ZATLYN MICHELLE (Chief Operating Officer) sold 64.6% of their position (86.36K shares) of CLOUDFLARE, INC. on the open market

Open‑market sale worth $18.33M — a major position exit. Review remaining holdings and any 10b5‑1 plan disclosures.

S · 20 sales

ZATLYN MICHELLE

Filed: 5/27/2026ACC: 0001786951-26-000008

InsiderZATLYN MICHELLECIK 1786951

→

IssuerCLOUDFLARE, INC.CIK 1477333

DirectorOfficer· Chief Operating Officer

Since Sep 2019

-86.36K

Net shares

Net seller

$18.33M

Total sold

Open market trades

0B · 20S

Total transactions

153.85K acquired · 240.21K disposed

Non-Derivative Transactions23

Class A Common Stock

Indirect

C · Conversion

+25.64K

Price / share

—

Trade value

—

% of position

45.1%

5/22/2026

56.86K→82.50K

Class A Common Stock

Indirect

S · Sale

−5.56K

Price / share

$211.54

Trade value

$1.18M

% of position

6.7%

5/22/2026

82.50K→76.94K

Class A Common Stock

Indirect

S · Sale

−3.15K

Price / share

$212.49

Trade value

$669.35K

% of position

4.1%

5/22/2026

76.94K→73.79K

Class A Common Stock

Indirect

S · Sale

−6.37K

Price / share

$213.68

Trade value

$1.36M

% of position

8.6%

5/22/2026

73.79K→67.43K

Class A Common Stock

Indirect

S · Sale

−11.41K

Price / share

$214.62

Trade value

$2.45M

% of position

16.9%

5/22/2026

67.43K→56.01K

Class A Common Stock

Indirect

S · Sale

−8.27K

Price / share

$215.46

Trade value

$1.78M

% of position

14.8%

5/22/2026

56.01K→47.74K

Class A Common Stock

Indirect

S · Sale

−314.00

Price / share

$216.24

Trade value

$67.90K

% of position

0.7%

5/22/2026

47.74K→47.42K

Class A Common Stock

Indirect

C · Conversion

+25.64K

Price / share

—

Trade value

—

% of position

54.1%

5/26/2026

47.42K→73.07K

Class A Common Stock

Indirect

S · Sale

−4.60K

Price / share

$209.30

Trade value

$963.21K

% of position

6.3%

5/26/2026

73.07K→68.46K

Class A Common Stock

Indirect

S · Sale

−6.35K

Price / share

$210.25

Trade value

$1.34M

% of position

9.3%

5/26/2026

68.46K→62.11K

Class A Common Stock

Indirect

S · Sale

−2.71K

Price / share

$211.20

Trade value

$572.58K

% of position

4.4%

5/26/2026

62.11K→59.40K

Class A Common Stock

Indirect

S · Sale

−4.47K

Price / share

$212.38

Trade value

$949.14K

% of position

7.5%

5/26/2026

59.40K→54.93K

Class A Common Stock

Indirect

S · Sale

−3.25K

Price / share

$213.53

Trade value

$693.11K

% of position

5.9%

5/26/2026

54.93K→51.69K

Class A Common Stock

Indirect

S · Sale

−1.58K

Price / share

$214.83

Trade value

$340.29K

% of position

3.1%

5/26/2026

51.69K→50.10K

Class A Common Stock

Indirect

S · Sale

−1.70K

Price / share

$215.55

Trade value

$366.43K

% of position

3.4%

5/26/2026

50.10K→48.40K

Class A Common Stock

Indirect

S · Sale

−979.00

Price / share

$216.22

Trade value

$211.68K

% of position

2.0%

5/26/2026

48.40K→47.42K

Class A Common Stock

Indirect

C · Conversion

+25.64K

Price / share

—

Trade value

—

% of position

54.1%

5/27/2026

47.42K→73.07K

Class A Common Stock

Indirect

S · Sale

−7.80K

Price / share

$208.45

Trade value

$1.63M

% of position

10.7%

5/27/2026

73.07K→65.27K

Class A Common Stock

Indirect

S · Sale

−2.30K

Price / share

$209.15

Trade value

$480.84K

% of position

3.5%

5/27/2026

65.27K→62.97K

Class A Common Stock

Indirect

S · Sale

−5.14K

Price / share

$210.26

Trade value

$1.08M

% of position

8.2%

5/27/2026

62.97K→57.82K

Class A Common Stock

Indirect

S · Sale

−5.04K

Price / share

$211.34

Trade value

$1.06M

% of position

8.7%

5/27/2026

57.82K→52.79K

