Zscaler CPO Adam Geller Sells Shares, Receives Award

What Happened
Adam Geller, Chief Product Officer of Zscaler (ZS), had 6,817 performance-based restricted stock units (RSUs) vest on Sept 15, 2026 and then sold a total of 10,162 shares in open-market transactions on Sept 16–17, 2026. Transactions reported:

• 9/15/2026 — 6,817 RSUs issued/vested (grant/award).
• 9/16/2026 — sold 5,578 shares at $192.76 each for $1,075,231 (disposed).
• 9/17/2026 — sold 4,584 shares at $192.01 each for $880,174 (disposed).
  Total proceeds from the two sales: $1,955,405 (~$1.96M). The RSU vesting is an award (A); the subsequent transactions were sales (S).

Key Details

• Transaction dates/prices: 9/15/2026 (6,817 RSUs vested), 9/16/2026 sold 5,578 @ $192.76, 9/17/2026 sold 4,584 @ $192.01.
• Shares sold total: 10,162; total proceeds ≈ $1,955,405.
• Shares owned after transaction: not specified in the provided filing.
• Footnotes: F1 — RSUs were performance-based FY26 awards (granted Oct 15, 2025) and vested 9/15/2026. F2 — the 5,578-share sale was to cover tax-withholding tied to the RSU vesting (not a discretionary trade). F3 — the 4,584-share sale was executed under a Rule 10b5-1 trading plan adopted March 20, 2026.
• Filing: Report filed Sept 17, 2026 for transactions on Sept 15–17; appears to be timely.

Context
The sequence—RSU vesting followed by share sales to cover taxes and a planned 10b5‑1 sale—is a common, routine outcome of equity compensation vesting. Tax-withholding sales and pre-set 10b5‑1 plan sales are generally not interpreted as new, discretionary bullish or bearish signals by insiders. This Form 4 is informational; it does not disclose the insider’s motives.