Zscaler Chief Product Officer Adam Geller Reports Stock Vesting and Rule 10b5-1 Sales

Overview & Context

On September 17, 2026, Adam Geller, Chief Product Officer of Zscaler, Inc. ($ZS), filed Form 4 detailing three separate equity transactions occurring between September 15 and September 17, 2026:

1. September 15, 2026: Acquisition of 6,817 shares of common stock at $0.00 per share upon the vesting and settlement of performance-based restricted stock units (PSUs) granted in October 2025 following the achievement of FY26 performance targets.
2. September 16, 2026: Mandatory disposition of 5,578 shares at an average price of $192.7628 ($1,075,230.90) to cover tax withholding obligations triggered by RSU/PSU vesting under the company's equity incentive plan.
3. September 17, 2026: Open market sale of 4,584 shares at $192.01 per share ($880,173.84) pursuant to a Rule 10b5-1 trading plan established on March 20, 2026.

Following these transactions, Mr. Geller holds 38,969 shares directly.

Transaction Analysis

• Routine Nature: More than half of the shares sold (5,578 of 10,162 total shares) were sold automatically to satisfy mandatory tax withholdings and were non-discretionary.
• Pre-Scheduled Trading Plan: The remaining 4,584 shares were liquidated under a Rule 10b5-1 plan adopted nearly six months prior (March 20, 2026), insulating the sale from short-term discretionary market timing.
• Net Impact on Holdings: Although 10,162 shares were sold in aggregate for ~$1.96M against 6,817 newly vested shares, the officer retains substantial equity alignment with 38,969 directly held common shares.