Zscaler Officer Adam Geller Files Form 144 to Sell $5.4M in Common Stock

Insider Filing Analysis: Form 144 Notice of Proposed Sale

Company: Zscaler, Inc. ($ZS)
Filer: Adam Geller (Officer)
Filing Date: October 9, 2026

Transaction Overview

• Shares to be Sold: 23,958 common shares
• Aggregate Market Value: $5,400,966.35 (approx. $225.43 per share)
• Shares Outstanding: 163,054,698 (~0.015% of outstanding float)
• Source of Shares: Acquired on October 9, 2026 via cash exercise of employee stock options directly from the issuer.
• Trading Plan: Executed under a pre-established Rule 10b5-1 trading plan adopted on March 20, 2026.

Recent Insider Selling Activity (Past 3 Months)

Prior to this notice, Adam Geller executed three sales in September 2026:

• September 21, 2026: 661 shares for $132,200.00
• September 17, 2026: 4,584 shares for $880,173.84
• September 16, 2026: 5,578 shares for $1,075,230.90
• Total Sold in Past 3 Months: 10,823 shares ($2,087,604.74)

Key Takeaways

• Significance: Medium. While the dollar amount is significant at $5.4M, the transaction represents option exercise and disposition under a pre-scheduled Rule 10b5-1 plan adopted over six months prior, minimizing discretionary market timing signals.