not to disclose such information.

**5. <u>Account Details</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Account
 for payments to Counterparty:

Counterparty to provide.

Account for delivery of Shares to Counterparty:

Counterparty to provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Account
 for payments to Dealer:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank: | [_________] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABA#: | [_________] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acct No.: | [_________] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficiary: | [_________] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ref: | [_________]<sup>19</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account for delivery of Shares from Dealer: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[_________]<sup>20</sup> |  |

---

**6. <u>Offices</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Office
 of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Office
 of Dealer for the Transaction is: [_________]

**7. <u>Notices</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Address
 for notices or communications to Counterparty:

Palo Alto Networks, Inc.

3000 Tannery Way

Santa Clara, CA 95054

Attention: [________]

Telephone: [________]

Email: [________]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Address
 for notices or communications to Dealer:

[Dealer] <br> [_________] <br> [_________]

Attention: [_________]<sup>21</sup> Telephone No.: [_________] <br> Email: [_________]

With a copy to:

[Dealer] <br> [_________] <br> [_________]

Attention: [_________]<sup>22</sup> Telephone No.: [_________] <br> Email: [_________]

**8. <u>Representations and Warranties of Counterparty</u>.**

Counterparty hereby represents and warrants to Dealer on the date hereof and on and as of the Effective Date that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Counterparty
 has all necessary corporate power and authority to execute, deliver and perform its obligations
 in respect of the Transaction; such execution, delivery and performance have been duly authorized
 by all necessary corporate action on Counterparty's part; and this Confirmation has
 been duly and validly executed and delivered by Counterparty and constitutes its valid and
 binding obligation, enforceable against Counterparty in accordance with its terms, subject
 to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
 similar laws affecting creditors' rights and remedies generally, and subject, as to
 enforceability, to general principles of equity, including principles of commercial reasonableness,
 good faith and fair dealing (regardless of whether enforcement is sought in a proceeding
 at law or in equity) and except that rights to indemnification and contribution hereunder
 may be limited by federal or state securities laws or public policy relating thereto.

<sup>19</sup> Include for Dealer.

<sup>20</sup> Include for Dealer.

<sup>21</sup> Include for Dealer.

<sup>22</sup> Include for Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither
 the execution and delivery of this Confirmation nor the incurrence or performance of obligations
 of Counterparty hereunder will conflict with or result in a breach of (i) the certificate
 of incorporation or by-laws (or any equivalent documents) of Counterparty, or any applicable
 law or regulation, or any order, writ, injunction or decree of any court or governmental
 authority or agency, (ii) or any agreement or instrument filed as an exhibit to Counterparty's
 Annual Report on Form 10-K for the fiscal year ended July 31, 2025, as updated
 by any subsequent filings, to which Counterparty or any of its subsidiaries is a party or
 by which Counterparty or any of its subsidiaries is bound or to which Counterparty or any
 of its subsidiaries is subject, or constitute a default under, or result in the creation
 of any lien under, any such agreement or instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No
 consent, approval, authorization, or order of, or filing with, any governmental agency or
 body or any court is required in connection with the execution, delivery or performance by
 Counterparty of this Confirmation, except such as have been obtained or made and such as
 may be required under the Securities Act or state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Counterparty
 is not and, after consummation of the transactions contemplated hereby, will not be required
 to register as an "investment company" as such term is defined in the Investment
 Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Counterparty
 is an "eligible contract participant" (as such term is defined in Section 1a(18)
 of the Commodity Exchange Act, as amended, other than a person that is an eligible contract
 participant under Section 1a(18)(C) of the Commodity Exchange Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To Counterparty's
 actual knowledge, no state or local (including any non-U.S. jurisdiction's) law, rule,
 regulation or regulatory order applicable to the Shares would give rise to any reporting,
 consent, registration or other requirement (including without limitation a requirement to
 obtain prior approval from any person or entity) as a result of Dealer or its affiliates
 owning or holding (however defined) Shares, in each case, other than U.S. federal securities
 laws generally applicable to transactions relating to common equity securities of issuers
 listed on the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Counterparty
 (A) is capable of evaluating investment risks independently, both in general and with
 regard to all transactions and investment strategies involving a security or securities;
 (B) will exercise independent judgment in evaluating the recommendations of any broker-dealer
 or its associated persons, unless it has otherwise notified the broker-dealer in writing;
 and (C) has total assets of at least USD 50,000,000 as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The assets
 of Counterparty do not constitute "plan assets" under the Employee Retirement
 Income Security Act of 1974, as amended, the Department of Labor Regulations promulgated
 thereunder or similar law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (A) the
 value of the total assets of Counterparty is greater than the sum of the total liabilities
 (including contingent liabilities) and the capital (as such terms are defined in Section 154
 and Section 244 of the General Corporation Law of the State of Delaware, as if applicable
 to Counterparty) of Counterparty, (B) the capital of Counterparty is adequate to conduct
 the business of Counterparty, and Counterparty's entry into the Transaction will not
 impair its capital, (C) Counterparty has the ability to pay its debts and obligations
 as such debts mature and does not intend to, or does not believe that it will, incur debt
 beyond its ability to pay as such debts mature, (D) Counterparty will be able to continue
 as a going concern; and (E) Counterparty is not "insolvent" (as such term
 is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United
 States Code) (the "**Bankruptcy Code** ")).

