Michelle Zatlyn - 05 Oct 2026 Form 4 Insider Report for Cloudflare, Inc. (NET)

Source evidence Original filing metadata and source links for verification. 4 source fields
SEC form
4
Accepted by SEC
07 Oct 2026, 20:33:12 UTC
Prior SEC filing
08 Sep 2026
Source filing
View source filing
Reporting owner 1 detail
Reporting owner signature
/s/ Charlotte Bowe, by power of attorney
Filing notes and source

Key filing fact

Michelle Zatlyn filed Form 4 for Cloudflare, Inc. (NET) on 07 Oct 2026.

Key facts

  • This page summarizes Michelle Zatlyn's Form 4 filing for Cloudflare, Inc. (NET).
  • 33 reported transactions and 21 derivative rows are listed below.
  • Accepted by SEC: 07 Oct 2026, 20:33.

Change

  • Previous filing in this sequence was filed on 08 Sep 2026.
  • Current net transaction value: -$35,235,659.

Research use

  • This tells you what this filing adds before you inspect full transaction and derivative tables.
  • You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0001786951 Primary reporting owner

Zatlyn Michelle

Relationship
President and Board Co-Chair, Director
Address
C/O CLOUDFLARE, INC., 101 TOWNSEND STREET, SAN FRANCISCO
Signature
/s/ Charlotte Bowe, by power of attorney
Signature date
07 Oct 2026

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

NET transaction

Class A Common Stock

Conversion of derivative security

Transaction value
Shares
+33,003
Change %
+47%
Price
Shares after
102,778
Date
05 Oct 2026
Ownership
See footnote
Footnotes
F1, F2
NET transaction

Class A Common Stock

Sale

Transaction value
$1,263,280
Shares
-3,619
Change %
-3.5%
Price
$349.07
Shares after
99,159
Date
05 Oct 2026
Ownership
See footnote
Footnotes
F2, F3, F4
NET transaction

Class A Common Stock

Sale

Transaction value
$939,288
Shares
-2,683
Change %
-2.7%
Price
$350.09
Shares after
96,476
Date
05 Oct 2026
Ownership
See footnote
Footnotes
F2, F3, F5
NET transaction

Class A Common Stock

Sale

Transaction value
$1,696,451
Shares
-4,829
Change %
-5%
Price
$351.30
Shares after
91,647
Date
05 Oct 2026
Ownership
See footnote
Footnotes
F2, F3, F6
NET transaction

Class A Common Stock

Sale

Transaction value
$2,418,779
Shares
-6,864
Change %
-7.5%
Price
$352.39
Shares after
84,783
Date
05 Oct 2026
Ownership
See footnote
Footnotes
F2, F3, F7
NET transaction

Class A Common Stock

Sale

Transaction value
$2,081,917
Shares
-5,892
Change %
-6.9%
Price
$353.35
Shares after
78,891
Date
05 Oct 2026
Ownership
See footnote
Footnotes
F2, F3, F8
NET transaction

Class A Common Stock

Sale

Transaction value
$1,000,240
Shares
-2,823
Change %
-3.6%
Price
$354.32
Shares after
76,068
Date
05 Oct 2026
Ownership
See footnote
Footnotes
F2, F3, F9
NET transaction

Class A Common Stock

Sale

Transaction value
$2,181,050
Shares
-6,136
Change %
-8.1%
Price
$355.45
Shares after
69,932
Date
05 Oct 2026
Ownership
See footnote
Footnotes
F2, F3, F10
NET transaction

Class A Common Stock

Sale

Transaction value
$55,900
Shares
-157
Change %
-0.22%
Price
$356.05
Shares after
69,775
Date
05 Oct 2026
Ownership
See footnote
Footnotes
F2, F3, F11
NET transaction

Class A Common Stock

Conversion of derivative security

Transaction value
Shares
+33,003
Change %
+47%
Price
Shares after
102,778
Date
06 Oct 2026
Ownership
See footnote
Footnotes
F1, F2
NET transaction