Class A Common Stock

Indirect

S · Sale

−4.93K

Price / share

$212.49

Trade value

$1.05M

% of position

9.3%

5/27/2026

52.79K→47.86K

Class A Common Stock

Indirect

S · Sale

−431.00

Price / share

$213.25

Trade value

$91.91K

% of position

0.9%

5/27/2026

47.86K→47.42K

Total

Net shares

−9.44K

Net value

-$18.33M

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Class A Common Stock Indirect	5/22/2026	C · Conversion	+25.64K	—	—	45.1%	56.86K	82.50K
Class A Common Stock Indirect	5/22/2026	S · Sale	−5.56K	$211.54	$1.18M	6.7%	82.50K	76.94K
Class A Common Stock Indirect	5/22/2026	S · Sale	−3.15K	$212.49	$669.35K	4.1%	76.94K	73.79K
Class A Common Stock Indirect	5/22/2026	S · Sale	−6.37K	$213.68	$1.36M	8.6%	73.79K	67.43K
Class A Common Stock Indirect	5/22/2026	S · Sale	−11.41K	$214.62	$2.45M	16.9%	67.43K	56.01K
Class A Common Stock Indirect	5/22/2026	S · Sale	−8.27K	$215.46	$1.78M	14.8%	56.01K	47.74K
Class A Common Stock Indirect	5/22/2026	S · Sale	−314.00	$216.24	$67.90K	0.7%	47.74K	47.42K
Class A Common Stock Indirect	5/26/2026	C · Conversion	+25.64K	—	—	54.1%	47.42K	73.07K
Class A Common Stock Indirect	5/26/2026	S · Sale	−4.60K	$209.30	$963.21K	6.3%	73.07K	68.46K
Class A Common Stock Indirect	5/26/2026	S · Sale	−6.35K	$210.25	$1.34M	9.3%	68.46K	62.11K
Class A Common Stock Indirect	5/26/2026	S · Sale	−2.71K	$211.20	$572.58K	4.4%	62.11K	59.40K
Class A Common Stock Indirect	5/26/2026	S · Sale	−4.47K	$212.38	$949.14K	7.5%	59.40K	54.93K
Class A Common Stock Indirect	5/26/2026	S · Sale	−3.25K	$213.53	$693.11K	5.9%	54.93K	51.69K
Class A Common Stock Indirect	5/26/2026	S · Sale	−1.58K	$214.83	$340.29K	3.1%	51.69K	50.10K
Class A Common Stock Indirect	5/26/2026	S · Sale	−1.70K	$215.55	$366.43K	3.4%	50.10K	48.40K
Class A Common Stock Indirect	5/26/2026	S · Sale	−979.00	$216.22	$211.68K	2.0%	48.40K	47.42K
Class A Common Stock Indirect	5/27/2026	C · Conversion	+25.64K	—	—	54.1%	47.42K	73.07K
Class A Common Stock Indirect	5/27/2026	S · Sale	−7.80K	$208.45	$1.63M	10.7%	73.07K	65.27K
Class A Common Stock Indirect	5/27/2026	S · Sale	−2.30K	$209.15	$480.84K	3.5%	65.27K	62.97K
Class A Common Stock Indirect	5/27/2026	S · Sale	−5.14K	$210.26	$1.08M	8.2%	62.97K	57.82K
Class A Common Stock Indirect	5/27/2026	S · Sale	−5.04K	$211.34	$1.06M	8.7%	57.82K	52.79K
Class A Common Stock Indirect	5/27/2026	S · Sale	−4.93K	$212.49	$1.05M	9.3%	52.79K	47.86K
Class A Common Stock Indirect	5/27/2026	S · Sale	−431.00	$213.25	$91.91K	0.9%	47.86K	47.42K
Total			−9.44K		-$18.33M

Derivative Transactions9

Employee Stock Option (right to buy)

Direct

M · Option Exercise

Converts to

Class B Common Stock

25.64K shares

−25.64K

Strike price

2.04

Held after

1.42M

Exercisable

—

5/22/2026

Class B Common Stock

Direct

M · Option Exercise

Converts to

Class A Common Stock

25.64K shares

+25.64K

Strike price

Held after

25.64K

Exercisable

—

5/22/2026

Class B Common Stock

Direct

C · Conversion

Converts to

Class A Common Stock

25.64K shares

−25.64K

Strike price

Held after

0.00

Exercisable

—

5/22/2026

Employee Stock Option (right to buy)

Direct

M · Option Exercise

Converts to

Class B Common Stock

25.64K shares

−25.64K

Strike price

2.04

Held after

1.39M

Exercisable

—

5/26/2026

Class B Common Stock

Direct

M · Option Exercise

Converts to

Class A Common Stock

25.64K shares

+25.64K

Strike price

Held after

25.64K

Exercisable

—

5/26/2026

Class B Common Stock

Direct

C · Conversion

Converts to

Class A Common Stock

25.64K shares

−25.64K

Strike price

Held after

0.00

Exercisable

—

5/26/2026

Employee Stock Option (right to buy)

