Cloudflare President & Co-Chair Michelle Zatlyn's May 2026 Stock Option Exercises and Sales

This Form 4 filing reports that Michelle Zatlyn, President and Board Co-Chair of Cloudflare, exercised stock options and sold shares over three days in May 2026. The transactions were executed pursuant to a Rule 10b5-1 trading plan adopted in February 2025. On May 22, 26, and 27, Zatlyn exercised options for 25,641 shares each day at $0.00 per share (exercise price $2.04), converting Class B Common Stock to Class A Common Stock, then sold substantial portions of the acquired shares at prices ranging from $208.00 to $216.60. The sales totaled approximately 76,923 shares over the three-day period. The shares were held indirectly through various trusts, including The Sutherland/Zatlyn Revocable Trust. Following these transactions, Zatlyn maintains significant direct and indirect holdings in Cloudflare Class A and Class B Common Stock, with total indirect holdings exceeding 7.5 million shares through multiple trust arrangements.