Class A Common Stock

Sale

Transaction value
$1,552,312
Shares
-4,260
Change %
-4.1%
Price
$364.39
Shares after
98,518
Date
06 Oct 2026
Ownership
See footnote
Footnotes
F2, F3, F12
NET transaction

Class A Common Stock

Sale

Transaction value
$2,259,605
Shares
-6,179
Change %
-6.3%
Price
$365.69
Shares after
92,339
Date
06 Oct 2026
Ownership
See footnote
Footnotes
F2, F3, F13
NET transaction

Class A Common Stock

Sale

Transaction value
$3,362,222
Shares
-9,170
Change %
-9.9%
Price
$366.65
Shares after
83,169
Date
06 Oct 2026
Ownership
See footnote
Footnotes
F2, F3, F14
NET transaction

Class A Common Stock

Sale

Transaction value
$3,147,344
Shares
-8,559
Change %
-10%
Price
$367.72
Shares after
74,610
Date
06 Oct 2026
Ownership
See footnote
Footnotes
F2, F3, F15
NET transaction

Class A Common Stock

Sale

Transaction value
$1,504,957
Shares
-4,083
Change %
-5.5%
Price
$368.59
Shares after
70,527
Date
06 Oct 2026
Ownership
See footnote
Footnotes
F2, F3, F16
NET transaction

Class A Common Stock

Sale

Transaction value
$277,742
Shares
-752
Change %
-1.1%
Price
$369.34
Shares after
69,775
Date
06 Oct 2026
Ownership
See footnote
Footnotes
F2, F3, F17
NET transaction

Class A Common Stock

Conversion of derivative security

Transaction value
Shares
+33,003
Change %
+47%
Price
Shares after
102,778
Date
07 Oct 2026
Ownership
See footnote
Footnotes
F1, F2
NET transaction

Class A Common Stock

Sale

Transaction value
$1,972,399
Shares
-5,694
Change %
-5.5%
Price
$346.40
Shares after
97,084
Date
07 Oct 2026
Ownership
See footnote
Footnotes
F2, F3, F18
NET transaction

Class A Common Stock

Sale

Transaction value
$3,132,454
Shares
-9,022
Change %
-9.3%
Price
$347.20
Shares after
88,062
Date
07 Oct 2026
Ownership
See footnote
Footnotes
F2, F3, F19
NET transaction

Class A Common Stock

Sale

Transaction value
$2,677,195
Shares
-7,688
Change %
-8.7%
Price
$348.23
Shares after
80,374
Date
07 Oct 2026
Ownership
See footnote
Footnotes
F2, F3, F20
NET transaction

Class A Common Stock

Sale

Transaction value
$1,362,590
Shares
-3,900
Change %
-4.9%
Price
$349.38
Shares after
76,474
Date
07 Oct 2026
Ownership
See footnote
Footnotes
F2, F3, F21
NET transaction

Class A Common Stock

Sale

Transaction value
$1,485,587
Shares
-4,240
Change %
-5.5%
Price
$350.37
Shares after
72,234
Date
07 Oct 2026
Ownership
See footnote
Footnotes
F2, F3, F22
NET transaction

Class A Common Stock

Sale

Transaction value
$759,730
Shares
-2,162
Change %
-3%
Price
$351.40
Shares after
70,072
Date
07 Oct 2026
Ownership
See footnote
Footnotes
F2, F3, F23
NET transaction

Class A Common Stock

Sale

Transaction value
$104,617
Shares
-297
Change %
-0.42%
Price
$352.24
Shares after
69,775
Date
07 Oct 2026
Ownership
See footnote
Footnotes
F2, F3
NET holding

Class A Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
315,300
Date
05 Oct 2026
Ownership
Direct
NET holding

Class A Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
19,615
Date
05 Oct 2026
Ownership
See footnote
Footnotes
F24

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

NET transaction Derivative

Employee Stock Option (right to buy)

Options Exercise

Transaction value
Shares
-33,003
Change %
-3.3%
Price
$0.000000*
Shares after
957,087
Date
05 Oct 2026
Ownership
Direct
Underlying class
Class B Common Stock
Underlying amount
33,003
Exercise price
$2.04
Footnotes
F25
NET transaction Derivative

