Zscaler Chief Product Officer Sells $5.65M in Shares via 10b5-1 Plan Following Option Exercises

Executive Summary

On October 13, 2026, Zscaler, Inc. (NASDAQ: ZS) filed a Form 4 reporting transactions by Chief Product Officer Adam Geller. Over October 9 and October 12, 2026, Mr. Geller exercised stock options covering 25,000 shares at an exercise price of $205.61 per share and immediately sold all 25,000 underlying shares at prices ranging from $225.00 to $235.95 per share. Total sale proceeds amounted to approximately $5.65 million. All sales were executed pursuant to a pre-arranged Rule 10b5-1 trading plan adopted on March 20, 2026.

Transaction Breakdown

• Option Exercises (Code M):

  • 2026-10-09: Exercised 23,958 options @ $205.61 per share.
  • 2026-10-12: Exercised 1,042 options @ $205.61 per share.
  • Total Options Exercised: 25,000 shares ($5,140,250 total exercise cost).

• Open Market Sales (Code S):

  • 2026-10-09: Sold 21,875 shares @ $225.00 ($4,921,875.00).
  • 2026-10-09: Sold 2,083 shares @ weighted average $230.0006 ($479,091.25).
  • 2026-10-12: Sold 1,042 shares @ $235.95 ($245,859.90).
  • Total Shares Sold: 25,000 shares ($5,646,826.15 gross proceeds).

Ownership Impact and Market Assessment

Because the transactions represented an exercise-and-sell strategy, Mr. Geller's net holding of direct common shares remained unchanged at 38,308 shares following the transactions. Derivative holdings of the specific stock option series decreased from 50,000 options to 25,000 options.

Given that these dispositions were entirely matched against option exercises and transacted pursuant to a pre-scheduled Rule 10b5-1 trading plan established earlier in the year, the trading significance is evaluated as Low, carrying neutral implications for investors.