**9. <u>Other Provisions</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Opinions</u>* .
 Counterparty shall deliver to Dealer an opinion of counsel, dated as of the date hereof,
 with respect to the matters set forth in Sections 8(a), (b)(i) and (c) of this
 Confirmation; *provided* that any such opinion of counsel may contain customary exceptions
 and qualifications. Delivery of such opinion to Dealer shall be a condition precedent for
 the purpose of Section 2(a)(iii) of the Agreement with respect to each obligation
 of Dealer under Section 2(a)(i) of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Repurchase Notices</u>* . Counterparty shall, on or prior to the date one Scheduled Trading Day immediately
 following any date on which Counterparty has effected any repurchase of Shares, promptly
 give Dealer a written notice of such repurchase (a "**Repurchase Notice** ")
 on such day if following such repurchase, the number of outstanding Shares as determined
 on such day is (i) less than [__] million (in the case of the first such notice) or
 (ii) thereafter more than [__] million less than the number of Shares included in the
 immediately preceding Repurchase Notice; *provided* that, with respect to any repurchase
 of Shares pursuant to a plan under Rule 10b5-1 under the Exchange Act, Counterparty
 may elect to satisfy such requirement by promptly giving Dealer written notice of the entry
 into such plan, the maximum number of Shares that may be repurchased thereunder and the approximate
 dates or periods during which such repurchases may occur (with such maximum deemed repurchased
 on the date of such notice for purposes of this Section 9(b)). Counterparty agrees to
 indemnify and hold harmless Dealer and its affiliates and their respective officers, directors,
 employees, affiliates, advisors, agents and controlling persons (each, an "**Indemnified Person**") from and against any and all losses (including losses relating to Dealer's
 hedging activities as a consequence of becoming, or of the risk of becoming, a Section 16
 "insider", including without limitation, any forbearance from hedging activities
 or cessation of hedging activities and any losses in connection therewith with respect to
 the Transaction), claims, damages, judgments, liabilities and reasonable expenses (including
 reasonable attorney's fees), joint or several, which an Indemnified Person may become
 subject to, in each case, as a result of Counterparty's failure to provide Dealer with
 a Repurchase Notice on the day and in the manner specified in this paragraph, and to reimburse,
 within 30 days, upon written request, each of such Indemnified Persons for any reasonable
 legal or other expenses incurred in connection with investigating, preparing for, providing
 testimony or other evidence in connection with or defending any of the foregoing. If any
 suit, action, proceeding (including any governmental or regulatory investigation), claim
 or demand shall be brought or asserted against the Indemnified Person as a result of Counterparty's
 failure to provide Dealer with a Repurchase Notice in accordance with this paragraph, such
 Indemnified Person shall promptly notify Counterparty in writing, and Counterparty, upon
 request of the Indemnified Person, shall retain counsel reasonably satisfactory to the Indemnified
 Person to represent the Indemnified Person and any others Counterparty may designate in such
 proceeding and shall pay the reasonable fees and expenses of such counsel related to such
 proceeding. Counterparty shall not be liable for any settlement of any proceeding contemplated
 by this paragraph that is effected without its written consent, but if settled with such
 consent or if there be a final judgment for the plaintiff, Counterparty agrees to indemnify
 any Indemnified Person from and against any loss or liability by reason of such settlement
 or judgment. Counterparty shall not, without the prior written consent of the Indemnified
 Person, effect any settlement of any pending or threatened proceeding contemplated by this
 paragraph that is in respect of which any Indemnified Person is or could have been a party
 and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement
 includes an unconditional release of such Indemnified Person from all liability on claims
 that are the subject matter of such proceeding on terms reasonably satisfactory to such Indemnified
 Person. If the indemnification provided for in this paragraph is unavailable to an Indemnified
 Person or insufficient in respect of any losses, claims, damages or liabilities referred
 to therein, then Counterparty hereunder, in lieu of indemnifying such Indemnified Person
 thereunder, shall contribute to the amount paid or payable by such Indemnified Person as
 a result of such losses, claims, damages or liabilities. The remedies provided for in this
 paragraph (b) are not exclusive and shall not limit any rights or remedies which may
 otherwise be available to any Indemnified Person at law or in equity. The indemnity and contribution
 agreements contained in this paragraph shall remain operative and in full force and effect
 regardless of the termination of the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>Regulation M</u>* . Counterparty is not on the Effective Date engaged in a distribution, as such term
 is used in Regulation M under the Exchange Act, of any securities of Counterparty other than
 a distribution meeting the requirements of the exception set forth in Rules 101(b)(10) and
 102(b)(7) of Regulation M. Counterparty shall not, until the second Scheduled Trading
 Day immediately following the Effective Date, engage in any such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *<u>No Manipulation</u>* . Counterparty is not entering into the Transaction to create actual
 or apparent trading activity in the Shares (or any security convertible into or exchangeable
 for the Shares) or to raise or depress or otherwise manipulate the price of the Shares (or
 any security convertible into or exchangeable for the Shares) or otherwise in violation of
 the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *<u>Transfer or Assignment</u>* .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Counterparty
 shall have the right to transfer or assign its rights and obligations hereunder with respect
 to all, but not less than all, of the Options hereunder (such Options, the "**Transfer Options** "); *provided* that such transfer or assignment shall be subject to
 reasonable conditions that Dealer may impose, including but not limited, to the following
 conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) With respect
 to any Transfer Options, Counterparty or Issuer, as applicable, shall not be released from
 its notice and indemnification obligations pursuant to Section 9(b) or any obligations
 under Section 9(o) or 9(t) of this Confirmation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) [Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Such
 transfer or assignment shall be effected on terms, including any reasonable undertakings
 by such third party (including, but not limited to, an undertaking with respect to compliance
 with applicable securities laws in a manner that, in the reasonable judgment of Dealer, will
 not expose Dealer to material risks under applicable securities laws) and execution of any
 documentation and delivery of legal opinions with respect to securities laws and other matters
 by such third party and Counterparty, as are requested and reasonably satisfactory to Dealer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Under
 the applicable law effective on the date of such transfer and assignment, (1) Dealer
 will not, as a result of such transfer and assignment, be required to pay the transferee
 on any payment date an amount under Section 2(d)(i)(4) of the Agreement greater
 than an amount that Dealer would have been required to pay to Counterparty in the absence
 of such transfer and assignment and (2) Dealer will not, as a result of such transfer
 and assignment, receive from the transferee on any payment date an amount under Section 2(d)(i)(4) of
 the Agreement that is less than the amount that Dealer would have received from Counterparty
 in the absence of such transfer and assignment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) An Event
 of Default, Potential Event of Default or Termination Event will not occur as a result of
 such transfer and assignment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) Counterparty
 shall cause the transferee to make such Payee Tax Representations and to provide such tax
 documentation as may be reasonably requested by Dealer to permit Dealer to determine the
 results described in clauses (D) and (E) will not occur upon or after such transfer
 and assignment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) Counterparty
 or Issuer, as applicable, shall be responsible for all reasonable costs and expenses, including
 reasonable counsel fees, incurred by Dealer in connection with such transfer or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Dealer
 may, without Counterparty's consent, transfer or assign all or any part of its rights
 or obligations under the Transaction (A) to any affiliate or branch of Dealer (1) that
 has a long-term issuer credit rating that is equal to or better than Dealer's credit
 rating at the time of such transfer or assignment, or (2) whose obligations hereunder
 will be guaranteed, pursuant to the terms of a customary guarantee in a form used by Dealer
 generally for similar transactions, by Dealer or Dealer's ultimate parent, or (B) to
 any other wholly-owned direct or indirect subsidiary of Dealer's ultimate parent with
 a long-term issuer rating equal to or better than the greater of (1) the credit rating
 of Dealer at the time of the transfer and (2) A- by Standard and Poor's Rating
 Group, Inc. or its successor ()"**S&P** "), or A3 by Moody's
 Investor Service, Inc. ()"**Moody's**") or, if either S&P or
 Moody's ceases to rate such debt, at least an equivalent rating or better by a substitute
 rating agency mutually agreed by Counterparty and Dealer; *provided* that, (i) under
 the applicable law effective on the date of such transfer or assignment, (1) Counterparty
 will not, as a result of such transfer or assignment, be required to pay the transferee or
 assignee on any payment date an amount under Section 2(d)(i)(4) of the Agreement
 greater than an amount that Counterparty would have been required to pay to Dealer in the
 absence of such transfer or assignment, (2) Counterparty will not, as a result of such
 transfer or assignment, receive from the transferee or assignee on any payment date an amount
 under Section 2(d)(i)(4) of the Agreement that is less than the amount that Counterparty
 would have received from Dealer in the absence of such transfer or assignment and (3) such
 transfer or assignment does not cause a deemed exchange for Counterparty of the Transaction
 under Section 1001 of the Internal Revenue Code of 1986, as amended (the "**Code** ")
 and (ii) Dealer shall cause the transferee to make such Payee Tax Representations and
 to provide such tax documentation as may be reasonably requested by Counterparty to permit
 Counterparty to determine that results described in clause (i) of this proviso will
 not occur upon or after such transfer or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If at any
 time at which (A) the Section 16 Percentage exceeds 8.0%, (B) the Option Equity
 Percentage exceeds 14.0%, or (C) the Share Amount exceeds the Applicable Share Limit
 (if any applies) (any such condition described in clauses (A), (B) or (C), an "**Excess Ownership Position** "), Dealer is unable after using its commercially reasonable
 efforts to effect a transfer or assignment of Options to a third party on pricing terms reasonably
 acceptable to Dealer and within a time period reasonably acceptable to Dealer such that no
 Excess Ownership Position exists, then Dealer may designate any Exchange Business Day as
 an Early Termination Date with respect to a portion of the Transaction (the "**Terminated Portion** "), such that following such partial termination no Excess Ownership Position
 exists. In the event that Dealer so designates an Early Termination Date with respect to
 a portion of the Transaction, a payment shall be made pursuant to Section 6 of the Agreement
 as if (1) an Early Termination Date had been designated in respect of a Transaction
 having terms identical to the Transaction and a Number of Options equal to the number of
 Options underlying the Terminated Portion, (2) Counterparty were the sole Affected Party
 with respect to such partial termination and (3) the Terminated Portion were the sole
 Affected Transaction (and, for the avoidance of doubt, the provisions of Section 9(m) shall
 apply to any amount that is payable by Dealer to Counterparty pursuant to this sentence as
 if Counterparty was not the Affected Party). The "**Section 16 Percentage** "
 as of any day is the fraction, expressed as a percentage, (A) the numerator of which
 is the number of Shares that Dealer and any of its affiliates or any other person subject
 to aggregation with Dealer for purposes of the "beneficial ownership" test under
 Section 13 of the Exchange Act, or any "group" (within the meaning of Section 13
 of the Exchange Act) of which Dealer is or may be deemed to be a part beneficially owns (within
 the meaning of Section 13 of the Exchange Act), without duplication, on such day (or,
 to the extent that for any reason the equivalent calculation under Section 16 of the
 Exchange Act and the rules and regulations thereunder results in a higher number, such
 higher number) and (B) the denominator of which is the number of Shares outstanding
 on such day. The "**Option Equity Percentage**" as of any day is the fraction,
 expressed as a percentage, (A) the numerator of which is the sum of (1) the product
 of the Number of Options and the Option Entitlement and (2) the aggregate number of
 Shares underlying any other call option transaction sold by Dealer to Counterparty, and (B) the
 denominator of which is the number of Shares outstanding. The "**Share Amount** "
 as of any day is the number of Shares that Dealer and any person whose ownership position
 would be aggregated with that of Dealer (Dealer or any such person, a "**Dealer Person** ")
 under any law, rule, regulation, regulatory order or organizational documents or contracts
 of Counterparty that are, in each case, applicable to ownership of Shares ()"**Applicable Restrictions** "), owns, beneficially owns, constructively owns, controls, holds the
 power to vote or otherwise meets a relevant definition of ownership under any Applicable
 Restriction, as determined by Dealer in its reasonable discretion. The "**Applicable Share Limit**" means a number of Shares equal to (A) the minimum number of Shares
 that could give rise to reporting or registration obligations (except for any filings of
 Form 13F, Schedule 13D or Schedule 13G under the Exchange Act as in effect on the Trade
 Date) or other requirements (including (x) obtaining prior approval from any person
 or entity or (y) becoming subject to any "interested shareholder" or similar
 restrictions in Counterparty's articles of association) of a Dealer Person, or could
 result in an adverse effect on a Dealer Person, under any Applicable Restriction, as determined
 by Dealer in its reasonable discretion, *minus* (B) 1% of the number of Shares
 outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding
 any other provision in this Confirmation to the contrary requiring or allowing Dealer to
 purchase, sell, receive or deliver any Shares or other securities, or make or receive any
 payment in cash, to or from Counterparty, Dealer may designate any of its affiliates to purchase,
 sell, receive or deliver such Shares or other securities, or to make or receive such payment
 in cash, and otherwise to perform Dealer's obligations in respect of the Transaction
 and any such designee may assume such obligations. Dealer shall be discharged of its obligations
 to Counterparty to the extent of any such performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *<u>Staggered Settlement</u>* . If upon advice of counsel with respect to applicable legal and regulatory
 requirements, including any requirements relating to Dealer's commercially reasonable
 hedging activities hereunder, Dealer reasonably determines that it would not be practicable
 or advisable to deliver, or to acquire Shares to deliver, any or all of the Shares to be
 delivered by Dealer on any Settlement Date for the Transaction, Dealer may, by notice to
 Counterparty on or prior to any Settlement Date (a "**Nominal Settlement Date** "),
 elect to deliver the Shares on two or more dates (each, a "**Staggered Settlement Date**") as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in such notice,
 Dealer will specify to Counterparty the related Staggered Settlement Dates (each of which
 will be on or prior to such Nominal Settlement Date) and the number of Shares that it will
 deliver on each Staggered Settlement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate
 number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered
 Settlement Dates will equal the number of Shares that Dealer would otherwise be required
 to deliver on such Nominal Settlement Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Net
 PANW Consideration Unit Settlement terms or the Combination Settlement terms set forth above
 were to apply on the Nominal Settlement Date, then the Net PANW Consideration Unit Settlement
 terms or the Combination Settlement terms, as the case may be, will apply on each Staggered
 Settlement Date, except that the Shares otherwise deliverable on such Nominal Settlement
 Date will be allocated among such Staggered Settlement Dates as specified by Dealer in the
 notice referred to in clause (i) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [ *<u>Role of Agent.</u>* Insert Dealer agency provisions, if any]<sup>23</sup> [ *Reserved* ]<sup>24</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *<u>Risk Disclosure Statement</u>* . Counterparty represents and warrants that it has received,
 read and understands the OTC Options Risk Disclosure Statement provided by Dealer and a copy
 of the most recent disclosure pamphlet prepared by The Options Clearing Corporation entitled
 "Characteristics and Risks of Standardized Options".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *<u>Conduct Rules</u>* . Each party acknowledges and agrees to be bound by the Conduct Rules of
 the Financial Industry Regulatory Authority, Inc. applicable to transactions in options,
 and further agrees not to violate the position and exercise limits set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Additional Termination Events</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding
 anything to the contrary in this Confirmation, upon any Early Conversion in respect of which
 a Notice of Conversion that is effective as to Counterparty has been delivered by the relevant
 converting Holder:

