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AGM 2021

Jan 5, 2022

Operator

Good day, and welcome to the 2021 annual meeting of stockholders of Zscaler. I would now like to turn the conference over to Jay Chaudhry. Please go ahead.

Jay Chaudhry
CEO and Chairman, Zscaler

Good afternoon. I'm Jay Chaudhry, CEO and Chairman of the Board of Directors of Zscaler, Inc. It is a pleasure to welcome you to Zscaler's annual meeting of stockholders. The meeting is now called to order. I will act as chairman of this meeting. I have asked Robert Schlossman, our Chief Legal Officer and Secretary, to record the minutes of this meeting. Before proceeding further, let me first introduce the other directors and officers of the company. Our current directors, other than myself, are Karen Blasing, Andrew Brown, Scott Darling, Charles Giancarlo, Eileen Naughton, David Schneider, and Amit Sinha. The officers here with us today are Remo Canessa, our Chief Financial Officer. Amit Sinha, who in addition to being a Director, is also our President of Research and Development, Operations, and Customer Service and Chief Technology Officer. Robert Schlossman, our Chief Legal Officer and Secretary.

Bill Choi, our Senior Vice President of Investor Relations and Strategic Finance. Also with us are Courtney Blum and Saket Patel, representing PricewaterhouseCoopers LLP. Mark Baudler, representing Wilson Sonsini Goodrich & Rosati PC, our outside corporate counsel. Kathy Weeden, as a representative of Broadridge Financial Solutions, our Inspector of Elections. I will now turn the meeting over to Robert Schlossman, who will conduct the formal portion of the meeting.

Robert Schlossman
Chief Legal Officer and Secretary, Zscaler

Thank you, Jay. Before proceeding, please be aware that we have opened the online portal for anyone to ask questions during the course of the meeting. Questions are to be restricted to the procedures for the meeting and the proposals under consideration. If you have such a question, please enter it into the online portal, and we will do our best to answer it. Any other questions will not be addressed during the meeting. If you have a question unrelated to the meeting, you can send the question to our investor relations team through the company's investor relations page on our website and, if appropriate, a member of Zscaler's management team will arrange a mutually convenient time to discuss the matter.

The annual meeting is being held for the following purposes. One , to elect three Class 1 directors to hold office until the 2024 annual meeting of the stockholders or until their successors are elected and qualified, subject to their earlier death, resignation, or removal. Two, to ratify the selection of PricewaterhouseCoopers LLP as our independent registered public accounting firm for our fiscal year ending July 31, 2022. Three, to approve on an advisory basis the compensation of our named executive officers. Each of these proposals is described in detail in the company's proxy statement dated November 24th, 2021. In order to ensure that the business of the meeting proceeds in an orderly fashion, we ask that you please observe the rules and procedures provided to you on the online portal. The annual meeting is being held in accordance with the company's bylaws and Delaware law.

During the formal meeting, we will address the matters described in the proxy statement. We will then complete the balloting process, an announcement will be made regarding preliminary results, and then the meeting will be adjourned. As a reminder, any submitted questions are to be restricted to the procedures for the meeting and the proposals under consideration. Thank you for your understanding. I have proof by affidavit that the notice of Internet availability of the proxy materials was mailed on or about November 24th, 2021 to all stockholders of record at the close of business on November 10th, 2021, which is the record date for the meeting. The affidavit, together with copies of the notice of Internet availability of proxy materials, proxy statement, and proxy, will be filed with the records of the meeting.

We have appointed Kathy Weeden, a representative of Broadridge Financial Solutions, to act as Inspector of Election for this annual meeting. The Inspector of Election has signed an oath of office, which will be filed with the minutes of the meeting. The Inspector of Election has advised me that we have present at the meeting sufficient voting power of the stock issued and outstanding and entitled to vote on the business before the meeting to constitute a quorum. Therefore, the meeting is duly constituted, and we may proceed with business. I will now briefly describe the voting procedures. You may vote by proxy and by online ballot. Each stockholder is entitled to one vote for each share of our common stock held as of the record date.

If you have previously turned in your proxy and you do not intend to change your vote, you do not need to complete another proxy or vote online. Your vote will be counted as indicated in your proxy. If you previously turned in a proxy and you would like to change your vote, you can change your vote by voting through the meeting portal during this meeting. If you're eligible to vote and have not submitted your proxy, or if you want to change your vote, please follow the instructions provided on the portal for the meeting. The votes cast today will be counted in the final tally, along with the proxies previously received. I will announce the preliminary results of the voting at the end of the meeting.

