ZATLYN MICHELLE (Chief Operating Officer) sold 67.6% of their position (99.06K shares) of CLOUDFLARE, INC. on the open market

Open‑market sale worth $27.42M — a major position exit. Review remaining holdings and any 10b5‑1 plan disclosures.

S · 26 sales

ZATLYN MICHELLE

Filed: 7/15/2026ACC: 0001786951-26-000012

InsiderZATLYN MICHELLECIK 1786951

→

IssuerCLOUDFLARE, INC.CIK 1477333

DirectorOfficer· Chief Operating Officer

Since Sep 2019

-99.06K

Net shares

Net seller

$27.42M

Total sold

Open market trades

0B · 26S

Total transactions

198.13K acquired · 297.19K disposed

Non-Derivative Transactions29

Class A Common Stock

Indirect

C · Conversion

+33.06K

Price / share

—

Trade value

—

% of position

69.7%

7/13/2026

47.42K→80.48K

Class A Common Stock

Indirect

S · Sale

−7.93K

Price / share

$264.03

Trade value

$2.09M

% of position

9.9%

7/13/2026

80.48K→72.55K

Class A Common Stock

Indirect

S · Sale

−6.45K

Price / share

$264.79

Trade value

$1.71M

% of position

8.9%

7/13/2026

72.55K→66.11K

Class A Common Stock

Indirect

S · Sale

−6.16K

Price / share

$265.88

Trade value

$1.64M

% of position

9.3%

7/13/2026

66.11K→59.95K

Class A Common Stock

Indirect

S · Sale

−7.06K

Price / share

$266.88

Trade value

$1.88M

% of position

11.8%

7/13/2026

59.95K→52.89K

Class A Common Stock

Indirect

S · Sale

−4.95K

Price / share

$267.97

Trade value

$1.33M

% of position

9.4%

7/13/2026

52.89K→47.94K

Class A Common Stock

Indirect

S · Sale

−517.00

Price / share

$268.68

Trade value

$138.91K

% of position

1.1%

7/13/2026

47.94K→47.42K

Class A Common Stock

Indirect

C · Conversion

+33K

Price / share

—

Trade value

—

% of position

69.6%

7/14/2026

47.42K→80.43K

Class A Common Stock

Indirect

S · Sale

−1.25K

Price / share

$267.17

Trade value

$332.89K

% of position

1.5%

7/14/2026

80.43K→79.18K

Class A Common Stock

Indirect

S · Sale

−1.25K

Price / share

$268.66

Trade value

$336.90K

% of position

1.6%

7/14/2026

79.18K→77.93K

Class A Common Stock

Indirect

S · Sale

−196.00

Price / share

$269.99

Trade value

$52.92K

% of position

0.3%

7/14/2026

77.93K→77.73K

Class A Common Stock

Indirect

S · Sale

−1.29K

Price / share

$272.75

Trade value

$352.39K

% of position

1.7%

7/14/2026

77.73K→76.44K

Class A Common Stock

Indirect

S · Sale

−1.96K

Price / share

$273.95

Trade value

$536.13K

% of position

2.6%

7/14/2026

76.44K→74.48K

Class A Common Stock

Indirect

S · Sale

−2.19K

Price / share

$275.02

Trade value

$603.40K

% of position

2.9%

7/14/2026

74.48K→72.29K

Class A Common Stock

Indirect

S · Sale

−1.70K

Price / share

$275.91

Trade value

$469.61K

% of position

2.4%

7/14/2026

72.29K→70.59K

Class A Common Stock

Indirect

S · Sale

−2.67K

Price / share

$276.93

Trade value

$739.68K

% of position

3.8%

7/14/2026

70.59K→67.92K

Class A Common Stock

Indirect

S · Sale

−1.29K

Price / share

$278.07

Trade value

$359.82K

% of position

1.9%

7/14/2026

67.92K→66.62K

Class A Common Stock

Indirect

S · Sale

−1.63K

Price / share

$279.26

Trade value

$454.07K

% of position

2.4%

7/14/2026

66.62K→65K

Class A Common Stock

Indirect

S · Sale

−5.09K

Price / share

$280.13

Trade value

$1.43M

% of position

7.8%

7/14/2026

65K→59.90K

Class A Common Stock

Indirect

S · Sale

−9.62K

Price / share

$281.40

Trade value

$2.71M

% of position

16.1%

7/14/2026

59.90K→50.29K

Class A Common Stock

Indirect

S · Sale

−2.86K

Price / share

$282.13

Trade value

$807.18K

% of position

5.7%

7/14/2026

50.29K→47.42K

Class A Common Stock

Indirect

C · Conversion

+33K

Price / share

—

Trade value

—

% of position

69.6%

7/15/2026

47.42K→80.43K