<sup>23</sup> Include any Dealer agency provisions.

<sup>24</sup> Insert Reserved if no Dealer agency provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Counterparty
 shall, within ten Scheduled Trading Days of the Conversion Date for such Early Conversion,
 provide written notice (an "**Early Conversion Notice**") to Dealer (which
 Early Conversion Notice shall contain a written representation by Counterparty to Dealer
 that Counterparty is not, on the date of such Early Conversion Notice, in possession of any
 material non-public information with respect to Counterparty or the Shares) specifying the
 number of Convertible Notes surrendered for conversion on such Conversion Date (such Convertible
 Notes, the "**Affected Convertible Notes** "), and the giving of such Early
 Conversion Notice shall constitute an Additional Termination Event as provided in this clause
 (i) (*provided* that Counterparty acknowledges its responsibilities under applicable
 securities laws, and in particular Section 9 and Section 10(b) of the Exchange
 Act and the rules and regulations thereunder, in respect of any delivery of an Early
 Conversion Notice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) upon
 receipt of any such Early Conversion Notice, Dealer shall designate an Exchange Business
 Day as an Early Termination Date (which Exchange Business Day shall be as promptly as reasonably
 practicable following the Conversion Date for such Early Conversion) with respect to the
 portion of the Transaction corresponding to a number of Options (the "**Affected Number of Options**") equal to the lesser of (x) the number of Affected Convertible
 Notes [ *minus* the "Affected Number of Options" (as defined in the Base
 Call Option Confirmation), if any, that relate to such Affected Convertible Notes (and for
 the purposes of determining whether any Options under this Confirmation or under the Base
 Call Option Confirmation will be among the Affected Number of Options hereunder or under,
 and as defined in, the Base Call Option Confirmation, the Convertible Notes specified in
 such Early Conversion Notice shall be allocated first to the Base Call Option Confirmation
 until all Options thereunder are exercised or terminated)]<sup>25</sup> and (y) the
 Number of Options as of the Conversion Date for such Early Conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any
 payment hereunder with respect to such termination shall be calculated pursuant to Section 6
 of the Agreement as if (x) an Early Termination Date had been designated in respect
 of a Transaction having terms identical to the Transaction and a Number of Options equal
 to the Affected Number of Options, (y) Counterparty were the sole Affected Party with
 respect to such Additional Termination Event and (z) the terminated portion of the Transaction
 were the sole Affected Transaction; *provided* that the amount payable with respect
 to such termination shall not be greater than (1) the Applicable Percentage, *multiplied* by (2) the Affected Number of Options, *multiplied* by (3) (x) the sum
 of (i) the amount of cash in PANW Consideration Units for any Option paid to the "Holder"
 (as such term is defined in the Indenture) of an Affected Convertible Note upon conversion
 of such Affected Convertible Note and (ii) the number of Shares in PANW Consideration
 Units for any Option delivered (if any) to the "Holder" (as such term is defined
 in the Indenture) of an Affected Convertible Note (including for such purposes taking into
 account any applicable adjustments to the "Conversion Rate" (as defined in the
 Indenture) pursuant to Section 14.03 of the Indenture), *multiplied by* the Applicable
 Limit Price, *minus* (y) the Synthetic Instrument Adjusted Issue Price per Convertible
 Note, as determined by the Calculation Agent. "**Synthetic Instrument Adjusted Issue Price per Convertible Note**" shall mean the amount determined by the Calculation
 Agent utilizing the numbers in the table set forth below based on the date of payment of
 the amount due with respect to the relevant Affected Number of Options (the "**Affected Unwind Date** "). If the Affected Unwind Date is not listed below, the amount in the
 preceding sentence shall be determined by the Calculation Agent by reference to the table
 below using a linear interpolation between the lower and higher Synthetic Instrument Adjusted
 Issue Prices per Convertible Note for the dates immediately preceding and immediately following
 the Affected Unwind Date. For the avoidance of doubt, any payment pursuant to this paragraph
 shall be subject to Section 9(m) of this Confirmation.

