Trust files multiple Rule 144 sales of 8,547 NET shares

Notice of proposed sales of Class A common stock by a trust associated with an insider.

Accepted by SEC EDGAR 02/19/2026 - 05:28 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Notice of proposed sales of Class A common stock by a trust associated with an insider. The excerpt lists multiple Rule 144 sales by The Sutherland / Zatlyn Revocable Trust dated November 17, 2016, each for 8,547 shares on various dates between 11/20/2025 and 01/15/2026. Each sale line shows a dollar value for the transaction.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the Form 144 for NET show about recent insider sales?

The Form 144 shows multiple proposed Rule 144 sales by a single trust, each for 8,547 shares. The listed trade dates run from 11/20/2025 through 01/15/2026, with dollar proceeds shown on each line.

Who is the selling holder named on the Form 144 for NET?

The selling holder is identified as The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 at an address in San Francisco, CA. The trust is listed repeatedly as the source of the Class A Common share sales.

How many shares per transaction are reported in the NET Form 144 excerpt?

Each reported transaction in the excerpt lists 8,547 Class A Common shares. Multiple lines show the same share count across different trade dates between November 2025 and January 2026.

Do the Form 144 lines include proceeds for the NET share sales?

Yes. Each line for the listed sales includes a dollar amount reflecting proceeds, for example $1,706,840.17 and other similarly formatted values tied to each 8,547-share transaction.

Are the securities listed acquired as compensation in the NET filing excerpt?

The excerpt includes separate securities-acquisition notes stating some Class A Common shares were acquired as compensation (stock options and restricted stock units) with acquisition dates 08/08/2017 and 04/19/2023.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001786951
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	Cloudflare, Inc.
SEC File Number	001-39039
Address of Issuer	101 Townsend Street San Francisco CALIFORNIA 94107
Phone	1-888-993-5273
Name of Person for Whose Account the Securities are To Be Sold	Michelle Zatlyn
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	Officer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Class A Common	Goldman Sachs & Co. LLC 200 West Street New York NY 10282	240208	46273669.12	315250214	02/19/2026	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Class A Common	08/08/2017	Acquired as compensation -- Stock Options	Issuer			230769	08/08/2017	Acquired as compensation -- Stock Options
Class A Common	04/19/2023	Acquired as compensation -- Restricted Stock Units	Issuer			9439	04/19/2023	Compensation

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	11/20/2025	8547	1706840.17
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	11/20/2025	8547	1727020.5
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	11/20/2025	8547	1716931.62
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	11/21/2025	8547	1609991.55
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	11/21/2025	8547	1596589
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	11/21/2025	8547	1617325.73
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	11/24/2025	8547	1609630.87
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	11/24/2025	8547	1622965.04
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	11/24/2025	8547	1615309.5
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	12/09/2025	8547	1753242.69
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	12/09/2025	8547	1749131.58
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	12/09/2025	8547	1757880.29
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	12/10/2025	8547	1760057.21
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	12/10/2025	8547	1764643.53
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	12/10/2025	8547	1754922.18
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	12/11/2025	8547	1783204.2
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	12/11/2025	8547	1774055.49
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	12/11/2025	8547	1791794.79
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	01/13/2026	8547	1607974.46
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	01/13/2026	8547	1598152.25
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	01/13/2026	8547	1613271.89
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	01/14/2026	8547	1597996.69
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	01/14/2026	8547	1611553.94
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	01/14/2026	8547	1602445.41
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	01/15/2026	8547	1623883.85
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	01/15/2026	8547	1626130.85
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	01/15/2026	8547	1622998.38

144: Remarks and Signature

Remarks	The sales of shares set forth herein are made in connection with a selling plan dated February 14, 2025 that is intended to comply with Rule 10b5-1(c). All shares to be sold by The Sutherland / Zatlyn Revocable Trust.
Date of Notice	02/19/2026
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	02/14/2025
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	Goldman Sachs & Co. LLC on behalf of Michelle Zatlyn
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)