Class A Common Stock

Indirect

S · Sale

−3.26K

Price / share

$283.69

Trade value

$923.97K

% of position

4.0%

7/15/2026

80.43K→77.17K

Class A Common Stock

Indirect

S · Sale

−5.25K

Price / share

$284.68

Trade value

$1.49M

% of position

6.8%

7/15/2026

77.17K→71.92K

Class A Common Stock

Indirect

S · Sale

−7.20K

Price / share

$285.81

Trade value

$2.06M

% of position

10.0%

7/15/2026

71.92K→64.72K

Class A Common Stock

Indirect

S · Sale

−8.44K

Price / share

$286.66

Trade value

$2.42M

% of position

13.0%

7/15/2026

64.72K→56.28K

Class A Common Stock

Indirect

S · Sale

−1.19K

Price / share

$287.56

Trade value

$340.76K

% of position

2.1%

7/15/2026

56.28K→55.09K

Class A Common Stock

Indirect

S · Sale

−6.91K

Price / share

$289.07

Trade value

$2M

% of position

12.5%

7/15/2026

55.09K→48.18K

Class A Common Stock

Indirect

S · Sale

−756.00

Price / share

$289.88

Trade value

$219.15K

% of position

1.6%

7/15/2026

48.18K→47.42K

Total

Net shares

+0.00

Net value

-$27.42M

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Class A Common Stock Indirect	7/13/2026	C · Conversion	+33.06K	—	—	69.7%	47.42K	80.48K
Class A Common Stock Indirect	7/13/2026	S · Sale	−7.93K	$264.03	$2.09M	9.9%	80.48K	72.55K
Class A Common Stock Indirect	7/13/2026	S · Sale	−6.45K	$264.79	$1.71M	8.9%	72.55K	66.11K
Class A Common Stock Indirect	7/13/2026	S · Sale	−6.16K	$265.88	$1.64M	9.3%	66.11K	59.95K
Class A Common Stock Indirect	7/13/2026	S · Sale	−7.06K	$266.88	$1.88M	11.8%	59.95K	52.89K
Class A Common Stock Indirect	7/13/2026	S · Sale	−4.95K	$267.97	$1.33M	9.4%	52.89K	47.94K
Class A Common Stock Indirect	7/13/2026	S · Sale	−517.00	$268.68	$138.91K	1.1%	47.94K	47.42K
Class A Common Stock Indirect	7/14/2026	C · Conversion	+33K	—	—	69.6%	47.42K	80.43K
Class A Common Stock Indirect	7/14/2026	S · Sale	−1.25K	$267.17	$332.89K	1.5%	80.43K	79.18K
Class A Common Stock Indirect	7/14/2026	S · Sale	−1.25K	$268.66	$336.90K	1.6%	79.18K	77.93K
Class A Common Stock Indirect	7/14/2026	S · Sale	−196.00	$269.99	$52.92K	0.3%	77.93K	77.73K
Class A Common Stock Indirect	7/14/2026	S · Sale	−1.29K	$272.75	$352.39K	1.7%	77.73K	76.44K
Class A Common Stock Indirect	7/14/2026	S · Sale	−1.96K	$273.95	$536.13K	2.6%	76.44K	74.48K
Class A Common Stock Indirect	7/14/2026	S · Sale	−2.19K	$275.02	$603.40K	2.9%	74.48K	72.29K
Class A Common Stock Indirect	7/14/2026	S · Sale	−1.70K	$275.91	$469.61K	2.4%	72.29K	70.59K
Class A Common Stock Indirect	7/14/2026	S · Sale	−2.67K	$276.93	$739.68K	3.8%	70.59K	67.92K
Class A Common Stock Indirect	7/14/2026	S · Sale	−1.29K	$278.07	$359.82K	1.9%	67.92K	66.62K
Class A Common Stock Indirect	7/14/2026	S · Sale	−1.63K	$279.26	$454.07K	2.4%	66.62K	65K
Class A Common Stock Indirect	7/14/2026	S · Sale	−5.09K	$280.13	$1.43M	7.8%	65K	59.90K
Class A Common Stock Indirect	7/14/2026	S · Sale	−9.62K	$281.40	$2.71M	16.1%	59.90K	50.29K
Class A Common Stock Indirect	7/14/2026	S · Sale	−2.86K	$282.13	$807.18K	5.7%	50.29K	47.42K
Class A Common Stock Indirect	7/15/2026	C · Conversion	+33K	—	—	69.6%	47.42K	80.43K
Class A Common Stock Indirect	7/15/2026	S · Sale	−3.26K	$283.69	$923.97K	4.0%	80.43K	77.17K
Class A Common Stock Indirect	7/15/2026	S · Sale	−5.25K	$284.68	$1.49M	6.8%	77.17K	71.92K
Class A Common Stock Indirect	7/15/2026	S · Sale	−7.20K	$285.81	$2.06M	10.0%	71.92K	64.72K
Class A Common Stock Indirect	7/15/2026	S · Sale	−8.44K	$286.66	$2.42M	13.0%	64.72K	56.28K
Class A Common Stock Indirect	7/15/2026	S · Sale	−1.19K	$287.56	$340.76K	2.1%	56.28K	55.09K
Class A Common Stock Indirect	7/15/2026	S · Sale	−6.91K	$289.07	$2M	12.5%	55.09K	48.18K
Class A Common Stock Indirect	7/15/2026	S · Sale	−756.00	$289.88	$219.15K	1.6%	48.18K	47.42K
Total			+0.00		-$27.42M

