ZATLYN MICHELLE (Chief Operating Officer) sold 58.7% of their position (99.01K shares) of CLOUDFLARE, INC. on the open market

Open‑market sale worth $27.66M — a major position exit. Review remaining holdings and any 10b5‑1 plan disclosures.

S · 17 sales

ZATLYN MICHELLE

Filed: 9/9/2026ACC: 0001786951-26-000023

InsiderZATLYN MICHELLECIK 1786951

→

IssuerCLOUDFLARE, INC.CIK 1477333

DirectorOfficer· Chief Operating Officer

Since Sep 2019

-99.01K

Net shares

Net seller

$27.66M

Total sold

Open market trades

0B · 17S

Total transactions

198.02K acquired · 297.03K disposed

Non-Derivative Transactions20

Class A Common Stock

Indirect

C · Conversion

+33K

Price / share

—

Trade value

—

% of position

47.3%

9/3/2026

69.78K→102.78K

Class A Common Stock

Indirect

S · Sale

−7.20K

Price / share

$276.79

Trade value

$1.99M

% of position

7.0%

9/3/2026

102.78K→95.58K

Class A Common Stock

Indirect

S · Sale

−7.27K

Price / share

$277.79

Trade value

$2.02M

% of position

7.6%

9/3/2026

95.58K→88.30K

Class A Common Stock

Indirect

S · Sale

−5.40K

Price / share

$278.92

Trade value

$1.51M

% of position

6.1%

9/3/2026

88.30K→82.91K

Class A Common Stock

Indirect

S · Sale

−4.74K

Price / share

$279.77

Trade value

$1.33M

% of position

5.7%

9/3/2026

82.91K→78.16K

Class A Common Stock

Indirect

S · Sale

−6.18K

Price / share

$281.07

Trade value

$1.74M

% of position

7.9%

9/3/2026

78.16K→71.98K

Class A Common Stock

Indirect

S · Sale

−2.21K

Price / share

$281.73

Trade value

$622.62K

% of position

3.1%

9/3/2026

71.98K→69.78K

Class A Common Stock

Indirect

C · Conversion

+33K

Price / share

—

Trade value

—

% of position

47.3%

9/4/2026

69.78K→102.78K

Class A Common Stock

Indirect

S · Sale

−2.75K

Price / share

$279.73

Trade value

$770.10K

% of position

2.7%

9/4/2026

102.78K→100.03K

Class A Common Stock

Indirect

S · Sale

−7.84K

Price / share

$281.02

Trade value

$2.20M

% of position

7.8%

9/4/2026

100.03K→92.18K

Class A Common Stock

Indirect

S · Sale

−17.60K

Price / share

$281.93

Trade value

$4.96M

% of position

19.1%

9/4/2026

92.18K→74.58K

Class A Common Stock

Indirect

S · Sale

−4.80K

Price / share

$282.87

Trade value

$1.36M

% of position

6.4%

9/4/2026

74.58K→69.78K

Class A Common Stock

Indirect

C · Conversion

+33K

Price / share

—

Trade value

—

% of position

47.3%

9/8/2026

69.78K→102.78K

Class A Common Stock

Indirect

S · Sale

−1.71K

Price / share

$272.41

Trade value

$466.64K

% of position

1.7%

9/8/2026

102.78K→101.06K

Class A Common Stock

Indirect

S · Sale

−2.43K

Price / share

$273.09

Trade value

$663.06K

% of position

2.4%

9/8/2026

101.06K→98.64K

Class A Common Stock

Indirect

S · Sale

−2.20K

Price / share

$274.39

Trade value

$604.21K

% of position

2.2%

9/8/2026

98.64K→96.44K

Class A Common Stock

Indirect

S · Sale

−1.39K

Price / share

$276.58

Trade value

$383.62K

% of position

1.4%

9/8/2026

96.44K→95.05K

Class A Common Stock

Indirect

S · Sale

−4.82K

Price / share

$277.53

Trade value

$1.34M

% of position

5.1%

9/8/2026

95.05K→90.22K

Class A Common Stock

Indirect

S · Sale

−14.96K

Price / share

$278.48

Trade value

$4.17M

% of position

16.6%

9/8/2026

90.22K→75.26K

Class A Common Stock

Indirect

S · Sale

−5.49K

Price / share

$279.41

Trade value

$1.53M

% of position

7.3%

9/8/2026

75.26K→69.78K

Total

Net shares

+0.00

Net value

-$27.66M

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Class A Common Stock Indirect	9/3/2026	C · Conversion	+33K	—	—	47.3%	69.78K	102.78K
Class A Common Stock Indirect	9/3/2026	S · Sale	−7.20K	$276.79	$1.99M	7.0%	102.78K	95.58K
Class A Common Stock Indirect	9/3/2026	S · Sale	−7.27K	$277.79	$2.02M	7.6%	95.58K	88.30K
Class A Common Stock Indirect	9/3/2026	S · Sale	−5.40K	$278.92	$1.51M	6.1%	88.30K	82.91K
Class A Common Stock Indirect	9/3/2026	S · Sale	−4.74K	$279.77	$1.33M	5.7%	82.91K	78.16K
Class A Common Stock Indirect	9/3/2026	S · Sale	−6.18K	$281.07	$1.74M	7.9%	78.16K	71.98K
Class A Common Stock Indirect	9/3/2026	S · Sale	−2.21K	$281.73	$622.62K	3.1%	71.98K	69.78K
Class A Common Stock Indirect	9/4/2026	C · Conversion	+33K	—	—	47.3%	69.78K	102.78K
Class A Common Stock Indirect	9/4/2026	S · Sale	−2.75K	$279.73	$770.10K	2.7%	102.78K	100.03K
Class A Common Stock Indirect	9/4/2026	S · Sale	−7.84K	$281.02	$2.20M	7.8%	100.03K	92.18K
Class A Common Stock Indirect	9/4/2026	S · Sale	−17.60K	$281.93	$4.96M	19.1%	92.18K	74.58K
