Zoom (NASDAQ: ZM) director logs fund conversion and distribution details

Rhea-AI Filing Summary

Zoom Communications director Santiago Subotovsky reported an internal fund restructuring involving shares of Zoom held by investment fund Emergence Capital Partners III, L.P. On January 12, 2026, Emergence converted 1,345,000 shares of Zoom’s Class B Common Stock into 1,345,000 shares of Class A Common Stock and then distributed all of those Class A shares in kind, without consideration, pro rata to its partners under Exchange Act Rules 16a-9(a) and 16a-13.

Following this distribution, Subotovsky’s reported holdings include 158,392 shares of Class A Common Stock held directly and 2,388 Class A shares held indirectly through the Subotovsky Mann Family Trust. The Form 4 also shows 2,928,046 shares of Class B Common Stock as derivative securities held indirectly by Emergence, and Subotovsky disclaims beneficial ownership of Emergence’s holdings except to the extent of any pecuniary interest.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Subotovsky Santiago

(Last) (First) (Middle)

C/O ZOOM COMMUNICATIONS, INC.

55 ALMADEN BLVD, #600

(Street)

SAN JOSE CA 95113

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Zoom Communications, Inc. [ ZM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/12/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	01/12/2026		C(1)		1,345,000	A	$0	0(2)	I	See footnote(3)
Class A Common Stock								158,392(4)	D
Class A Common Stock								2,388	I	see footnote(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	(6)	01/12/2026		C(1)			1,345,000	(6)	(6)	Class A Common Stock	1,345,000	$0	2,928,046	I	See footnote(3)

Explanation of Responses:

1. On January 12, 2026, Emergence Capital Partners III, L.P. (Emergence) converted in the aggregate 1,345,000 shares of the Issuer's Class B Common Stock into 1,345,000 shares of the Issuer's Class A Common Stock. Subsequently, on the same date, Emergence distributed in-kind, without consideration, all 1,345,000 shares of the Issuer's Class A Common Stock pro-rata to its partners in accordance with the exemptions under Rule 16a-9(a) (Rule 16a-9(a)) and Rule 16a-13 (Rule 16a-13) of the Securities Exchange Act of 1934, as amended.

2. Represents the pro-rata distribution in kind, without consideration, of all 1,345,000 shares of the Issuer's Class A Common Stock by Emergence to its partners in accordance with the exemptions of Rule 16a-9(a) and Rule 16a-13.

3. Shares held directly by Emergence. The sole general partner of Emergence is Emergence Equity Partners III, L.P. ("EEP III"), and the sole general partner of EEP III is Emergence GP Partners, LLC ("EGP"). The Reporting Person is a member of EEP III. The Reporting Person disclaims Section 16 beneficial ownership of the shares held by Emergence, except to the extent, if any, of his pecuniary interest therein, and this report shall not be deemed an admission that he is the beneficial owner of such shares for Section 16 or any other purpose.

4. Balance reflects the Reporting Person's receipt of 13,173 shares of the Issuer's Class A Common Stock by Emergence to its partners in accordance with the exemptions of Rule 16a-9(a) and Rule 16a- 13.

5. Shares held directly by the Subotovsky Mann Family Trust, of which the Reporting Person is a trustee.

6. Each share of Class B Common Stock is convertible at the option of Emergence into one share of Class A Common Stock and has no expiration date. Each share of Class B Common Stock held by Emergence will automatically convert into one share of Class A Common Stock upon any transfer by Emergence except certain "Permitted Transfers" described in the Issuer's certificate of incorporation. All outstanding shares of Class B Common Stock will convert into shares of Class A Common Stock upon the earliest of (i) six months following the death or incapacity of Eric S. Yuan, (ii) six months following the date that Mr. Yuan ceases providing services to the Issuer, (iii) the date specified by the holders of a majority of the shares of Class B Common Stock, and (iv) the 15-year anniversary of the closing of the Issuer's initial public offering.

Remarks:

	/s/ Aparna Bawa, Attorney-in-Fact	01/14/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transaction did Zoom (ZM) director Santiago Subotovsky report?

The filing reports that fund Emergence Capital Partners III, L.P. converted 1,345,000 Class B Zoom shares into 1,345,000 Class A shares on January 12, 2026, then distributed all of those Class A shares in kind, without consideration, to its partners.

How many Zoom shares were converted and distributed by Emergence Capital Partners III, L.P.?

Emergence Capital Partners III, L.P. converted 1,345,000 shares of Class B Common Stock into 1,345,000 shares of Class A Common Stock and then distributed all 1,345,000 Class A shares pro rata to its partners.

Did Santiago Subotovsky personally sell Zoom (ZM) shares in this Form 4?

No sale for cash is reported. The Form 4 describes a conversion and pro-rata in-kind distribution without consideration by Emergence Capital Partners III, L.P., rather than an open-market sale by Subotovsky.

How many Zoom Class A shares does Santiago Subotovsky hold after the reported transactions?

After the reported transactions, Subotovsky reports 158,392 shares of Class A Common Stock held directly and 2,388 Class A shares held indirectly through the Subotovsky Mann Family Trust.

What Zoom Class B holdings are reported in connection with Santiago Subotovsky?

The filing shows 2,928,046 shares of Class B Common Stock as derivative securities held indirectly by Emergence Capital Partners III, L.P.. Subotovsky is a member of an upstream general partner entity and disclaims beneficial ownership of Emergence’s shares except for any pecuniary interest.

How do Zoom’s Class B shares convert into Class A shares according to this filing?

Each Class B Common Stock share is convertible at Emergence’s option into one Class A share with no expiration date. All Class B shares will convert into Class A upon certain events, including specified service or control changes and the 15-year anniversary of Zoom’s initial public offering.