Class B Common Stock

Options Exercise

Transaction value
Shares
+33,003
Change %
Price
$0.000000*
Shares after
33,003
Date
05 Oct 2026
Ownership
Direct
Underlying class
Class A Common Stock
Underlying amount
33,003
Exercise price
Footnotes
F1
NET transaction Derivative

Class B Common Stock

Conversion of derivative security

Transaction value
Shares
-33,003
Change %
-100%
Price
$0.000000*
Shares after
0
Date
05 Oct 2026
Ownership
Direct
Underlying class
Class A Common Stock
Underlying amount
33,003
Exercise price
Footnotes
F1, F26
NET transaction Derivative

Employee Stock Option (right to buy)

Options Exercise

Transaction value
Shares
-33,003
Change %
-3.4%
Price
$0.000000*
Shares after
924,084
Date
06 Oct 2026
Ownership
Direct
Underlying class
Class B Common Stock
Underlying amount
33,003
Exercise price
$2.04
Footnotes
F25
NET transaction Derivative

Class B Common Stock

Options Exercise

Transaction value
Shares
+33,003
Change %
Price
$0.000000*
Shares after
33,003
Date
06 Oct 2026
Ownership
Direct
Underlying class
Class A Common Stock
Underlying amount
33,003
Exercise price
Footnotes
F1
NET transaction Derivative

Class B Common Stock

Conversion of derivative security

Transaction value
Shares
-33,003
Change %
-100%
Price
$0.000000*
Shares after
0
Date
06 Oct 2026
Ownership
Direct
Underlying class
Class A Common Stock
Underlying amount
33,003
Exercise price
Footnotes
F1, F26
NET transaction Derivative

Employee Stock Option (right to buy)

Options Exercise

Transaction value
Shares
-33,003
Change %
-3.6%
Price
$0.000000*
Shares after
891,081
Date
07 Oct 2026
Ownership
Direct
Underlying class
Class B Common Stock
Underlying amount
33,003
Exercise price
$2.04
Footnotes
F25
NET transaction Derivative

Class B Common Stock

Options Exercise

Transaction value
Shares
+33,003
Change %
Price
$0.000000*
Shares after
33,003
Date
07 Oct 2026
Ownership
Direct
Underlying class
Class A Common Stock
Underlying amount
33,003
Exercise price
Footnotes
F1
NET transaction Derivative

Class B Common Stock

Conversion of derivative security

Transaction value
Shares
-33,003
Change %
-100%
Price
$0.000000*
Shares after
0
Date
07 Oct 2026
Ownership
Direct
Underlying class
Class A Common Stock
Underlying amount
33,003
Exercise price
Footnotes
F1, F26
NET holding Derivative

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
552,438
Date
05 Oct 2026
Ownership
See footnote
Underlying class
Class A Common Stock
Underlying amount
552,438
Exercise price
Footnotes
F1, F2, F27, F28, F29
NET holding Derivative

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
351,505
Date
05 Oct 2026
Ownership
See footnote
Underlying class
Class A Common Stock
Underlying amount
351,505
Exercise price
Footnotes
F1, F30
NET holding Derivative

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
2,064,551
Date
05 Oct 2026
Ownership
See footnote
Underlying class
Class A Common Stock
Underlying amount
2,064,551
Exercise price
Footnotes
F1, F31, F32
NET holding Derivative

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
1,472,355
Date
05 Oct 2026
Ownership
See footnote
Underlying class
Class A Common Stock
Underlying amount
1,472,355
Exercise price
Footnotes
F1, F33, F34
NET holding Derivative

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
4,819
Date
05 Oct 2026
Ownership
See footnote
Underlying class
Class A Common Stock
Underlying amount
4,819
Exercise price
Footnotes
F1, F35
NET holding Derivative

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
0
Date
05 Oct 2026
Ownership
See footnote
Underlying class
Class A Common Stock
Underlying amount
0
Exercise price
Footnotes
F1, F36, F37
NET holding Derivative

