Michelle Zatlyn - 25 Nov 2025 Form 4 Insider Report for Cloudflare, Inc. (NET)

Reporting relationship: President and Board Co-Chair, Director
Issuer ticker: NET
Reported as of: 25 Nov 2025
Net transaction value: $0
SEC form: 4
Accepted by SEC: 26 Nov 2025, 16:44:24 UTC
Prior SEC filing: 24 Nov 2025
Next SEC filing: 03 Dec 2025
Source filing: View source filing
Reporting owner signature: /s/ Lindsey Cochran, by power of attorney

Filing notes and source

Key filing fact

Michelle Zatlyn filed Form 4 for Cloudflare, Inc. (NET) on 26 Nov 2025.

Key facts

This page summarizes Michelle Zatlyn's Form 4 filing for Cloudflare, Inc. (NET).
3 reported transactions and 12 derivative rows are listed below.
Accepted by SEC: 26 Nov 2025, 16:44.

Change

Previous filing in this sequence was filed on 24 Nov 2025.
Current net transaction value: $0.

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/ Lindsey Cochran, by power of attorney
Signature date: 26 Nov 2025

Reported derivative securities

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

NET transaction Derivative

Class B Common Stock

Gift

Transaction value: $0
Shares: -1
Change %: -0%
Price: $0.000000
Shares after: 552,438
Date: 25 Nov 2025
Ownership: See footnote
Underlying class: Class A Common Stock
Underlying amount: 1
Exercise price
Footnotes: F1, F2

NET transaction Derivative

Class B Common Stock

Gift

Transaction value: $0
Shares: +1
Change %
Price: $0.000000
Shares after: 1
Date: 25 Nov 2025
Ownership: By LLC
Underlying class: Class A Common Stock
Underlying amount: 1
Exercise price
Footnotes: F1

NET transaction Derivative

Class B Common Stock

Gift

Transaction value: $0
Shares: -1
Change %: -100%
Price: $0.000000
Shares after: 0
Date: 26 Nov 2025
Ownership: By LLC
Underlying class: Class A Common Stock
Underlying amount: 1
Exercise price
Footnotes: F1, F3

NET holding Derivative

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 351,505
Date: 25 Nov 2025
Ownership: See footnote
Underlying class: Class A Common Stock
Underlying amount: 351,505
Exercise price
Footnotes: F1, F4

NET holding Derivative

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 2,064,551
Date: 25 Nov 2025
Ownership: See footnote
Underlying class: Class A Common Stock
Underlying amount: 2,064,551
Exercise price
Footnotes: F1, F5

NET holding Derivative

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 4,819
Date: 25 Nov 2025
Ownership: See footnote
Underlying class: Class A Common Stock
Underlying amount: 4,819
Exercise price
Footnotes: F1, F6

NET holding Derivative

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 921,730
Date: 25 Nov 2025
Ownership: See footnote
Underlying class: Class A Common Stock
Underlying amount: 921,730
Exercise price
Footnotes: F1, F7

NET holding Derivative

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 944,742
Date: 25 Nov 2025
Ownership: See footnote
Underlying class: Class A Common Stock
Underlying amount: 944,742
Exercise price
Footnotes: F1, F8

NET holding Derivative

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 790,659
Date: 25 Nov 2025
Ownership: See footnote
Underlying class: Class A Common Stock
Underlying amount: 790,659
Exercise price
Footnotes: F1, F9

NET holding Derivative

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 1,000,000
Date: 25 Nov 2025
Ownership: See footnote
Underlying class: Class A Common Stock
Underlying amount: 1,000,000
Exercise price
Footnotes: F1, F10

NET holding Derivative

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 200,000
Date: 25 Nov 2025
Ownership: See footnote
Underlying class: Class A Common Stock
Underlying amount: 200,000
Exercise price
Footnotes: F1, F11

NET holding Derivative

Class B Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 250,000
Date: 25 Nov 2025
Ownership: See footnote
Underlying class: Class A Common Stock
Underlying amount: 250,000
Exercise price
Footnotes: F1, F12

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 12 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.

Footnote F3

Represents a gift to a 501(c)(3) charitable organization.

Footnote F4

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 F5

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.

Footnote F6

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 F7

The shares are held of record by The Sutherland/Zatlyn 2024 Annuity Trust dated May 29, 2024, for which the reporting person serves as co-trustee.

Footnote F8

The shares are held of record by The Sutherland/Zatlyn 2024 Annuity Trust II dated August 19, 2024, for which the reporting person serves as co-trustee.

Footnote F9

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 F10

The shares are held of record by The Sutherland/Zatlyn 2025 Annuity Trust dated May 23, 2025, for which the reporting person serves as trustee.

Footnote F11

The shares are held of record by The Sutherland/Zatlyn 2025 Annuity Trust II dated August 15, 2025, for which the reporting person serves as trustee.

Footnote F12

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.

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