<sup>25</sup> Include in Additional Call Option Confirmation only.

---

| | |
|:---|:---|
| Affected Unwind Date | Synthetic Instrument Adjusted <br>Issue Price per Convertible Note |
| February 11, 2026 | USD |
| June 15, 2026 | USD |
| December 15, 2026 | USD |
| June 15, 2027 | USD |
| December 15, 2027 | USD |
| June 15, 2028 | USD |
| December 15, 2028 | USD |
| June 15, 2029 | USD |
| December 15, 2029 | USD |
| June 15, 2030 | USD |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) for the
 avoidance of doubt, in determining the amount payable in respect of such Affected Transaction
 pursuant to Section 6 of the Agreement, the Calculation Agent shall assume that (x) the
 relevant Early Conversion and any conversions, adjustments, agreements, payments, deliveries
 or acquisitions by or on behalf of Counterparty leading thereto had not occurred, (y) no
 adjustments to the Conversion Rate have occurred pursuant to any Excluded Provision and (z) the
 corresponding Convertible Notes remain outstanding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the Transaction
 shall remain in full force and effect, except that, as of the Conversion Date for such Early
 Conversion, the Number of Options shall be reduced by the Affected Number of Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding
 anything to the contrary in this Confirmation if an event of default with respect to Counterparty
 or Assignor occurs under the terms of the Convertible Notes as set forth in Section 6.01
 of the Indenture that results in the Convertible Notes becoming or being declared due and
 payable pursuant to the terms of the Indenture, then such acceleration shall constitute an
 Additional Termination Event applicable to the Transaction and, with respect to such Additional
 Termination Event, (A) Counterparty shall be deemed to be the sole Affected Party, (B) the
 Transaction shall be the sole Affected Transaction and (C) Dealer shall be the party
 entitled to designate an Early Termination Date pursuant to Section 6(b) of the
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding
 anything to the contrary in this Confirmation, the occurrence of an Amendment Event shall
 constitute an Additional Termination Event applicable to the Transaction and, with respect
 to such Additional Termination Event, (A) Counterparty shall be deemed to be the sole
 Affected Party, (B) the Transaction shall be the sole Affected Transaction and (C) Dealer
 shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of
 the Agreement. "**Amendment Event**" means that Counterparty amends, modifies,
 supplements, waives or obtains a waiver in respect of any term of the Indenture or the Convertible
 Notes (including an amendment, modification or supplement pursuant to the Supplemental Indenture)
 governing the principal amount, coupon, maturity, repurchase obligation of Counterparty,
 redemption right of Counterparty, any term relating to conversion of the Convertible Notes
 (including changes to the conversion rate, conversion rate adjustment provisions, conversion
 settlement dates or conversion conditions), or any term that would require consent of the
 holders of not less than 100% of the principal amount of the Convertible Notes to amend (other
 than, in each case, any amendment or supplement (x) pursuant to Section 10.01(m) of
 the Indenture that, as determined by the Calculation Agent, conforms the Indenture to the
 description of Convertible Notes in the Offering Memorandum or (y) pursuant to Section 14.07
 of the Indenture), in each case, without the consent of Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Within
 ten Scheduled Trading Days following any Repayment Event (as defined below), Counterparty
 (i) shall (solely to the extent that such Repayment Event results directly from a "Fundamental
 Change" (as such term is defined in the Indenture) or an "Optional Redemption"
 (as such term is defined in the Indenture)), and (ii) otherwise may, but shall not be
 obligated to, notify Dealer of such Repayment Event and the aggregate principal amount of
 Convertible Notes subject to such Repayment Event (any such notice, a "**Repayment Notice** "); *provided* that in the case of clause (ii) only, such Repayment
 Notice shall contain a representation and warranty by Counterparty that it is not, on the
 date thereof, in possession of any material non-public information with respect to Counterparty
 or the Shares [; *provided further* that any "Repayment Notice" delivered
 to Dealer pursuant to the Base Call Option Confirmation shall be deemed to be a Repayment
 Notice pursuant to this Confirmation and the terms of such Repayment Notice shall apply, *mutatis mutandis*, to this Confirmation].<sup>26</sup> Counterparty acknowledges
 its responsibilities under applicable securities laws, and in particular Section 9 and
 Section 10(b) of the Exchange Act and the rules and regulations thereunder,
 in respect of any delivery of a Repayment Notice. The receipt by Dealer from Counterparty
 of any Repayment Notice shall constitute an Additional Termination Event as provided in this
 Section 9(j)(iv). Upon receipt of any such Repayment Notice, Dealer shall designate
 an Exchange Business Day following receipt of such Repayment Notice as an Early Termination
 Date with respect to the portion of the Transaction corresponding to a number of Options
 (the "**Repayment Options**") equal to the lesser of (A) [(x)] the
 aggregate principal amount of such Convertible Notes specified in such Repayment Notice, *divided by* USD 1,000, [ *minus* (y) the number of "Repayment Options"
 (as defined in the Base Call Option Confirmation), if any, that relate to such Convertible
 Notes (and for the purposes of determining whether any Options under this Confirmation or
 under the Base Call Option Confirmation will be among the Repayment Options hereunder or
 under, and as defined in, the Base Call Option Confirmation, the Convertible Notes specified
 in such Repayment Notice shall be allocated first to the Base Call Option Confirmation until
 all Options thereunder are exercised or terminated)]<sup>27</sup>, and (B) the Number
 of Options as of the date Dealer designates such Early Termination Date and, as of such date,
 the Number of Options shall be reduced by the number of Repayment Options. Any payment hereunder
 with respect to such termination (the "**Repayment Unwind Payment**") shall
 be calculated pursuant to Section 6 of the Agreement as if (1) an Early Termination
 Date had been designated in respect of a Transaction having terms identical to the Transaction
 and a Number of Options equal to the number of Repayment Options, (2) Counterparty were
 the sole Affected Party with respect to such Additional Termination Event and (3) the
 terminated portion of the Transaction were the sole Affected Transaction; *provided* that, in the event of a Repayment Event resulting from a "Fundamental Change"
 (as such term is defined in the Indenture) or in connection with an "Optional Redemption"
 (as such term is defined in the Indenture), the Repayment Unwind Payment shall not be greater
 than (x) the number of Repayment Options *multiplied* by (y) the product of
 (A) the Applicable Percentage and (B) (x) the amount paid by Counterparty
 per Convertible Note in connection with the relevant Repayment Event pursuant to the relevant
 sections of the Indenture, *minus* (y) the Repayment Synthetic Instrument Adjusted
 Issue Price per Convertible Note, as determined by the Calculation Agent. "**Repayment Synthetic Instrument Adjusted Issue Price per Convertible Note**" shall mean the
 amount determined by the Calculation Agent utilizing the numbers in the table set forth below
 based on the date of payment of the amount due with respect to the relevant Repayment Options
 (the "**Repayment Unwind Date** "). If the Repayment Unwind Date is not listed
 below, the amount in the preceding sentence shall be determined by the Calculation Agent
 by reference to the table below using a linear interpolation between the lower and higher
 Repayment Synthetic Instrument Adjusted Issue Prices per Convertible Note for the dates immediately
 preceding and immediately following the Repayment Unwind Date. For the avoidance of doubt,
 any payment pursuant to this paragraph shall be subject to Section 9(m) of this
 Confirmation.