Direct

M · Option Exercise

Converts to

Class B Common Stock

25.64K shares

−25.64K

Strike price

2.04

Held after

1.36M

Exercisable

—

5/27/2026

Class B Common Stock

Direct

M · Option Exercise

Converts to

Class A Common Stock

25.64K shares

+25.64K

Strike price

Held after

25.64K

Exercisable

—

5/27/2026

Class B Common Stock

Direct

C · Conversion

Converts to

Class A Common Stock

25.64K shares

−25.64K

Strike price

Held after

0.00

Exercisable

—

5/27/2026

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Employee Stock Option (right to buy) Direct	Class B Common Stock25.64K shares	5/22/2026	M · Option Exercise	−25.64K	2.04	—	1.42M
Class B Common Stock Direct	Class A Common Stock25.64K shares	5/22/2026	M · Option Exercise	+25.64K		—	25.64K
Class B Common Stock Direct	Class A Common Stock25.64K shares	5/22/2026	C · Conversion	−25.64K		—	0.00
Employee Stock Option (right to buy) Direct	Class B Common Stock25.64K shares	5/26/2026	M · Option Exercise	−25.64K	2.04	—	1.39M
Class B Common Stock Direct	Class A Common Stock25.64K shares	5/26/2026	M · Option Exercise	+25.64K		—	25.64K
Class B Common Stock Direct	Class A Common Stock25.64K shares	5/26/2026	C · Conversion	−25.64K		—	0.00
Employee Stock Option (right to buy) Direct	Class B Common Stock25.64K shares	5/27/2026	M · Option Exercise	−25.64K	2.04	—	1.36M
Class B Common Stock Direct	Class A Common Stock25.64K shares	5/27/2026	M · Option Exercise	+25.64K		—	25.64K
Class B Common Stock Direct	Class A Common Stock25.64K shares	5/27/2026	C · Conversion	−25.64K		—	0.00

Non-Derivative Holdings (Post-Transaction)2

Class A Common Stock

Direct

Shares owned360.81K

Class A Common Stock

Indirect

Shares owned19.61K

Total

360.81K direct·19.61K indirect380.42K

Security Title	Shares Owned	Ownership Type
Class A Common Stock	360.81K	Direct
Class A Common Stock	19.61K	Indirect
Total	380.42K	360.81K direct·19.61K indirect

Derivative Holdings (Post-Transaction)10

Class B Common Stock

Indirect

Underlying security

Class A Common Stock

Underlying shares

2.06M

Shares owned

2.06M

Exercise price

Expiration

—

Exercise window

—

Class B Common Stock

Indirect

Underlying security

Class A Common Stock

Underlying shares

Shares owned

Exercise price

Expiration

—

Exercise window

—

Class B Common Stock

Indirect

Underlying security

Class A Common Stock

Underlying shares

250K

Shares owned

250K

Exercise price

Expiration

—

Exercise window

—

Class B Common Stock

Indirect

Underlying security

Class A Common Stock

Underlying shares

921.73K

Shares owned

921.73K

Exercise price

Expiration

—

Exercise window

—

Class B Common Stock

Indirect

Underlying security

Class A Common Stock

Underlying shares

4.82K

Shares owned

4.82K

Exercise price

Expiration

—

Exercise window

—

Class B Common Stock

Indirect

Underlying security

Class A Common Stock

Underlying shares

552.44K

Shares owned

552.44K

Exercise price

Expiration

—

Exercise window

—

Class B Common Stock

Indirect

Underlying security

Class A Common Stock

Underlying shares

790.66K

Shares owned

790.66K

Exercise price

Expiration

—

Exercise window

—

Class B Common Stock

Indirect

Underlying security

Class A Common Stock

Underlying shares

351.50K

Shares owned

351.50K

Exercise price

Expiration

—

Exercise window

—

Class B Common Stock

Indirect

Underlying security

Class A Common Stock

Underlying shares

200K

Shares owned

200K

Exercise price

Expiration

—

Exercise window

—

Class B Common Stock

Indirect

Underlying security

Class A Common Stock

Underlying shares

944.74K

Shares owned

944.74K

Exercise price

Expiration

—

Exercise window

—

Total

Underlying

7.08M

Owned

7.08M

Security	Underlying	Exercise Window	Expiration	Underlying Shares	Shares Owned
Class B Common Stock Indirect	Class A Common Stock	—	—	2.06M	2.06M
Class B Common Stock Indirect	Class A Common Stock	—	—	1M	1M
Class B Common Stock Indirect	Class A Common Stock	—	—	250K	250K
Class B Common Stock Indirect	Class A Common Stock	—	—	921.73K	921.73K
Class B Common Stock Indirect	Class A Common Stock	—	—	4.82K	4.82K
Class B Common Stock Indirect	Class A Common Stock	—	—	552.44K	552.44K
Class B Common Stock Indirect	Class A Common Stock	—	—	790.66K	790.66K
Class B Common Stock Indirect	Class A Common Stock	—	—	351.50K	351.50K
Class B Common Stock Indirect	Class A Common Stock	—	—	200K	200K
Class B Common Stock Indirect	Class A Common Stock	—	—	944.74K	944.74K
Total				7.08M	7.08M