Zoom CFO exercises RSUs, sells 8,489 shares

Zoom Communications Chief Financial Officer Michelle Chang reported several equity transactions in Zoom Class A Common Stock.

Rhea-AI Filing Summary

Zoom Communications Chief Financial Officer Michelle Chang reported several equity transactions in Zoom Class A Common Stock. On July 9, 2026, she acquired 22,217 shares through the vesting and conversion of Restricted Stock Units, and 8,743 shares were withheld by the issuer to satisfy tax obligations.

On July 10, 2026, Chang sold a total of 8,489 shares in open-market transactions at weighted average prices of $90.7834 and $91.315 per share, effected under a Rule 10b5-1 trading plan adopted on June 13, 2025. Each Restricted Stock Unit represents a contingent right to receive one share of Class A Common Stock, and an additional RSU award is scheduled to vest beginning October 9, 2025 in quarterly installments, subject to continuous service and potential accelerated vesting upon certain change-in-control related terminations.

Filing Explained

The filing changes the CFO’s reported holdings, while it does not itself disclose a case-specific structural consequence for Zoom’s common holders.

The July 13, 2026 Form 4 reports that Zoom CFO Michelle Chang acquired 22,217 Class A shares through RSU-related exercise, had 8,743 shares withheld for taxes, and sold 8,189 Class A shares plus 300 Class A shares. After the reported transactions, her direct Class A holdings were 35,452 shares and her remaining RSUs represented 199,956 underlying shares.

The two sales were reported under a Rule 10b5-1 trading plan adopted on June 13, 2025; the plan disclosure identifies its adoption date, not the reasons for the individual trades.

The sales were reported at weighted-average prices of $90.7834 for 8,189 shares and $91.315 for 300 shares, with disclosed price ranges of $90.245–$91.240 and $91.30–$91.333, respectively.

The filing classifies the 8,743 shares withheld by the issuer as tax withholding connected to RSU vesting, rather than as an open-market sale. The disclosed RSU terms include quarterly vesting after October 9, 2025, continuous-service conditions, and possible accelerated vesting in specified change-in-control termination circumstances.

Insider Trade Summary 10b5-1

Exercise and sale activity reported; no spread calculated

Exercise and Sale 5 txns

Insider Chang Michelle

Role Chief Financial Officer

Sold 8,489 shs ($771K)

Approx. gross sale proceeds $771K

Type	Security	Shares	Price	Value
Sale	Class A Common Stock F2, F3	8,189	$90.7834	$743K
Sale	Class A Common Stock F2, F4	300	$91.315	$27K
Exercise	Restricted Stock Units F5, F6	22,217	$0.00	$0.00
Exercise	Class A Common Stock	22,217	$0.00	$0.00
Tax Withholding	Class A Common Stock F1	8,743	$87.40	$764K

Holdings After Transaction: Restricted Stock Units — 199,956 contracts (Direct); Class A Common Stock — 35,452 shares (Direct)

Footnotes (6)

1. F1. Shares withheld by Issuer to satisfy the tax withholding obligation in connection with the vesting of Restricted Stock Units.
2. F2. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 13, 2025.
3. F3. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $90.245 to $91.240. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer, or the staff at the Securities and Exchange Commission, upon request, the full information regarding the number of shares sold at each separate price within the ranges set forth above.
4. F4. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $91.30 to 91.333. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer, or the staff at the Securities and Exchange Commission, upon request, the full information regarding the number of shares sold at each separate price within the ranges set forth above.
5. F5. Each Restricted Stock Unit represents a contingent right to receive one share of Issuer's Class A Common Stock.
6. F6. The reporting person received an award of restricted stock units, 1/4 of which will vest on October 9, 2025 and the remaining units will vest in equal quarterly installments thereafter, subject to the Reporting Person's Continuous Service (as defined in the Issuer's 2019 Equity Incentive Plan) on each such vesting date. The restricted stock units are subject to accelerated vesting in the event of a termination of employment of the Reporting Person under certain circumstances in connection with a change in control of the Issuer.

Key Figures

RSU shares vested and converted: 22,217 shares Shares withheld for taxes: 8,743 shares Total shares sold: 8,489 shares +5 more

8 metrics

RSU shares vested and converted 22,217 shares Class A Common Stock acquired via RSU conversion on July 9, 2026 (code M)

Shares withheld for taxes 8,743 shares Shares withheld by issuer for tax obligations on July 9, 2026 (code F)

Total shares sold 8,489 shares Aggregate Class A shares sold in open-market transactions on July 10, 2026

Weighted average sale price (larger block) $90.7834 per share Sale of 8,189 Class A shares on July 10, 2026 (code S)

Weighted average sale price (smaller block) $91.3150 per share Sale of 300 Class A shares on July 10, 2026 (code S)

Price range for larger sale block $90.245 to $91.240 per share Footnote describing multiple sale prices within this range for July 10, 2026 trades

RSU derivative balance 199,956 units Total Restricted Stock Units reported after the derivative transaction on July 9, 2026

Net buy/sell shares -8,489 shares Net share change across buy/sell-type transactions in the transaction summary

Key Terms

Restricted Stock Units, Rule 10b5-1 trading plan, weighted average price, Continuous Service, +1 more

5 terms

Restricted Stock Units financial

"The reporting person received an award of restricted stock units, 1/4 of which will vest..."