<sup>26</sup> Insert for Additional Call Option Confirmation.

<sup>27</sup> Insert for Additional Call Option Confirmation.

---

| | |
|:---|:---|
| Repayment Affected Unwind Date | Repayment Synthetic Instrument<br> Adjusted<br> Issue Price per Convertible Note |
| February 11, 2026 | USD |
| June 15, 2026 | USD |
| December 15, 2026 | USD |
| June 15, 2027 | USD |
| December 15, 2027 | USD |
| June 15, 2028 | USD |
| December 15, 2028 | USD |
| June 15, 2029 | USD |
| December 15, 2029 | USD |
| June 15, 2030 | USD |

---

"**Repayment Event**" means that (i) any Convertible Notes are repurchased (whether in connection with or as a result of a fundamental change, howsoever defined, or for any other reason) by Counterparty or any of its subsidiaries, (ii) any Convertible Notes are delivered to Counterparty or any of its subsidiaries in exchange for delivery of any property or assets of such party (howsoever described), (iii) any principal of any of the Convertible Notes is repaid prior to the final maturity date of the Convertible Notes (for any reason other than as a result of an acceleration of the Convertible Notes that results in an Additional Termination Event pursuant to Section 9(j)(ii)), or (iv) any Convertible Notes are exchanged by or for the benefit of the "Holders" (as defined in the Indenture) thereof for any other securities of Counterparty or any of its subsidiaries (or any other property, or any combination thereof) pursuant to any exchange offer or similar transaction. For the avoidance of doubt, any conversion of Convertible Notes (whether into cash, PANW Consideration Units, "Reference Property" (as defined in the Indenture) or any combination thereof) pursuant to the terms of the Indenture shall not constitute a Repayment Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *<u>Amendments to Equity Definitions</u>* .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Section 11.2(e)(vii) of
 the Equity Definitions is hereby amended by deleting the words "that may have a diluting
 or concentrative effect on the theoretical value of the relevant Shares" and replacing
 them with the words "that is the result of a corporate event involving Issuer or its
 securities that has a material effect on the Shares or the Options ; provided that such event
 is not based on (a) an observable market, other than the market for Issuer's own
 stock or (b) an observable index, other than an index calculated and measured solely
 by reference to Issuer's own operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Section 12.6(a)(ii) of
 the Equity Definitions is hereby amended by (1) inserting "(1)" immediately
 following the word "means" in the first line thereof and (2) inserting immediately
 prior to the semi-colon at the end of subsection (B) thereof the following words: "or
 (2) the occurrence of any of the events specified in Section 5(a)(vii)(1) through
 (9) of the ISDA Master Agreement with respect to that Issuer".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Section 12.9(b)(i) of
 the Equity Definitions is hereby amended by (1) replacing "either party may elect"
 with "Dealer may elect" and (2) replacing "notice to the other party"
 with "notice to Counterparty" in the first sentence of such section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Section 12(a) of
 the Agreement is hereby amended by deleting the phrase "or e-mail" in the third
 line thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *<u>No Netting or Set-off</u>* . The provisions of Section 2(c) of the Agreement shall
 not apply to the Transaction. Each party waives any and all rights it may have to set-off
 delivery or payment obligations it owes to the other party under the Transaction against
 any delivery or payment obligations owed to it by the other party under any other agreement
 between parties hereto, by operation of law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *<u>Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events.</u>* If (a) an Early Termination Date (whether as a result of an Event of Default or a Termination
 Event) occurs or is designated with respect to the Transaction or (b) the Transaction
 is cancelled or terminated upon the occurrence of an Extraordinary Event (except as a result
 of (i) a Nationalization, Insolvency or Merger Event in which the consideration
 to be paid to holders of Shares consists solely of cash, (ii) an Announcement Event,
 Merger Event or Tender Offer that is within Counterparty's control, or (iii) an
 Event of Default in which Counterparty is the Defaulting Party or a Termination Event in
 which Counterparty is the Affected Party other than an Event of Default of the type described
 in Section 5(a)(iii), (v), (vi), (vii) or (viii) of the Agreement or a Termination
 Event of the type described in Section 5(b) of the Agreement, in each case that
 resulted from an event or events outside Counterparty's control), and if Dealer would
 owe any amount to Counterparty pursuant to Section 6(d)(ii) of the Agreement or
 any Cancellation Amount pursuant to Article 12 of the Equity Definitions (any such amount,
 a "**Payment Obligation** "), then Dealer shall satisfy the Payment Obligation
 in cash pursuant to the provisions of Section 12.7 or Section 12.9 of the Equity
 Definitions, or the provisions of Section 6(d)(ii) of the Agreement, as the case
 may be; *provided* that, Dealer will satisfy the Payment Obligation by the Share Termination
 Alternative (as defined below), if (a) Counterparty gives irrevocable telephonic notice
 to Dealer, confirmed in writing within one Scheduled Trading Day, no later than 5:00 p.m. (New
 York City time) on the date of the Announcement Event, Merger Date, Tender Offer Date, Announcement
 Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination
 Date or date of cancellation, as applicable, of its election that the Share Termination Alternative
 shall apply and (b) Counterparty remakes the representation set forth in Section 8(f) as
 of the date of such election. Counterparty acknowledges its responsibilities under applicable
 securities laws, and in particular Section 9 and Section 10(b) of the Exchange
 Act and the rules and regulations thereunder, in respect of any election that the Share
 Termination Alternative will apply.