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
0
Date
05 Oct 2026
Ownership
See footnote
Underlying class
Class A Common Stock
Underlying amount
0
Exercise price
Footnotes
F1, F38, F39
NET holding Derivative

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
790,659
Date
05 Oct 2026
Ownership
See footnote
Underlying class
Class A Common Stock
Underlying amount
790,659
Exercise price
Footnotes
F1, F40
NET holding Derivative

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
716,993
Date
05 Oct 2026
Ownership
See footnote
Underlying class
Class A Common Stock
Underlying amount
716,993
Exercise price
Footnotes
F1, F41, F42
NET holding Derivative

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
133,412
Date
05 Oct 2026
Ownership
See footnote
Underlying class
Class A Common Stock
Underlying amount
133,412
Exercise price
Footnotes
F1, F43, F44
NET holding Derivative

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
250,000
Date
05 Oct 2026
Ownership
See footnote
Underlying class
Class A Common Stock
Underlying amount
250,000
Exercise price
Footnotes
F1, F45
NET holding Derivative

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
743,712
Date
05 Oct 2026
Ownership
See footnote
Underlying class
Class A Common Stock
Underlying amount
743,712
Exercise price
Footnotes
F1, F46, F47
* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Rule 10b5-1 trading plan

These transactions were reported as open-market trades under a Rule 10b5-1 plan. The plan lets an insider set trading instructions in advance, which can reduce the risk of trading while in possession of material nonpublic information.

Original filing language: transaction made pursuant to a contract, instruction, or written plan intended to satisfy Rule 10b5-1(c).

Explanation of responses 47 footnotes

Footnote F1

Each share of Class B Common Stock is convertible at any time into Class A Common Stock on a one-to-one basis at the reporting person's election and has no expiration date.

Footnote F2

The shares are held of record by The Sutherland/Zatlyn Revocable Trust dated November 17, 2016, for which the reporting person serves as co-trustee (the "Revocable Trust").

Footnote F3

The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 27, 2026.

Footnote F4

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $348.56 to $349.55, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (4) through (23) to this Form 4.

Footnote F5

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $349.725 to $350.62, inclusive.

Footnote F6

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $350.7825 to $351.7775, inclusive.

Footnote F7

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $351.7925 to $352.76, inclusive.

Footnote F8

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $352.81 to $353.81, inclusive.

Footnote F9

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $353.82 to $354.695, inclusive.

Footnote F10

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $355.00 to $355.97, inclusive.

Footnote F11

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $356.03 to $356.11, inclusive.

Footnote F12

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $364.00 to $364.7925, inclusive.

Footnote F13

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $365.04 to $366.035, inclusive.

Footnote F14

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $366.095 to $367.09, inclusive.

Footnote F15

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $367.19 to $368.15, inclusive.

Footnote F16

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $368.2275 to $369.08, inclusive.

Footnote F17

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $369.2675 to $369.39, inclusive.

Footnote F18

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $345.76 to $346.76, inclusive.

Footnote F19

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $346.765 to $347.76, inclusive.

Footnote F20

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $347.81 to $348.80, inclusive.

Footnote F21

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $348.83 to $349.80, inclusive.

Footnote F22

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $349.855 to $350.83, inclusive.

Footnote F23

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $351.155 to $352.04, inclusive.

Footnote F24

The shares are held of record by The SZ 2021 Irrevocable Trust dated November 6, 2021, for which the reporting person serves as the appointer (the "2021 Irrevocable Trust").

Footnote F25

Shares subject to the option are fully vested and immediately exercisable.

Footnote F26

Upon the conversion of the shares of Class B Common Stock to Class A Common Stock, the shares were re-registered and are now held of record by the Revocable Trust.

Footnote F27

Includes 743,712 shares which were re-registered on August 26, 2026 and now are held of record by the Revocable Trust. See footnote 28 for further explanation.

