From the pic it looks like the Cathode end of the zener is connected to the LC's TX pin and considering that it works as a shunt, the Anode would be connected to Ground.
After thinking on it I must correct myself re the zener voltage in that a 3.3v item would be suggested, however am not convinced it would provide any real protection so have never used one here.
A while back I'd wired up this on a breadboard and for the sake of clarity have left out the Din plugs. Multimeter indicated ~ 5Ma of current flow.
Generally accepted as a "standard" from back in the days when +3.3v MCU's didn't exist however some Midi gear does things a little different in the receive circuitry and will pull more current like 7.5 Ma so may not work with a +3.3v derived Midi output.
The Teensy's LC TX pins are rated at 5Ma and Ok, the duty-cycle is fairly low and usually works.
Adding some kind of output buffer between the TX pin and the outside world can act as some protection if you want.
One section of a 74HCT125 or 74HCT245 will act as a level translator providing +5v as well.
Can also be done with a transistor or two and am happy to post another pic if you're interested.