---

| | |
|:---|:---|
| Share Termination Alternative: | If applicable, Dealer shall deliver to Counterparty the Share Termination Delivery Property on, or within a commercially reasonable period of time after, the date when the relevant Payment Obligation would otherwise be due pursuant to Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) and 6(e) of the Agreement, as applicable, in satisfaction of such Payment Obligation in the manner reasonably requested by Counterparty free of payment. |
| Share Termination Delivery Property: | A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent shall adjust the Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price. |
| Share Termination Unit Price: | The value to Dealer of property contained in one Share Termination Delivery Unit, as determined by the Calculation Agent in its discretion by commercially reasonable means and notified by the Calculation Agent to Dealer at the time of notification of the Payment Obligation. For the avoidance of doubt, the parties agree that in determining the Share Termination Delivery Unit Price the Calculation Agent may consider the purchase price paid in connection with the purchase of Share Termination Delivery Property. |
| Share Termination Delivery Unit: | One PANW Consideration Unit or, if the Shares have changed into cash or any other property or the right to receive cash or any other property as the result of a Nationalization, Insolvency or Merger Event (any such cash or other property, the "**Exchange Property**"), a unit consisting of the Cash Component (as defined in the Supplemental Indenture) and the type and amount of such Exchange Property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Nationalization, Insolvency or Merger Event, as determined by the Calculation Agent. |

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| | |
|:---|:---|
| Failure to Deliver: | Applicable |
| Other applicable provisions: | If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 (as modified above) of the Equity Definitions and the provisions set forth opposite the caption "Representation and Agreement" in Section 2 will be applicable, except that all references in such provisions to "Physically-settled" shall be read as references to "Share Termination Settled" and all references to "Shares" shall be read as references to "Share Termination Delivery Units". "Share Termination Settled" in relation to the Transaction means that Share Termination Alternative is applicable to the Transaction. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *<u>Waiver of Jury Trial</u>* . Each party waives, to the fullest extent permitted by applicable law,
 any right it may have to a trial by jury in respect of any suit, action or proceeding relating
 to the Transaction. Each party (i) certifies that no representative, agent or attorney
 of either party has represented, expressly or otherwise, that such other party would not,
 in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and
 (ii) acknowledges that it and the other party have been induced to enter into the Transaction,
 as applicable, by, among other things, the mutual waivers and certifications provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *<u>Registration.</u>* Counterparty hereby agrees that if, in the good faith reasonable judgment of Dealer, based
 on the advice of counsel, the Shares ()"**Hedge Shares**") acquired by Dealer
 for the purpose of hedging its obligations pursuant to the Transaction cannot be sold in
 the public market by Dealer without registration under the Securities Act, Counterparty shall,
 at its election, either (i) in order to allow Dealer to sell the Hedge Shares in a registered
 offering, make available to Dealer an effective registration statement under the Securities
 Act and enter into an agreement, in form and substance satisfactory to Dealer, substantially
 in the form of an underwriting agreement for a registered secondary offering of similar size; *provided, however*, that if Dealer, in its sole reasonable discretion, is not satisfied
 with access to due diligence materials, the results of its due diligence investigation, or
 the procedures and documentation for the registered offering referred to above, then clause
 (ii) or clause (iii) of this paragraph shall apply at the election of Counterparty,
 (ii) in order to allow Dealer to sell the Hedge Shares in a private placement, enter
 into a private placement agreement substantially similar to private placement purchase agreements
 customary for private placements of equity securities of similar size, in form and substance
 satisfactory to Dealer (in which case, the Calculation Agent shall make any adjustments to
 the terms of the Transaction that are necessary, in its reasonable judgment, to compensate
 Dealer for any discount from the public market price of the Shares incurred on the sale of
 Hedge Shares in a private placement of similar size), or (iii) purchase the Hedge Shares
 from Dealer at the then-current market price on such Exchange Business Days, and in the amounts
 and at such time(s), requested by Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *<u>Tax Disclosure</u>* . Effective from the date of commencement of discussions concerning the
 Transaction, Counterparty and each of its employees, representatives, or other agents may
 disclose to any and all persons, without limitation of any kind, the tax treatment and tax
 structure of the Transaction and all materials of any kind (including opinions or other tax
 analyses) that are provided to Counterparty relating to such tax treatment and tax structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) *<u>Right to Extend</u>* . Dealer may postpone or add, in whole or in part, any Valid Day or Valid
 Days during the Settlement Averaging Period or any other date of valuation, payment or delivery
 by Dealer, with respect to some or all of the Options hereunder, if Dealer reasonably determines,
 in its discretion, based on the advice of counsel in the case of clause (ii) below,
 that such action is reasonably necessary or appropriate (i) to preserve Dealer's
 hedging or hedge unwind activity hereunder in light of existing liquidity conditions or (ii) to
 enable Dealer to effect purchases of Shares in connection with its hedging, hedge unwind
 or settlement activity hereunder in a manner that would, if Dealer were Counterparty or an
 affiliated purchaser of Counterparty, be in compliance with applicable legal, regulatory
 or self-regulatory requirements, or with related policies and procedures applicable to Dealer; *provided* that such policies and procedures have been adopted by Dealer in good faith
 and are generally applicable in similar situations and applied in a non-discriminatory manner; *provided further* that no such Valid Day or other date of valuation, payment or delivery
 may be postponed or added more than 30 Valid Days after the original Valid Day or other date
 of valuation, payment or delivery, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) *<u>Status of Claims in Bankruptcy</u>* . Dealer acknowledges and agrees that this Confirmation is
 not intended to convey to Dealer rights against Counterparty with respect to the Transaction
 that are senior to the claims of ordinary shareholders of Counterparty in any United States
 bankruptcy proceedings of Counterparty; *provided* that nothing herein shall limit or
 shall be deemed to limit Dealer's right to pursue remedies in the event of a breach
 by Counterparty of its obligations and agreements with respect to the Transaction; *provided*, *further* that nothing herein shall limit or shall be deemed to limit Dealer's
 rights in respect of any transactions other than the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) *<u>Securities Contract; Swap Agreement</u>* . The parties hereto intend for (i) the Transaction
 to be a "securities contract" and a "swap agreement" as defined in
 the Bankruptcy Code (Title 11 of the United States Code) (the "**Bankruptcy Code** "),
 and the parties hereto to be entitled to the protections afforded by, among other Sections,
 Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a
 party's right to liquidate the Transaction and to exercise any other remedies upon
 the occurrence of any Event of Default under the Agreement with respect to the other party
 to constitute a "contractual right" as described in the Bankruptcy Code, and
 (iii) each payment and delivery of cash, securities or other property hereunder to constitute
 a "margin payment" or "settlement payment" and a "transfer"
 as defined in the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) *<u>Notice of Certain Other Events</u>* . Counterparty covenants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) promptly following
 the public announcement of the results of any election by the holders of Shares with respect
 to the consideration due upon consummation of any Merger Event, Counterparty shall give Dealer
 written notice of the types and amounts of consideration actually received by holders of
 Shares (the date of such notification, the "**Consideration Notification Date** "); *provided* that in no event shall the Consideration Notification Date be later than
 the date on which such Merger Event is consummated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) Counterparty
 shall give Dealer commercially reasonable advance (but in any event at least one Exchange
 Business Day prior to the relevant Adjustment Notice Deadline) written notice of the section
 or sections of the Indenture and, if applicable, the formula therein, pursuant to which any
 adjustment will be made to the Convertible Notes in connection with any Potential Adjustment
 Event (other than a Potential Adjustment in respect of the Dilution Adjustment Provisions
 set forth in Section 14.04(b) or Section 14.04(d) of the Indenture) or
 Merger Event and (B) promptly following any such adjustment, Counterparty shall give
 Dealer written notice of the details of such adjustment. The "**Adjustment Notice Deadline**" means (i) for any Potential Adjustment in respect of the Dilution
 Adjustment Provision set forth in Section 14.04(a) of the Indenture, the relevant
 Ex-Dividend Date (as such term is defined in the Indenture) or Effective Date (as such term
 is defined in the Indenture), as the case may be, (ii) for any Potential Adjustment
 in respect of the Dilution Adjustment Provision in the first formula set forth in Section 14.04(c) of
 the Indenture, the first Trading Day (as such term is defined in the Indenture) of the period
 referred to in the definition of "SP<sub>0</sub>" in such formula, (iii) for
 any Potential Adjustment in respect of the Dilution Adjustment Provision in the second formula
 set forth in Section 14.04(c) of the Indenture, the first Trading Day (as such
 term is defined in the Indenture) of the Valuation Period (as such term is defined in the
 Indenture), (iv) for any Potential Adjustment in respect of the Dilution Adjustment
 Provision set forth in Section 14.04(e) of the Indenture, the first Trading Day
 (as such term is defined in the Indenture) of the period referred to in the definition of
 "SP<sub>1</sub>" in the formula in such Section, and (v) for any Merger
 Event, the effective date of such Merger Event (or, if earlier, the first day of any valuation
 or similar period in respect of such Merger Event).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) *<u>Wall Street Transparency and Accountability Act</u>* . In connection with Section 739 of
 the Wall Street Transparency and Accountability Act of 2010 ()"**WSTAA** "),
 the parties hereby agree that neither the enactment of WSTAA or any regulation under the
 WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall limit or otherwise
 impair either party's otherwise applicable rights to terminate, renegotiate, modify,
 amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination
 event, force majeure, illegality, increased costs, regulatory change or similar event under
 this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including,
 but not limited to, rights arising from Change in Law, Hedging Disruption, an Excess Ownership
 Position, or Illegality (as defined in the Agreement)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *<u>Agreements and Acknowledgements Regarding Hedging</u>* . Counterparty understands, acknowledges and
 agrees that: (A) at any time on and prior to the Expiration Date, Dealer and its affiliates
 may buy or sell Shares or other securities or buy or sell options or futures contracts or
 enter into swaps or other derivative securities in order to adjust its hedge position with
 respect to the Transaction; (B) Dealer and its affiliates also may be active in the
 market for Shares other than in connection with hedging activities in relation to the Transaction;
 (C) Dealer shall make its own determination as to whether, when or in what manner any
 hedging or market activities in securities of Issuer shall be conducted and shall do so in
 a manner that it deems appropriate to hedge its price and market risk with respect to the
 Relevant Prices; and (D) any market activities of Dealer and its affiliates with respect
 to Shares may affect the market price and volatility of Shares, as well as the Relevant Prices,
 each in a manner that may be adverse to Counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) *<u>Effectiveness Conditions</u>.* This Confirmation shall become effective on the date (the "**Effective Date**") the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Merger
 has become effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) This Confirmation
 has been duly executed and delivered by each of the Dealer, Assignor and Counterparty, and
 is enforceable against each in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Supplemental
 Indenture has been duly executed and delivered by each of the parties thereto, and is enforceable
 against each in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Counterparty
 has delivered to Dealer an opinion of counsel pursuant to Section 9(a) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *<u>Payment by Counterparty</u>* . In the event that, following payment of the Premium, (i) an
 Early Termination Date occurs or is designated with respect to the Transaction as a result
 of a Termination Event or an Event of Default (other than an Event of Default arising under
 Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result, Counterparty
 owes to Dealer an amount calculated under Section 6(e) of the Agreement, or (ii) Counterparty
 owes to Dealer, pursuant to Section 12.7 or Section 12.9 of the Equity Definitions,
 an amount calculated under Section 12.8 of the Equity Definitions, such amount shall
 be deemed to be zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) *<u>Adjustments</u>* .
 For the avoidance of doubt, whenever the Calculation Agent or Determining Party is required
 or permitted to make a calculation, adjustment, determination or election pursuant to the
 terms of this Confirmation or the Equity Definitions to take into account the effect of an
 event (other than an adjustment to be made by reference to the Indenture), the Calculation
 Agent or Determining Party may make such calculation, adjustment, determination or election
 by reference to the effect of such event on Dealer (taking into account, among other factors,
 Dealer's hedge position), assuming that such Dealer maintains a commercially reasonable
 hedge position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) *<u>Other Adjustments Pursuant to the Equity Definitions</u>* . Notwithstanding anything to the contrary
 in this Confirmation, solely for the purpose of adjusting the Cap Price, the terms "Potential
 Adjustment Event," "Merger Event," and "Tender Offer" shall
 each have the meanings assigned to such term in the Equity Definitions (as amended by Section 9(k)(i) and *provided* that "10%" in the third line of the term "Tender Offer"
 in Section 12.1(d) of the Equity Definitions shall be replaced with "20%"),
 and upon the occurrence of a Merger Date, the occurrence of a Tender Offer Date, or declaration
 by Counterparty of the terms of any Potential Adjustment Event, respectively, as such terms
 are defined in the Equity Definitions, the Calculation Agent shall determine whether such
 occurrence or declaration, as applicable, has had a material economic effect on the Transaction
 and, if so, shall, adjust the Cap Price in a commercially reasonable manner to preserve the
 fair value of the Options to Dealer; *provided* that in no event shall the Cap Price
 be less than the Strike Price. Solely for purposes of this Section 9(z), "Extraordinary
 Dividend" means any cash dividend on the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) *<u>Tax Matters</u>* .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *FATCA and Dividend Equivalent Tax*. "**Tax**," as used in Section 9(aa)(iii) below,
 and "**Indemnifiable Tax**," as defined in Section 14 of the Agreement,
 shall not include any U.S. federal withholding tax imposed or collected pursuant to Sections
 1471 through 1474 of the Code, any current or future regulations or official interpretations
 thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or
 any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental
 agreement entered into in connection with the implementation of such Sections of the Code
 (a "**FATCA Withholding Tax** "). For the avoidance of doubt, a FATCA Withholding
 Tax is a Tax the deduction or withholding of which is required by applicable law for the
 purposes of Section 2(d) of the Agreement. "Indemnifiable Tax", as
 defined in Section 14 of the Agreement, shall not include any tax imposed on payments
 treated as dividends from sources within the United States under Section 871(m) of
 the Code or any regulations issued thereunder. For the avoidance of doubt, any such tax imposed
 under Section 871(m) of the Code is a Tax the deduction or withholding of which
 is required by applicable law for the purposes of Section 2(d) of the Agreement.