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.

Rule 10b5-1 trading plan regulatory

"The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan..."

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted average price financial

"The price reported in column 4 is a weighted average price. These shares were sold..."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

Continuous Service financial

"subject to the Reporting Person's Continuous Service (as defined in the Issuer's 2019 Equity..."

change in control financial

"subject to accelerated vesting in the event of a termination of employment... in connection with a change in control..."

A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did Zoom (ZM) CFO Michelle Chang report in this Form 4?

CFO Michelle Chang reported RSU vesting into 22,217 Zoom Class A shares, with 8,743 shares withheld for taxes, and subsequent open-market sales totaling 8,489 shares over July 9–10, 2026, according to the Form 4 details.

How many Zoom (ZM) shares did Michelle Chang sell and at what prices?

Michelle Chang sold a total of 8,489 Zoom Class A shares. The reported weighted average prices were approximately $90.7834 and $91.315 per share, with individual trades occurring within stated ranges around those levels.

Were Michelle Chang’s Zoom (ZM) share sales made under a Rule 10b5-1 trading plan?

Yes. The filing states the sales were effected under a Rule 10b5-1 trading plan adopted by Michelle Chang on June 13, 2025, indicating the transactions were pre-arranged rather than discretionary trades based on short-term market conditions.

What does the tax-withholding transaction in Michelle Chang’s Zoom (ZM) Form 4 represent?

The Form 4 reports 8,743 shares withheld by Zoom to satisfy tax withholding obligations arising from RSU vesting. This F‑code transaction is described as payment of tax liability by delivering securities, rather than an open-market sale.

How do Michelle Chang’s Restricted Stock Units in Zoom (ZM) vest going forward?

An RSU award to Michelle Chang vests with 1/4 of the units scheduled on October 9, 2025, and the remaining units vesting in equal quarterly installments, subject to her Continuous Service and with potential acceleration upon certain change-in-control related terminations.

What does each Restricted Stock Unit represent for Zoom (ZM) in this filing?

Each Restricted Stock Unit represents a contingent right to receive one share of Zoom’s Class A Common Stock. Upon vesting and settlement, RSUs convert into an equivalent number of Class A shares, subject to applicable tax withholding.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/13/2026 - 06:00 PM Accepted by SEC EDGAR 07/13/2026 - 06:00 PM Learn about SEC filing dates

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

X

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^*

Chang Michelle

(Last) (First) (Middle)

C/O ZOOM COMMUNICATIONS, INC.

55 ALMADEN BLVD., 6TH FLOOR

(Street)

SAN JOSE CALIFORNIA 95113

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/09/2026

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

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

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

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	07/09/2026		M		22,217	A	$0	52,684	D
Class A Common Stock	07/09/2026		F(1)		8,743	D	$87.4	43,941	D
Class A Common Stock	07/10/2026		S(2)		8,189	D	$90.7834(3)	35,752	D
Class A Common Stock	07/10/2026		S(2)		300	D	$91.315(4)	35,452	D

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
Restricted Stock Units	(5)	07/09/2026		M			22,217	(6)	(6)	Class A Common Stock	22,217	$0	199,956	D

Explanation of Responses:

1. Shares withheld by Issuer to satisfy the tax withholding obligation in connection with the vesting of Restricted Stock Units.

2. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 13, 2025.

3. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $90.245 to $91.240. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer, or the staff at the Securities and Exchange Commission, upon request, the full information regarding the number of shares sold at each separate price within the ranges set forth above.

4. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $91.30 to 91.333. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer, or the staff at the Securities and Exchange Commission, upon request, the full information regarding the number of shares sold at each separate price within the ranges set forth above.

5. Each Restricted Stock Unit represents a contingent right to receive one share of Issuer's Class A Common Stock.

6. The reporting person received an award of restricted stock units, 1/4 of which will vest on October 9, 2025 and the remaining units will vest in equal quarterly installments thereafter, subject to the Reporting Person's Continuous Service (as defined in the Issuer's 2019 Equity Incentive Plan) on each such vesting date. The restricted stock units are subject to accelerated vesting in the event of a termination of employment of the Reporting Person under certain circumstances in connection with a change in control of the Issuer.

Remarks:

	/s/ Cheree McAlpine, Attorney-in-Fact	07/13/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)