Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
SC XI MANAGEMENT LLC
  2. Issuer Name and Ticker or Trading Symbol
Palo Alto Networks Inc [PANW]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
3000 SAND HILL ROAD 4-250
3. Date of Earliest Transaction (Month/Day/Year)
07/25/2012
(Street)

MENLO PARK, CA 94025
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 07/25/2012   C   335,396 A (1) 335,396 I By Sequoia Technology Partners XI, LP (2)
Common Stock 07/25/2012   C   1,155,116 A (1) 1,155,116 I By Sequoia Capital XI Principals Fund, LLC (2)
Common Stock 07/25/2012   C   10,617,630 A (1) 10,617,630 I By Sequoia Capital XI LP (2)
Common Stock 07/25/2012   C   16,150 A (1) 16,150 I By Sequoia Capital Growth Partners III, LP (3)
Common Stock 07/25/2012   C   76,202 A (1) 76,202 I By Sequoia Capital Growth III Principals Fund, LLC (3)
Common Stock 07/25/2012   C   1,475,592 A (1) 1,475,592 I By Sequoia Capital Growth Fund III, LP (3)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Series A-1 Preferred Stock (1) 07/25/2012   C     6,690   (1)   (1) Common Stock 6,690 $ 0 0 I By Sequoia Technology Partners XI, LP (2)
Series A-1 Preferred Stock (1) 07/25/2012   C     23,038   (1)   (1) Common Stock 23,038 $ 0 0 I By Sequoia Capital XI Principals Fund, LLC (2)
Series A-1 Preferred Stock (1) 07/25/2012   C     211,772   (1)   (1) Common Stock 211,772 $ 0 0 I By Sequoia Capital XI LP (2)
Series A-2 Preferred Stock (1) 07/25/2012   C     242,600   (1)   (1) Common Stock 242,600 $ 0 0 I By Sequoia Technology Partners XI, LP (2)
Series A-2 Preferred Stock (1) 07/25/2012   C     835,528   (1)   (1) Common Stock 835,528 $ 0 0 I By Sequoia Capital XI Principals Fund, LLC (2)
Series A-2 Preferred Stock (1) 07/25/2012   C     7,680,022   (1)   (1) Common Stock 7,680,022 $ 0 0 I By Sequoia Capital XI LP (2)
Series B Preferred Stock (1) 07/25/2012   C     66,089   (1)   (1) Common Stock 66,089 $ 0 0 I By Sequoia Technology Partners XI, LP (2)
Series B Preferred Stock (1) 07/25/2012   C     227,612   (1)   (1) Common Stock 227,612 $ 0 0 I By Sequoia Capital XI Principals Fund, LLC (2)
Series B Preferred Stock (1) 07/25/2012   C     2,092,167   (1)   (1) Common Stock 2,092,167 $ 0 0 I By Sequoia Capital XI LP (2)
Series C Preferred Stock (1) 07/25/2012   C     20,017   (1)   (1) Common Stock 20,017 $ 0 0 I By Sequoia Technology Partners XI, LP (2)
Series C Preferred Stock (1) 07/25/2012   C     68,938   (1)   (1) Common Stock 68,938 $ 0 0 I By Sequoia Capital XI Principals Fund, LLC (2)
Series C Preferred Stock (1) 07/25/2012   C     633,669   (1)   (1) Common Stock 633,669 $ 0 0 I By Sequoia Capital XI LP (2)
Series C Preferred Stock (1) 07/25/2012   C     16,150   (1)   (1) Common Stock 16,150 $ 0 0 I By Sequoia Capital Growth Partners III, LP (3)
Series C Preferred Stock (1) 07/25/2012   C     76,202   (1)   (1) Common Stock 76,202 $ 0 0 I By Sequoia Capital Growth III Principals Fund, LLC (3)
Series C Preferred Stock (1) 07/25/2012   C     1,475,592   (1)   (1) Common Stock 1,475,592 $ 0 0 I By Sequoia Capital Growth Fund III, LP (3)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SC XI MANAGEMENT LLC
3000 SAND HILL ROAD 4-250
MENLO PARK, CA 94025
    X    
SCGF III MANAGEMENT LLC
3000 SAND HILL ROAD, 4-250
MENLO PARK, CA 94025
    X    
SEQUOIA CAPITAL GROWTH FUND III
3000 SAND HILL ROAD 4-250
MENLO PARK, CA 94025
    X    
SEQUOIA CAPITAL GROWTH III PRINCIPALS FUND
3000 SAND HILL ROAD 4-250
MENLO PARK, CA 94025
    X    
SEQUOIA CAPITAL GROWTH PARTNERS III
3000 SAND HILL ROAD 4-250
MENLO PARK, CA 94025
    X    
SEQUOIA CAPITAL XI
3000 SAND HILL ROAD 4-250
MENLO PARK, CA 94025
    X    
SEQUOIA CAPITAL XI PRINCIPALS FUND
3000 SAND HILL ROAD 4-250
MENLO PARK, CA 94025
    X    
SEQUOIA TECHNOLOGY PARTNERS XI
3000 SAND HILL ROAD, 4-250
MENLO PARK, CA 94025
    X    