To the extent that either party to the Transaction is not an adhering party to the ISDA 2015 Section 871(m) Protocol, as published by ISDA and as may be amended, supplemented, replaced or superseded from time to time (the "**871(m) Protocol**"), the parties agree that the provisions and amendments contained in the Attachment to the 871(m) Protocol are incorporated into and apply to this Confirmation as if set forth in full herein. The parties further agree that, solely for purposes of applying such provisions and amendments to this Confirmation, references to "each Covered Master Agreement" in the 871(m) Protocol will be deemed to be references to this Confirmation, and references to the "Implementation Date" in the 871(m) Protocol will be deemed to be references to the Trade Date of the Transaction. If there is any inconsistency between this provision and a provision in any other agreement executed between the parties with respect to the Transaction, this provision shall prevail unless such other agreement expressly overrides the provisions of the 871(m) Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Tax Documentation*. Dealer shall provide to Counterparty a valid U.S. Internal Revenue Service Form [W-8/W-9]<sup>28</sup>, or any
successor thereto and Counterparty shall provide to Dealer a valid U.S. Internal Revenue Service Form W-9, or any successor thereto,
(i) on or before the date of execution of this Confirmation and (ii) promptly upon learning that any such tax form previously
provided by it has become obsolete or incorrect. Additionally, each party shall, promptly upon request by the other party, provide such
other tax forms and documents reasonably requested by the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Payor Tax Representations*. For the purpose of Section 3(e) of the Agreement, each
 party makes the following representation: It is not required by any applicable law, as modified
 by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction
 to make any deduction or withholding for or on account of any Tax from any payment (other
 than interest under Section 9(h) of the Agreement or amounts payable hereunder
 that are considered to be interest for U.S. federal income tax purposes) to be made by it
 to the other party under the Agreement. In making this representation, it may rely on (i) the
 accuracy of any representations made by the other party pursuant to Section 9(aa)(iv) of
 this Confirmation, (ii) the satisfaction of the agreement contained in Section 4(a)(i) or
 4(a)(iii) of the Agreement and the accuracy and effectiveness of any document provided
 by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of the Agreement,
 (iii) the satisfaction of the agreement of the other party contained in the last sentence
 of Section 9(aa)(iv) of this Confirmation and (iv) the documentation provided
 by Counterparty pursuant to Section 9(aa)(ii) of this Confirmation, except that
 it will not be a breach of this representation where reliance is placed on clause (ii) above
 and the other party does not deliver a form or document under Section 4(a)(iii) by
 reason of material prejudice to its legal or commercial position.