Footnote F28

Continued from footnote 27: These shares were previously registered as follows: (i) 185,382 shares previously reported as being held of record by The Sutherland/Zatlyn 2024 Annuity Trust dated May 29, 2024, for which the reporting person serves as co-trustee (the "2024 Annuity Trust"); (ii) 283,007 shares previously reported as being held of record by The Sutherland/Zatlyn 2025 Annuity Trust dated May 23, 2025, for which the reporting person serves as trustee (the "2025 Annuity Trust"); (iii) 208,735 shares previously reported as being held of record by The Sutherland/Zatlyn 2024 Annuity Trust II dated August 19, 2024, for which the reporting person serves as co-trustee (the "2024 Annuity Trust II"); and (iv) 66,588 shares previously reported as being held of record by The Sutherland/Zatlyn 2025 Annuity Trust II dated August 15, 2025, for which the reporting person serves as trustee (the "2025 Annuity Trust II").

Footnote F29

Excludes 743,712 shares previously reported as being held of record by the Revocable Trust which were re-registered on August 26, 2026 and are now held of record by The Sutherland/Zatlyn 2026 Annuity Trust dated August 25, 2026, for which the reporting person serves as trustee (the "2026 Annuity Trust").

Footnote F30

The shares are held of record by The SZ 2020 Irrevocable Trust dated November 25, 2020, for which the reporting person serves as an investment advisor.

Footnote F31

Excludes 1,472,355 shares that were included in the holdings of the 2021 Irrevocable Trust reported in the reporting person's Form 4 filed on September 8, 2026. These shares are held of record by The SZ 2021 Irrevocable Trust B dated November 6, 2021, for which the reporting person serves as the co-appointer (the "2021 Irrevocable Trust B"), and are reported on a separate line of this Form 4 to correct the holdings previously reported.

Footnote F32

The shares are held of record by the 2021 Irrevocable Trust.

Footnote F33

Consists of 1,472,355 shares distributed on August 26, 2026 to the 2021 Irrevocable Trust B by the 2024 Annuity Trust (736,348 shares) and the 2024 Annuity Trust II (736,007 shares). These shares were included in the holdings of the 2021 Irrevocable Trust reported in the reporting person's Form 4 filed on September 8, 2026, and are reported separately on this Form 4 to correct that report.

Footnote F34

The shares are held of record by the 2021 Irrevocable Trust B.

Footnote F35

The shares are held of record by The SZ 2023 Irrevocable Trust dated August 29, 2023, for which the reporting person serves as a co-trustee.

Footnote F36

Excludes 921,730 shares previously reported as held of record by the 2024 Annuity Trust which were re-registered on August 26, 2026 as follows: (i) 185,382 shares are now held of record by the Revocable Trust; and (ii) 736,348 shares are now held of record by the 2021 Irrevocable Trust B.

Footnote F37

The shares are held of record by the 2024 Annuity Trust.

Footnote F38

Excludes 944,742 shares previously reported as held of record by the 2024 Annuity Trust II which were re-registered on August 26, 2026 as follows: (i) 208,735 shares are now held of record by the Revocable Trust; and (ii) 736,007 shares are now held of record by the 2021 Irrevocable Trust B.

Footnote F39

The shares are held of record by the 2024 Annuity Trust II.

Footnote F40

The shares are held of record by The Sutherland/Zatlyn 2024 Annuity Trust III dated November 12, 2024, for which the reporting person serves as co-trustee.

Footnote F41

Excludes 283,007 shares previously reported as being held of record by the 2025 Annuity Trust which were re-registered on August 26, 2026 and are now held of record by the Revocable Trust.

Footnote F42

The shares are held of record by the 2025 Annuity Trust.

Footnote F43

Excludes 66,588 shares previously reported as being held of record by the 2025 Annuity Trust II which were re-registered on August 26, 2026 and are now held of record by the Revocable Trust.

Footnote F44

The shares are held of record by the 2025 Annuity Trust II.

Footnote F45

The shares are held of record by The Sutherland/Zatlyn 2025 Annuity Trust III dated November 11, 2025, for which the reporting person serves as trustee.

Footnote F46

Consists of 743,712 shares previously reported as being held of record by the Revocable Trust which were re-registered on August 26, 2026 and are now held of record by the 2026 Annuity Trust.

Footnote F47

The shares are held of record by the 2026 Annuity Trust.

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