Class A Common Stock Indirect	9/4/2026	S · Sale	−4.80K	$282.87	$1.36M	6.4%	74.58K	69.78K
Class A Common Stock Indirect	9/8/2026	C · Conversion	+33K	—	—	47.3%	69.78K	102.78K
Class A Common Stock Indirect	9/8/2026	S · Sale	−1.71K	$272.41	$466.64K	1.7%	102.78K	101.06K
Class A Common Stock Indirect	9/8/2026	S · Sale	−2.43K	$273.09	$663.06K	2.4%	101.06K	98.64K
Class A Common Stock Indirect	9/8/2026	S · Sale	−2.20K	$274.39	$604.21K	2.2%	98.64K	96.44K
Class A Common Stock Indirect	9/8/2026	S · Sale	−1.39K	$276.58	$383.62K	1.4%	96.44K	95.05K
Class A Common Stock Indirect	9/8/2026	S · Sale	−4.82K	$277.53	$1.34M	5.1%	95.05K	90.22K
Class A Common Stock Indirect	9/8/2026	S · Sale	−14.96K	$278.48	$4.17M	16.6%	90.22K	75.26K
Class A Common Stock Indirect	9/8/2026	S · Sale	−5.49K	$279.41	$1.53M	7.3%	75.26K	69.78K
Total			+0.00		-$27.66M

Derivative Transactions9

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

1.06M

Exercisable

—

9/3/2026

Class B Common Stock

Direct

M · Option Exercise

Converts to

Class A Common Stock

33K shares

+33K

Strike price

Held after

33K

Exercisable

—

9/3/2026

Class B Common Stock

Direct

C · Conversion

Converts to

Class A Common Stock

33K shares

−33K

Strike price

Held after

0.00

Exercisable

—

9/3/2026

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

1.02M

Exercisable

—

9/4/2026

Class B Common Stock

Direct

M · Option Exercise

Converts to

Class A Common Stock

33K shares

+33K

Strike price

Held after

33K

Exercisable

—

9/4/2026

Class B Common Stock

Direct

C · Conversion

Converts to

Class A Common Stock

33K shares

−33K

Strike price

Held after

0.00

Exercisable

—

9/4/2026

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

990.09K

Exercisable

—

9/8/2026

Class B Common Stock

Direct

M · Option Exercise

Converts to

Class A Common Stock

33K shares

+33K

Strike price

Held after

33K

Exercisable

—

9/8/2026

Class B Common Stock

Direct

C · Conversion

Converts to

Class A Common Stock

33K shares

−33K

Strike price

Held after

0.00

Exercisable

—

9/8/2026

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Employee Stock Option (right to buy) Direct	Class B Common Stock33K shares	9/3/2026	M · Option Exercise	−33K	2.04	—	1.06M
Class B Common Stock Direct	Class A Common Stock33K shares	9/3/2026	M · Option Exercise	+33K		—	33K
Class B Common Stock Direct	Class A Common Stock33K shares	9/3/2026	C · Conversion	−33K		—	0.00
Employee Stock Option (right to buy) Direct	Class B Common Stock33K shares	9/4/2026	M · Option Exercise	−33K	2.04	—	1.02M
Class B Common Stock Direct	Class A Common Stock33K shares	9/4/2026	M · Option Exercise	+33K		—	33K
Class B Common Stock Direct	Class A Common Stock33K shares	9/4/2026	C · Conversion	−33K		—	0.00
Employee Stock Option (right to buy) Direct	Class B Common Stock33K shares	9/8/2026	M · Option Exercise	−33K	2.04	—	990.09K
Class B Common Stock Direct	Class A Common Stock33K shares	9/8/2026	M · Option Exercise	+33K		—	33K
Class B Common Stock Direct	Class A Common Stock33K shares	9/8/2026	C · Conversion	−33K		—	0.00

Non-Derivative Holdings (Post-Transaction)1

Class A Common Stock

Indirect

Shares owned19.61K

Total

19.61K indirect19.61K

Security Title	Shares Owned	Ownership Type
Class A Common Stock	19.61K	Indirect
Total	19.61K	19.61K indirect

Derivative Holdings (Post-Transaction)9

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

790.66K

Shares owned

790.66K

Exercise price

Expiration

—

Exercise window

—

Class B Common Stock

Indirect

Underlying security

Class A Common Stock

Underlying shares

743.71K

Shares owned

743.71K

Exercise price

Expiration

—

Exercise window

—

Class B Common Stock

Indirect

Underlying security

Class A Common Stock

Underlying shares

3.54M

Shares owned

3.54M

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

716.99K

Shares owned

716.99K

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

133.41K

Shares owned

133.41K

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	—	—	250K	250K
Class B Common Stock Indirect	Class A Common Stock	—	—	790.66K	790.66K
Class B Common Stock Indirect	Class A Common Stock	—	—	743.71K	743.71K
Class B Common Stock Indirect	Class A Common Stock	—	—	3.54M	3.54M
Class B Common Stock Indirect	Class A Common Stock	—	—	351.50K	351.50K
Class B Common Stock Indirect	Class A Common Stock	—	—	716.99K	716.99K
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	—	—	133.41K	133.41K
Total				7.08M	7.08M