Cloudflare, Inc. 4

Michelle Zatlyn (President and Board Co‑Chair of Cloudflare, Inc.) exercised options and converted Class B into Class A shares, then sold about 94,324 Class A shares over August 19–21, 2026 for roughly $27 million under a Rule 10b5‑1 plan.

Between August 19 and August 21, 2026, Michelle Zatlyn, President and Board Co‑Chair of Cloudflare, Inc., carried out a structured program of option exercises, conversions, and open‑market sales. Each day she exercised 33,003 fully vested employee stock options at $2.04, converting an equivalent number of Class B shares into Class A, and then re‑registering those Class A shares into the Sutherland/Zatlyn Revocable Trust. Over the three days, she sold an aggregate 94,324 shares of Class A Common Stock in numerous tranches under a pre‑arranged Rule 10b5‑1 trading plan at weighted average prices generally in the high-$200s, for total proceeds of roughly $27 million. Despite these sizable sales, the filing shows that, through various trusts and vehicles, she continues to beneficially own several million shares (across large blocks of Class A linked to Class B), so her overall economic exposure to Cloudflare remains substantial.

Filing Facts

CIK

1477333

Ticker

NET

Form

4

Source Type

sec

Accession

0001786951-26-000018

Alert Tier

7