Document:

EX-10.1

 Exhibit 10.1 
  

 
 September 8, 2014 

Stanley J. Meresman 
 Dear Stan: 

On behalf of the Board of Directors (the “Board”) of Palo Alto Networks, Inc. (the “Company”), we are pleased to inform you
that our Nominating and Governance Committee of the Board has nominated you for election as a member of our Board and serve as a member of the Audit Committee. 

As you are aware, the Company is a Delaware corporation and therefore your rights and duties as a Board member of the Company are prescribed by Delaware law,
SEC laws, listing rules for the stock exchange on which our shares are traded, our charter documents and by the policies established by our Board from time to time. In addition, you may also be requested to serve as a director of one or more of our
subsidiaries in which case you may be subject to other laws while serving in such a capacity. 
 From time to time, our Board may establish certain other
committees to which it may delegate certain duties. In addition to committee meetings, which shall be convened as needed, our Board meetings are generally held quarterly at the Company’s offices in Santa Clara, California. We would hope that
your schedule would permit you to attend all of the meetings of the Board and any committees of which you are a member. In addition, from time to time, there may be telephonic meetings to address special matters. 

It is expected that during the term of your Board membership with the Company you will not engage in any other employment, occupation, consulting or other
business activity that competes with the business in which the Company is now involved in or becomes involved in during the term of your service to the Company, nor will you engage in any other activities that conflict with your obligations to the
Company. 
 If you decide to join the Board and to serve as a member of the Audit Committee, it will be recommended at the time of your election as a member
of the Board that the Company grant you a restricted stock unit award under our 2012 Equity Incentive Plan (the “2012 Plan”) having a value equal to $1,000,000 (the “Award”) in consideration for your service as a
member of the Board consistent with our non-employee director compensation policy. The number of Award shares will be based on the average closing price of the Company’s common stock over the 30 calendar days prior to the 15th day of the month in which the grant occurs. The Award shares will vest over three years, with 1/3 of the shares subject to the Award grant vesting on the first anniversary of the grant date (which
is expected to be September 20, 2014), and the remaining shares vesting equally over the next two years on a quarterly basis, subject to you continuing to serve as a Board member on each vesting date. The vesting of the Award will accelerate
upon a Change in Control (as defined in the 2012 Plan). 
 In addition to the Award, you will be eligible to receive annual restricted stock unit equity
awards with a combined value of $320,000 on the date of each annual meeting of stockholders (commencing with 

 Stan Meresman 

September 8, 2014 
 Page 2 

 

 
the December 2015 meeting) in accordance with our non-employee director compensation policy, subject to your continuing service on the Board and the Audit Committee. Each annual restricted stock
unit equity award is expected to vest over one year on a quarterly basis and will accelerate upon a Change in Control (as defined in the 2012 Plan). 
 The
payment of compensation to Board members is subject to many restrictions under applicable law, and as such, you should be aware that the compensation set forth above is subject to such future changes and modifications as the Board or its committees
may deem necessary or appropriate. In addition, please note that unless otherwise approved by our Board or required under applicable law, directors of our subsidiaries shall not be entitled to any compensation. 

You shall be entitled to reimbursement for reasonable expenses incurred by you in connection with your service to the Company and attendance of Board and
committee meetings in accordance with the Company’s established policies. 
 Please note that nothing in this letter or any agreement granting you
equity should be construed to interfere with or otherwise restrict in any way the rights of the Company, its Board or stockholders from removing you from the Board or any committee in accordance with the provisions of applicable law. Furthermore,
except as otherwise provided to other non-employee Board members or required by law, the Company does not intend to afford you any rights as an employee, including without limitation, the right to further employment or any other benefits. 

We hope that you find the foregoing terms acceptable. You may indicate your agreement with these terms by signing and dating both the enclosed duplicate and
original letter and returning them to me. By signing this letter you also represent that the execution and delivery of this agreement and the fulfillment of the terms hereof will not require the consent of another person, constitute a default under
or conflict with any agreement or other instrument to which you are bound or a party. 
 On behalf of the Company it gives us great pleasure to welcome you
as a member of our Board. We anticipate your leadership and experience shall make a key contribution to our success at this critical time in our growth and development. 

