Santiago Subotovsky sells ZM (NASDAQ: ZM) Class A shares in affiliate notices

Rhea-AI Filing Summary

Santiago Subotovsky reported affiliate sales of Class A Common Stock. The filing lists two recent dispositions: 2,475 shares sold on 02/05/2026 for $223,715.99 and 2,475 shares sold on 03/04/2026 for $191,618.96. The notice also lists holding sources, including Emergence Fund 10,554 shares acquired 12/01/2014 and recent restricted stock unit awards of 918 shares dated 06/11/2025.

Insights

Securities Compliance Analyst

Form 144 discloses affiliate sales and the underlying sources of the shares.

The filing records specific open-market dispositions: 2,475 shares on 02/05/2026 and 2,475 shares on 03/04/2026, with cash amounts stated. It also lists holdings by acquisition source, including a partnership distribution and several RSU grants.

These notices are routine for affiliated holders converting restricted or distributed shares to cash; subsequent filings or broker reports will show additional sales if they occur.

Equity Compensation Specialist

Multiple RSU award dates appear, indicating vesting-derived supply.

The excerpt shows RSU-derived shares acquired on 06/14/2023, 06/12/2024, and 06/11/2025 (quantities 609, 861, 918 respectively). These entries identify the issuer as the source of compensation.

Understanding whether sales are tied to vesting, tax-withholding, or discretionary liquidity requires matching these notices to brokerage settlement reports or future Form 4/144 entries.

Key Figures

Sale on 02/05/2026: 2,475 shares Sale on 03/04/2026: 2,475 shares Emergence Fund holding: 10,554 shares +1 more

4 metrics

Sale on 02/05/2026 2,475 shares Proceeds $223,715.99

Sale on 03/04/2026 2,475 shares Proceeds $191,618.96

Emergence Fund holding 10,554 shares Acquired 12/01/2014 (distribution by partnership)

Most recent RSU award 918 shares Acquired as RSU on 06/11/2025

Key Terms

Restricted Stock Units, Form 144, distribution by a partnership

3 terms

Restricted Stock Units financial

"Acquired as compensation -- Restricted Stock Units"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Form 144 regulatory

"144: Securities To Be Sold"

Form 144 is a document that investors must file with the government when they plan to sell a large number of shares of a company's stock. It helps ensure transparency so everyone knows how many shares are being sold and when, which can impact the stock's price.

distribution by a partnership financial

"Acquired from a distribution by a partnership or investment vehicle"

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Class A Common Stock	Goldman Sachs & Co. LLC 200 West Street New York NY 10282	12942	1121812.56	265969816	04/16/2026	NASD

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Class A Common Stock	12/01/2014	Acquired from a distribution by a partnership or investment vehicle	Emergence Fund			10554	12/01/2014	None
Class A Common Stock	06/14/2023	Acquired as compensation -- Restricted Stock Units	The Issuer			609	06/14/2023	Compensation
Class A Common Stock	06/12/2024	Acquired as compensation -- Restricted Stock Units	The Issuer			861	06/12/2024	Compensation
Class A Common Stock	06/11/2025	Acquired as compensation -- Restricted Stock Units	The Issuer			918	06/11/2025	Compensation

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Santiago Subotovsky 55 Almaden Boulevard 6th Floor San Jose CA 95113	Class A Common Stock	02/05/2026	2475	223715.99
Santiago Subotovsky 55 Almaden Boulevard 6th Floor San Jose CA 95113	Class A Common Stock	03/04/2026	2475	191618.96

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What sales did Santiago Subotovsky report in the ZM Form 144?

He reported sales of 2,475 Class A shares on 02/05/2026 and 2,475 Class A shares on 03/04/2026. The filing includes the cash proceeds: $223,715.99 and $191,618.96.

Does the ZM filing show where the sold shares originated?

Yes. The filing lists acquisition sources, including a distribution to Emergence Fund (10,554 shares acquired 12/01/2014) and several RSU awards from the issuer dated 06/14/2023, 06/12/2024, and 06/11/2025.

Are the transactions reported in the Form 144 completed sales?

The document reports sales and cash amounts for two transactions, indicating dispositions occurred on the listed dates. Settlement details and additional trades would appear in brokerage records or subsequent filings.

What does an Emergence Fund entry mean in the ZM notice?

It indicates shares were acquired from a distribution by a partnership or investment vehicle on 12/01/2014 and are listed as a source for potential sale in the notice.