Derivative Transactions9

Employee Stock Option (right to buy)

Direct

M · Option Exercise

Converts to

Class B Common Stock

33.06K shares

−33.06K

Strike price

2.04

Held after

1.25M

Exercisable

—

7/13/2026

Class B Common Stock

Direct

M · Option Exercise

Converts to

Class A Common Stock

33.06K shares

+33.06K

Strike price

Held after

33.06K

Exercisable

—

7/13/2026

Class B Common Stock

Direct

C · Conversion

Converts to

Class A Common Stock

33.06K shares

−33.06K

Strike price

Held after

0.00

Exercisable

—

7/13/2026

Employee Stock Option (right to buy)

Direct

M · Option Exercise

Converts to

Class B Common Stock

33K shares

−33K

Strike price

2.04

Held after

1.22M

Exercisable

—

7/14/2026

Class B Common Stock

Direct

M · Option Exercise

Converts to

Class A Common Stock

33K shares

+33K

Strike price

Held after

33K

Exercisable

—

7/14/2026

Class B Common Stock

Direct

C · Conversion

Converts to

Class A Common Stock

33K shares

−33K

Strike price

Held after

0.00

Exercisable

—

7/14/2026

Employee Stock Option (right to buy)

Direct

M · Option Exercise

Converts to

Class B Common Stock

33K shares

−33K

Strike price

2.04

Held after

1.19M

Exercisable

—

7/15/2026

Class B Common Stock

Direct

M · Option Exercise

Converts to

Class A Common Stock

33K shares

+33K

Strike price

Held after

33K

Exercisable

—

7/15/2026

Class B Common Stock

Direct

C · Conversion

Converts to

Class A Common Stock

33K shares

−33K

Strike price

Held after

0.00

Exercisable

—

7/15/2026

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Employee Stock Option (right to buy) Direct	Class B Common Stock33.06K shares	7/13/2026	M · Option Exercise	−33.06K	2.04	—	1.25M
Class B Common Stock Direct	Class A Common Stock33.06K shares	7/13/2026	M · Option Exercise	+33.06K		—	33.06K
Class B Common Stock Direct	Class A Common Stock33.06K shares	7/13/2026	C · Conversion	−33.06K		—	0.00
Employee Stock Option (right to buy) Direct	Class B Common Stock33K shares	7/14/2026	M · Option Exercise	−33K	2.04	—	1.22M
Class B Common Stock Direct	Class A Common Stock33K shares	7/14/2026	M · Option Exercise	+33K		—	33K
Class B Common Stock Direct	Class A Common Stock33K shares	7/14/2026	C · Conversion	−33K		—	0.00
Employee Stock Option (right to buy) Direct	Class B Common Stock33K shares	7/15/2026	M · Option Exercise	−33K	2.04	—	1.19M
Class B Common Stock Direct	Class A Common Stock33K shares	7/15/2026	M · Option Exercise	+33K		—	33K
Class B Common Stock Direct	Class A Common Stock33K shares	7/15/2026	C · Conversion	−33K		—	0.00

Non-Derivative Holdings (Post-Transaction)0

No non-derivative holdings reported

Derivative Holdings (Post-Transaction)10

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

790.66K

Shares owned

790.66K

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

—

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

4.82K

Shares owned

4.82K

Exercise price

Expiration

—

Exercise window

—

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

921.73K

Shares owned

921.73K

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

200K

Shares owned

200K

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

—

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	—	—	351.50K	351.50K
Class B Common Stock Indirect	Class A Common Stock	—	—	790.66K	790.66K
Class B Common Stock Indirect	Class A Common Stock	—	—	944.74K	944.74K
Class B Common Stock Indirect	Class A Common Stock	—	—	1M	1M
Class B Common Stock Indirect	Class A Common Stock	—	—	4.82K	4.82K
Class B Common Stock Indirect	Class A Common Stock	—	—	2.06M	2.06M
Class B Common Stock Indirect	Class A Common Stock	—	—	921.73K	921.73K
Class B Common Stock Indirect	Class A Common Stock	—	—	250K	250K
Class B Common Stock Indirect	Class A Common Stock	—	—	200K	200K
Class B Common Stock Indirect	Class A Common Stock	—	—	552.44K	552.44K
Total				7.08M	7.08M