Yours very truly, 
 /s/ Mark McLaughlin 

Mark McLaughlin 
 Chief Executive Officer 

Palo Alto Networks, Inc. 
  

	
	Acknowledged and agreed to
	
	September 10, 2014
	
	   /s/ Stan Meresman

	Stan MeresmanExhibit 4.1

	 	 	 	 	 
	 	 	[FIFTH STREET ASSET MANAGEMENT INC. LOGO]	 	CLASS A COMMON STOCK
	 	 	 
	Number	 	 	 	Shares
	 	 	 
	 	 	
        INCORPORATED UNDER THE LAWS OF THE

        STATE OF DELAWARE
	 	CUSIP
	 	 	 	 	 
	This Certifies That	 	 	 	 
	 	 	 	 	 
	Is the Owner of	 	 	 	 

 

FULLY PAID AND NON-ASSESSABLE SHARES
OF CLASS A COMMON STOCK, PAR VALUE $0.01 PER SHARE, OF 

 

FIFTH STREET ASSET MANAGEMENT INC. 

 

transferable on the books of the Corporation in person or by
duly authorized attorney, on surrender of this certificate properly endorsed. This certificate and the shares represented hereby
are issued and shall be held subject to all the provisions of the Certificate of Incorporation of the Corporation and the Bylaws
of the Corporation, as now or hereafter amended, to all of which the holder hereof by the acceptance hereof assents. This certificate
is not valid unless countersigned and registered by the Transfer Agent and Registrar.

 

Witness the facsimile seal of the Corporation
and the facsimile signatures of its duly authorized officers.

 

Dated:

 

	_______________________________	 [CORPORATE SEAL] 	COUNTERSIGNED AND REGISTERED:
	CHIEF EXECUTIVE OFFICER	 	[•]
	 	 	 
	 	 	TRANSFER AGENT AND REGISTRAR
	 	 	 
	_______________________________	 	BY: _______________________________
	SECRETARY	 	AUTHORIZED SIGNATURE

  

    	- 1 -

    	 

    

 

FIFTH STREET ASSET MANAGEMENT INC. 

 

The following abbreviations, when used
in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable
laws or regulations:

 

	TEN COM	 	- as tenants in common	 	UNIF GIFT MIN ACT	 	
        -                       
        Custodian                       

                (Cust)                
                     (Minor)

	 	 	 	 	 	 	 
	TEN ENT	 	- as tenants by the entireties	 	 	 	
        under Uniform Gifts to Minors

        Act                                          
                         

                                 
         (State)

	 	 	 	 	 	 	 
	JT TEN	 	- as joint tenants with right of survivorship and not as tenants in common	 	UNIF TRF MIN ACT	 	
        -                      Custodian 
        (until age         )

                (Cust)

         

                            
        under Uniform Transfers

            (Minor)

         

        to Minors Act                                         
        

                                 
                   (State)

 

Additional abbreviations may also be used
though not in the above list.

 

For value received,                                         
hereby sell(s), assign(s) and transfer(s) unto

 

(Please Insert Social Security Number or Other Identifying Number
of Assignee)

 

                         
                                         
                                         
                                                                             

 

(Please Print or Typewrite Name and Address, Including Zip Code of Assignee) 

 

                                                                                                                                                                                              

 

                                                                                                                                                                                            

 

Shares of the capital stock represented by the within Certificate, and do(es) hereby irrevocably 

 

constitute and appoint                                                                                                                                                        

 

Attorney to transfer the said shares on the books of the within
named Corporation with full power of substitution in the premises.

 

	Dated _______________________________	 	 
	 	 	 
	 	 	NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATEVER.

 

    	- 2 -

    	 

    

 

Signature(s) Guaranteed 

 

	By: 	 

 

THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR
INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM) PURSUANT TO S.E.C. RULE 17AD-15.

 

The within named Corporation will furnish without charge to
each stockholder who so requests a statement of the powers, designations, preferences and relative, participating, optional or
other special rights of each class of stock or series thereof of the Corporation and the qualifications, limitations or restrictions
of such preferences and/or rights. Such requests may be made to the Corporation’s Secretary at the principal office of the
Corporation.

 

    	- 3 -

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