Chang Michelle 4
4 · Zoom Communications, Inc. · Filed Apr 13, 2026
Research Summary
AI-generated summary of this filing
Zoom (ZM) CFO Michelle Chang Sells Shares After RSU Vesting
What Happened
Michelle Chang, Chief Financial Officer of Zoom (ZM), had 22,217 restricted stock units convert to 22,217 shares on April 9, 2026 (reported as derivative conversion, code M). To satisfy tax withholding, 8,743 shares were withheld (code F) at a weighted average price of $83.23 for $727,680. On April 10, 2026 she sold 8,489 shares in several open‑market transactions (code S) in four blocks: 5,156 @ $80.36 ($414,339), 800 @ $81.28 ($65,027), 1,500 @ $82.79 ($124,191) and 1,033 @ $84.00 ($86,773), totaling $690,330. Combined proceeds shown for the disposals equal about $1,418,010. After the withholding and sales, 4,985 shares remained from this vesting event.
Key Details
- Dates: conversion/withholding on 2026-04-09; open‑market sales on 2026-04-10; Form 4 filed 2026-04-13 (timely).
- Transaction types: M = conversion/exercise of derivative (RSU), F = tax withholding (shares withheld), S = open‑market sales.
- Prices: weighted averages reported; sale price ranges were ~$79.84–84.01 across the trades (see filing footnotes).
- Shares retained from this vesting: 4,985 (22,217 vested − 8,743 withheld − 8,489 sold). The filer’s total ZM holdings after these transactions are not disclosed on this Form 4.
- Notable footnotes: sales were effected under a Rule 10b5‑1 trading plan (adopted June 13, 2025). Each RSU equals one share and the award had a scheduled vesting plan with acceleration provisions.
Context
This was primarily a routine vesting/tax‑withholding event plus planned open‑market sales under a 10b5‑1 plan. The conversion of RSUs and share withholding is effectively a cashless tax payment; the subsequent sales were pre‑planned dispositions rather than ad hoc purchases. These transactions are informational (showing insider liquidity from vesting) and should not be interpreted as direct commentary on company outlook.
Insider Transaction Report
- Exercise/Conversion
Class A Common Stock
2026-04-09+22,217→ 47,699 total - Tax Payment
Class A Common Stock
[F1]2026-04-09$83.23/sh−8,743$727,680→ 38,956 total - Sale
Class A Common Stock
[F2][F3]2026-04-10$80.36/sh−5,156$414,339→ 33,800 total - Sale
Class A Common Stock
[F2][F4]2026-04-10$81.28/sh−800$65,027→ 33,000 total - Sale
Class A Common Stock
[F2][F5]2026-04-10$82.79/sh−1,500$124,191→ 31,500 total - Sale
Class A Common Stock
[F2][F6]2026-04-10$84.00/sh−1,033$86,773→ 30,467 total - Exercise/Conversion
Restricted Stock Units
[F7][F8]2026-04-09−0→ 222,173 total→ Class A Common Stock (22,217 underlying)
Footnotes (8)
- [F1]Shares withheld by Issuer to satisfy the tax withholding obligation in connection with the vesting of Restricted Stock Units.
- [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.
- [F3]The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $79.840 to 80.810. 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.
- [F4]The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $80.980 to 81.680. 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.
- [F5]The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $82.270 to $83.115. 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.
- [F6]The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $83.415 to $84.010. 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.
- [F7]Each Restricted Stock Unit represents a contingent right to receive one share of Issuer's Class A Common Stock.
- [F8]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.