Zscaler Officer Files Form 144 for Routine Sell-to-Cover RSU Tax Withholding

Executive Summary

On September 16, 2026, Kevin Rubin, an Officer of Zscaler, Inc. ($ZS), filed a Form 144 notice of proposed sale covering 5,957 shares of Common Stock with an estimated aggregate market value of $1,148,288.17 (approx. $192.76 per share).

Transaction Details

• Security: Common Stock
• Proposed Sale Quantity: 5,957 shares
• Approximate Sale Date: September 16, 2026
• Acquisition Source: Acquired via vesting of Restricted Stock Units (RSUs) on September 15, 2026.
• Broker: Morgan Stanley Smith Barney LLC Executive Financial Services

Context & Significance

• Trading Significance: Low. The filing remarks indicate that this transaction represents a mandatory sell-to-cover transaction to satisfy statutory tax withholding obligations resulting from the RSU vesting on September 15, 2026.
• Prior Activity: Over the past 3 months, the insider reported selling 1,686 shares on June 16, 2026, 3,000 shares on June 25, 2026, 503 shares on July 27, 2026, and 503 shares on August 25, 2026.
• Because this is an automated tax-related sale rather than a discretionary divestment based on market sentiment, it has minimal signaling value for general market participants.