Signatures

 /s/ Melinda Dunn, by power of attorney for Douglas Leone, a Managing Member of SCGF III Management, LLC   07/25/2012
**Signature of Reporting Person Date

 /s/ Melinda Dunn, by power of attorney for Douglas Leone, a Managing Member of SCGF III Management, LLC, the General Partner of Sequoia Capital Growth Fund III, L.P.   07/25/2012
**Signature of Reporting Person Date

 /s/ Melinda Dunn, by power of attorney for Douglas Leone, a Managing Member of SCGF III Management, LLC, the Managing Member of Sequoia Capital Growth III Principals Fund LLC   07/25/2012
**Signature of Reporting Person Date

 /s/ Melinda Dunn, by power of attorney for Douglas Leone, a Managing Member of SCGF III Management, LLC, the General Partner of Sequoia Capital Growth Partners III, L.P.   07/25/2012
**Signature of Reporting Person Date

 /s/ Melinda Dunn, by power of attorney for Douglas Leone, a Managing Member of SC XI Management, LLC   07/25/2012
**Signature of Reporting Person Date

 /s/ Melinda Dunn, by power of attorney for Douglas Leone, a Managing Member of SC XI Management, LLC, the General Partner of Sequoia Capital XI, L.P.   07/25/2012
**Signature of Reporting Person Date

 /s/ Melinda Dunn, by power of attorney for Douglas Leone, a Managing Member of SC XI Management, LLC, the Managing Member of Sequoia Capital XI Principals Fund LLC   07/25/2012
**Signature of Reporting Person Date

 /s/ Melinda Dunn, by power of attorney for Douglas Leone, a Managing Member of SC XI Management, LLC, the General Partner of Sequoia Technology Partners XI, L.P.   07/25/2012
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Each share of Series A-1 Preferred Stock, Series A-2 Preferred Stock, Series B Preferred Stock and Series C Preferred Stock automatically converted into Common Stock on a 1-for-1 basis immediately prior to the closing of the Issuer's initial public offering of Common Stock and had no expiration date.
(2) SC XI Management, LLC ("SC XI Management") is the general partner of Sequoia Capital XI, LP and Sequoia Technology Partners XI, LP and is the managing member of Sequoia Capital XI Principals Fund, LLC. As a result, SC XI Management may be deemed to share voting and dispositive power with respect to the shares held by Sequoia Capital XI, LP, Sequoia Technology Partners XI, LP and Sequoia Capital XI Principals Fund, LLC. Each of the filing persons disclaims beneficial ownership of these securities except to the extent of its pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.
(3) SCGF III Management, LLC ("SCGF III Management") is the general partner of Sequoia Capital Growth Fund III, LP and Sequoia Capital Growth Partners III, LP and is the managing member of Sequoia Capital Growth III Principals Fund, LLC. As a result, SCGF III Management may be deemed to share voting and dispositive power with respect to the shares held by Sequoia Capital Growth Fund III, LP, Sequoia Capital Growth Partners III, LP and Sequoia Capital Growth III Principals Fund, LLC. Each of the filing persons disclaims beneficial ownership of these securities except to the extent of its pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

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