Cloudflare President Michelle Zatlyn's Stock Option Exercises and Sales Under 10b5-1 Plan

Cloudflare, Inc. President and Board Co-Chair Michelle Zatlyn filed a Form 4 reporting significant stock transactions from June 16-18, 2026. Zatlyn exercised employee stock options to acquire 25,641 Class B shares each day, which were immediately converted to Class A common stock. Concurrently, she sold substantial amounts of Class A shares through a pre-arranged Rule 10b5-1 trading plan adopted in February 2025. The sales occurred at weighted average prices ranging from $216.43 to $237.67 per share across multiple transactions. Following these transactions, Zatlyn maintains significant indirect holdings through various trusts, including over 2 million Class B shares convertible to Class A stock. The transactions represent typical executive compensation realization through option exercises and planned sales.