ZM Form 4: Subotovsky’s 2,475-Share Insider Sale at $77.17

Rhea-AI Filing Summary

Form 4 filing overview (ZM – Zoom Communications, Inc.)

Director Santiago Subotovsky disclosed the sale of 2,475 shares of Zoom Class A common stock on 07 July 2025 (trade date 02 July 2025) at a weighted-average price of $77.17 per share. The transaction was executed under a Rule 10b5-1 trading plan adopted 19 Dec 2024.

• Post-sale holdings (direct): 157,235 shares
• Post-sale holdings (indirect): 1,470 shares held by the Subotovsky Mann Family Trust
• % of direct stake sold: ≈1.6% (2,475 / 159,710 pre-sale)
• Derivative securities: None reported

Footnotes note that 4,361 of the reported direct shares stem from previously vested RSUs held for Emergence Equity Partners III, L.P. No purchases, options exercises, or additional dispositions were reported.

The filing reflects a modest, pre-planned insider sale rather than a broad change in ownership or strategy. The transaction size is immaterial relative to Zoom’s total share count and the director’s remaining position, thus carrying limited fundamental impact on investor outlook.

Positive

• None.

Negative

• Director insider sale: While modest and 10b5-1 planned, any insider disposition can be viewed cautiously by some investors.

Insights

Equity Analyst

TL;DR: Small 10b5-1 insider sale (~$191k) by director; limited signal, low impact.

Subotovsky’s 2,475-share disposition equates to roughly US$191k and just 1.6% of his direct stake, leaving him with >157k shares. Execution under a pre-arranged 10b5-1 plan dampens any negative sentiment typically associated with insider selling. No derivative activity and no accompanying corporate events are disclosed. Given the size relative to Zoom’s ~300 million outstanding shares, the filing is not materially impactful to valuation or governance risk assessments.

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^*

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)
07/02/2025

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	07/02/2025		S(1)		2,475	D	$77.1701(2)	157,235(3)	D
Class A Common Stock								1,470	I	see footnote(4)

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

Explanation of Responses:

1. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 19, 2024

2. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $76.725 to $77.595. 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.

3. Includes 4,361 shares of the Issuer's Class A Common Stock acquired upon the vesting of restricted stock units that are held for the benefit of Emergence Equity Partners III, L.P.

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

Remarks:

	/s/ Aparna Bawa, Attorney-in-Fact	07/07/2025
	** 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.

FAQ

How many Zoom (ZM) shares did Santiago Subotovsky sell?

He sold 2,475 Class A shares on 02 Jul 2025.

At what price were the Zoom shares sold?

The weighted-average sale price was $77.17, with trades between $76.725 and $77.595.

Does the director still own Zoom stock after the sale?

Yes. He retains 157,235 shares directly and 1,470 shares indirectly via a family trust.

Was the sale part of a pre-planned trading program?

Yes, the transaction was executed under a Rule 10b5-1 plan adopted on 19 Dec 2024.

Did the filing report any option exercises or derivative transactions?

No derivative securities were acquired or disposed of in this filing.