<sup>28</sup> Include appropriate tax document for Dealer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Payee Tax Representations*. For the purpose of Section 3(f) of the Agreement, each
 party makes the following representations, as applicable: Counterparty is a corporation for
 U.S. federal income tax purposes and is organized under the laws of Delaware. Counterparty
 is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of
 United States Treasury Regulations) for U.S. federal income tax purposes and an exempt recipient
 under Treasury Regulation Section 1.6049-4(c)(l)(ii). Dealer is a [corporation for U.S.
 federal income tax purposes and is organized under the laws of the United States. Dealer
 is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of
 United States Treasury Regulations) for U.S. federal income tax purposes and an exempt recipient
 under Treasury Regulation Section 1.6049-4(c)(l)(ii)].<sup>29</sup> Each party agrees
 to give notice of any failure of a representation made by it under this Section 9(aa)(iv) to
 be accurate and true promptly upon learning of such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) [ *<u>QFC Stay Rules</u>* . The parties agree that (i) to the extent that prior to the date
 hereof both parties have adhered to the 2018 ISDA U.S. Resolution Stay Protocol (the "**Protocol** "),
 the terms of the Protocol are incorporated into and form a part of this Confirmation, and
 for such purposes this Confirmation shall be deemed a Protocol Covered Agreement, and each
 party shall be deemed to have the same status as Regulated Entity and/or Adhering Party as
 applicable to it under the Protocol; (ii) to the extent that prior to the date hereof
 the parties have executed a separate agreement the effect of which is to amend the qualified
 financial contracts between them to conform with the requirements of the QFC Stay Rules (the
 "**Bilateral Agreement** "), the terms of the Bilateral Agreement are incorporated
 into and form a part of this Confirmation and each party shall be deemed to have the status
 of "Covered Entity" or "Counterparty Entity" (or other similar term)
 as applicable to it under the Bilateral Agreement; or (iii) if clause (i) and clause
 (ii) do not apply, the terms of Section 1 and Section 2 and the related defined
 terms (together, the "**Bilateral Terms**") of the form of bilateral template
 entitled "Full-Length Omnibus (for use between U.S. G-SIBs and Corporate Groups)"
 published by ISDA on November 2, 2018 (currently available on the 2018 ISDA U.S. Resolution
 Stay Protocol page at *www.isda.org* and a copy of which is available upon request),
 the effect of which is to amend the qualified financial contracts between the parties thereto
 to conform with the requirements of the QFC Stay Rules, are hereby incorporated into and
 form a part of this Confirmation, and for such purposes this Confirmation shall be deemed
 a "Covered Agreement," Dealer shall be deemed a "Covered Entity"
 and Counterparty shall be deemed a "Counterparty Entity." In the event that,
 after the date of this Confirmation, both parties hereto become adhering parties to the Protocol,
 the terms of the Protocol will replace the terms of this paragraph. In the event of any inconsistencies
 between this Confirmation and the terms of the Protocol, the Bilateral Agreement or the Bilateral
 Terms (each, the "**QFC Stay Terms** "), as applicable, the QFC Stay Terms
 will govern. Terms used in this paragraph without definition shall have the meanings assigned
 to them under the QFC Stay Rules. For purposes of this paragraph, references to "this
 Confirmation" include any related credit enhancements entered into between the parties
 or provided by one to the other. "QFC Stay Rules" means the regulations codified
 at 12 C.F.R. 252.2, 252.81–8, 12 C.F.R. 382.1-7 and 12 C.F.R. 47.1-8, which, subject
 to limited exceptions, require an express recognition of the stay-and-transfer powers of
 the FDIC under the Federal Deposit Insurance Act and the Orderly Liquidation Authority under
 Title II of the Dodd Frank Wall Street Reform and Consumer Protection Act and the override
 of default rights related directly or indirectly to the entry of an affiliate into certain
 insolvency proceedings and any restrictions on the transfer of any covered affiliate credit
 enhancements.]<sup>30</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) [ *<u>CARES Act</u>* . Counterparty acknowledges that the Transaction may constitute a purchase of
 its equity securities or a capital distribution. Counterparty further acknowledges
 that, pursuant to the provisions of the Coronavirus Aid, Relief and Economic Security Act
 (the "**Cares Act** "), the Counterparty will be required to agree to certain
 time-bound restrictions on its ability to purchase its equity securities or make capital
 distributions if it receives loans, loan guarantees or direct loans (as that term is defined
 in the Cares Act) under section 4003(b) of the Cares Act. Counterparty further
 acknowledges that it may be required to agree to certain time-bound restrictions on its ability
 to purchase its equity securities or make capital distributions if it receives loans, loan
 guarantees or direct loans (as that term is defined in the Cares Act) under programs or facilities
 established by the Board of Governors of the Federal Reserve System for the purpose of providing
 liquidity to the financial system. Accordingly, Counterparty represents and warrants
 that it has not applied, and throughout the term of this Transaction shall not apply, for
 a loan, loan guarantee, direct loan (as that term is defined in the Cares Act) or other investment,
 or to receive any financial assistance or relief (howsoever defined) under any program or
 facility that (a) is established under applicable law, including the Cares Act and the
 Federal Reserve Act, as amended, and (b) requires, as a condition of such loan, loan
 guarantee, direct loan (as that term is defined in the Cares Act), investment, financial
 assistance or relief, that Counterparty agree, attest, certify or warrant that it has not,
 as of the date specified in such condition, repurchased, or will not repurchase, any equity
 security of Counterparty and that it has not, as of the date specified in such condition,
 made a capital distribution or will not make a capital distribution. Counterparty further
 represents and warrants that the Premium is not being paid, in whole or in part, directly
 or indirectly, with funds received under or pursuant to any program or facility, including
 the U.S. Small Business Administration's "Paycheck Protection Program",
 that (a) is established under applicable law (whether in existence as of the Trade Date
 or subsequently enacted, adopted or amended), including without limitation the CARES Act
 and the Federal Reserve Act, as amended, and (b) requires under such applicable law
 (or any regulation, guidance, interpretation or other pronouncement of a governmental authority
 with jurisdiction for such program or facility) that such funds be used for specified or
 enumerated purposes that do not include the purchase of the Transaction (either by specific
 reference to the Transaction or by general reference to transactions with the attributes
 of the Transaction in all relevant respects).]<sup>31</sup>

(cc) *<u>Dealer Boilerplate</u>*. Insert Dealer specific provisions, if any.

<sup>29</sup> Include appropriate tax rep for Dealer

<sup>30</sup> Include as appropriate for Dealer

<sup>31</sup> Include as appropriate for Dealer

Please confirm that the foregoing correctly sets forth the terms of our agreement by executing this Confirmation and returning it to Dealer via e-mail.

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| |
|:---|
| Very truly yours, |
| **[DEALER]** |
| By: |
| Authorized Signatory |
| Name: |

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Acknowledged and agreed<br> only in its limited capacity as Assignor:

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| |
|:---|
| **CYBERARK SOFTWARE LTD.** |
| By: |
| Authorized Signatory |
| Name: |

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Accepted and confirmed<br> as of the Effective Date:

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| |
|:---|
| **PALO ALTO NETWORKS INC.** |
| By: |
| Authorized Signatory |
| Name: |

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