If there are any questions regarding the voting procedures, we will now pause to allow them to be entered into the online portal. No questions were received, and we will now continue with the business of the meeting. It is now 1:06 P.M. Pacific Time on January 5th, 2022, and the polls for each matter to be voted on at this meeting are now open. The first item of business is the election of directors. Three Class 1 directors will be elected at today's meeting. The three director nominees receiving the highest number of votes, represented by the voting power of shares present at this meeting and entitled to vote thereon, will be elected as directors.

Directors elected at today's meeting will hold office until the 2024 annual meeting of stockholders, or until their successors are elected and qualified, subject to their earlier death, resignation or removal. As indicated in the company's proxy statement, Karen Blasing, Charles Giancarlo, and Eileen Naughton have been nominated by the company's board of directors to serve as Class 1 directors. Ms. Blasing, Mr. Giancarlo, and Ms. Naughton are currently serving as directors of the company. The board of directors recommends that stockholders vote in favor of each of these three nominees, and the proxies solicited by the board will be voted in favor of these nominees. If there are any questions concerning director elections for this meeting, we will now pause to allow them to be entered into the online portal. No questions were received, and we will now continue with the business of this meeting.

The next item of business is to ratify the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for the fiscal year ending July 31, 2022. The board of directors is now asking stockholders to ratify this selection. Approval of this proposal requires the affirmative vote of a majority of the voting power of the shares present in person or represented by proxy at the meeting and entitled to vote thereon. The board of directors recommends that stockholders vote in favor of this proposal, and the proxies solicited by the board will be voted in favor of this proposal.

Courtney Blum and Saket Patel are present from PricewaterhouseCoopers and are available to answer any questions that you may have at this time. If you have any questions concerning this proposal, we will now pause to allow them to be entered into the online portal. No questions were received, and we will now continue with the business of the meeting. The next item of business is to approve, on an advisory basis, the compensation of our named executive officers. Approval of this proposal requires the affirmative vote of a majority of the voting power of the shares present in person or represented by proxy at the meeting and entitled to vote thereon. This is a non-binding advisory vote, as described in the proxy statement.

The Board of Directors recommends that stockholders vote in favor of this proposal, and the proxies solicited by the Board will be voted in favor of this proposal. If there are any questions concerning this proposal, we will now pause to allow them to be entered into the online portal. No questions were received, and we will now continue with the business of the meeting. If you have not voted and intend to vote, please do so now in accordance with the instructions provided. You must submit your vote in order for it to be counted, as the polls will close momentarily. The Inspector of Elections will not accept ballots, proxies or votes or any changes or revocations submitted after the closing of the polls. We will now pause to allow final votes to be submitted.

It is now 1:12 P.M. on January 5th, 2022, and the polls for each matter to be voted on at this meeting are now closed. No additional ballots, proxies, or votes, and no changes or revocations will be accepted. We will now pause while the preliminary results are confirmed. At this time, I will provide you with a preliminary report on the voting results as provided to me by the Inspector of Election. With regard to proposal number 1, director nominees Karen Blasing, Charles Giancarlo, and Eileen Naughton received the highest number of affirmative votes and have been elected to serve as Class 1 directors. With regard to proposal number two the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for the fiscal year ending July 31, 2022, has been ratified by a majority of the voting power present and entitled to vote thereon.

With regard to proposal number three, the advisory resolution to approve the compensation of the company's named executive officers has been approved by a majority of the voting power present and entitled to vote thereon. These are preliminary results of voting. The final count may vary following the final examination of the proxies and ballots. The final results of voting, including any votes recorded during this meeting, will be set forth in the report of the Inspector of Election and will be included in the minutes of the meeting. The final results will also be reported in a Form 8-K to be filed with the Securities and Exchange Commission. The formal portion of the meeting is now adjourned.

With the formal business of the meeting now completed, I turn the meeting back over to Jay Chaudhry, Zscaler's Chief Executive Officer and Chairman of the Board of Directors.

Jay Chaudhry
CEO and Chairman, Zscaler

Thanks, Robert. I want to thank all of you for attending today's annual meeting. We very much appreciate your attendance, and as always, we thank you for your continued support of Zscaler.

Operator

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

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