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Zoom (NASDAQ: ZM) CFO Chang sells shares, RSU vesting in Form 4

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Zoom Communications Chief Financial Officer Michelle Chang reported several equity transactions involving the company’s Class A common stock. On January 9, 2026, 22,217 shares were issued upon settlement of restricted stock units at an exercise price of $0, increasing her directly held shares before withholding. That same day, 8,857 shares were withheld by Zoom to cover tax obligations tied to this RSU vesting, leaving 33,899 shares directly owned.

Also on January 9, 2026, the related RSU award continued in place, with 244,390 restricted stock units reported as beneficially owned, each representing a right to receive one share of Class A common stock. On January 12, 2026, Chang sold 6,463 shares at a weighted average price of $86.34 and 1,954 shares at a weighted average price of $87.21, pursuant to a pre‑established Rule 10b5‑1 trading plan adopted on June 13, 2025. After these sales, she directly held 25,482 shares of Zoom Class A common stock.

Positive

  • None.

Negative

  • None.
Insider Chang Michelle
Role Chief Financial Officer
Sold 8,417 shs ($728K)
Type Security Shares Price Value
Sale Class A Common Stock 6,463 $86.34 $558K
Sale Class A Common Stock 1,954 $87.21 $170K
Exercise Restricted Stock Units 22,217 $0.00 --
Exercise Class A Common Stock 22,217 $0.00 --
Tax Withholding Class A Common Stock 8,857 $85.65 $759K
Holdings After Transaction: Class A Common Stock — 27,436 shares (Direct); Restricted Stock Units — 244,390 shares (Direct)
Footnotes (1)
  1. Shares withheld by Issuer to satisfy the tax withholding obligation in connection with the vesting of Restricted Stock Units. 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. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $85.79 to 86.77. 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. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $86.79 to 87.44. 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. Each Restricted Stock Unit represents a contingent right to receive one share of Issuer's Class A Common Stock. 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.
Form 4 Insider Transactions: What Each Field Means →
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 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)
Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Financial Officer
3. Date of Earliest Transaction (Month/Day/Year)
01/09/2026
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 01/09/2026 M 22,217 A $0 42,756 D
Class A Common Stock 01/09/2026 F(1) 8,857 D $85.65 33,899 D
Class A Common Stock 01/12/2026 S(2) 6,463 D $86.34(3) 27,436 D
Class A Common Stock 01/12/2026 S(2) 1,954 D $87.21(4) 25,482 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) 01/09/2026 M 22,217 (6) (6) Class A Common Stock 22,217 $0 244,390 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 $85.79 to 86.77. 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 $86.79 to 87.44. 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/ Aparna Bawa, Attorney-in-Fact 01/13/2026
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Zoom (ZM) CFO Michelle Chang report?

Michelle Chang reported RSU settlement, tax withholding, and open market sales of Zoom Class A common stock. She received 22,217 shares from vested RSUs on January 9, 2026, had 8,857 shares withheld for taxes, and sold 6,463 shares and 1,954 shares on January 12, 2026.

How many Zoom (ZM) shares does the CFO own after these Form 4 transactions?

After the reported transactions, Michelle Chang directly owned 25,482 shares of Zoom Class A common stock. In addition, she beneficially owned 244,390 restricted stock units, each representing a contingent right to receive one Zoom Class A share.

Were the Zoom (ZM) CFO’s stock sales made under a Rule 10b5-1 trading plan?

Yes. The Form 4 states that the January 12, 2026 sales were effected pursuant to a Rule 10b5-1 trading plan adopted by Michelle Chang on June 13, 2025. Such plans pre-establish trading instructions for insider transactions.

At what prices did Zoom (ZM) CFO Michelle Chang sell her shares?

The reported sale prices are weighted averages. On January 12, 2026, she sold 6,463 shares at a weighted average price of $86.34 and 1,954 shares at a weighted average price of $87.21, with individual trades executed within disclosed price ranges.

Why were some Zoom (ZM) shares withheld in the CFO’s Form 4 filing?

The Form 4 explains that 8,857 shares were withheld by the issuer to satisfy tax withholding obligations arising from the vesting of restricted stock units on January 9, 2026. This is a non-open-market, tax-related transaction.

What is the vesting schedule for the Zoom (ZM) CFO’s restricted stock units?

The filing notes that the reporting person received an RSU award under Zoom’s 2019 Equity Incentive Plan. One-quarter of the award vests on October 9, 2025, and the remaining units vest in equal quarterly installments thereafter, subject to continuous service and potential accelerated vesting upon certain change-in-control-related employment terminations.