NET insider plans Rule 144 sale of 240,227 Class A shares

NET filed a Rule 144 notice for a planned sale of 240,227 shares of Class A Common stock through Goldman Sachs & Co. LLC.

Rhea-AI Filing Summary

NET filed a Rule 144 notice for a planned sale of 240,227 shares of Class A Common stock through Goldman Sachs & Co. LLC. The filing cites an aggregate market value of 45,977,045.53 for these shares, with 312,872,178 shares of the same class reported as outstanding and an approximate sale date of 11/20/2025 on the NYSE.

The securities to be sold were acquired from the issuer as compensation: 230,769 shares via stock options on 08/08/2017 and 9,458 shares via restricted stock units on 04/19/2023. The Sutherland / Zatlyn Revocable Trust is listed as seller for multiple prior Class A Common transactions over the past three months, each involving 8,547 shares with disclosed gross proceeds for each trade.

FAQ

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

How many NET Class A Common shares are planned to be sold under this Form 144?

The notice states that 240,227 shares of Class A Common stock are planned to be sold.

What is the aggregate market value of the NET shares covered by this Form 144?

The filing reports an aggregate market value of 45,977,045.53 for the 240,227 Class A Common shares to be sold.

When is the approximate sale date for the NET shares in this Form 144 filing?

The approximate date of sale listed is 11/20/2025.

Through which broker will the NET Form 144 shares be sold?

The planned sales are to be executed through Goldman Sachs & Co. LLC, located at 200 West Street, New York, NY 10282.

How and when were the NET securities in this Form 144 acquired?

The filing shows 230,769 shares of Class A Common acquired on 08/08/2017 as compensation via stock options, and 9,458 shares acquired on 04/19/2023 as compensation via restricted stock units.

How many NET Class A Common shares are reported as outstanding in this Form 144?

The notice reports 312,872,178 shares of Class A Common stock outstanding.

What prior NET share sales over the past 3 months are disclosed in this Form 144?

The Sutherland / Zatlyn Revocable Trust is listed as having sold 8,547 shares of Class A Common in multiple transactions between 07/15/2025 and 10/09/2025, with gross proceeds disclosed for each trade.

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Accepted by SEC EDGAR 11/20/2025 - 04:30 PM EST Learn about SEC filing dates

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	240227	45977045.53	312872178	11/20/2025	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			9458	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	07/15/2025	8547	1570336.89
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	07/15/2025	8547	1552821.52
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	07/15/2025	8547	1563979.63
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	07/16/2025	8547	1600954.81
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	07/16/2025	8547	1593482.17
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	07/16/2025	8547	1608526.6
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	07/17/2025	8547	1630594.1
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	07/17/2025	8547	1624753.08
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	07/17/2025	8547	1634000.93
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	08/21/2025	8547	1631386.4
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	08/21/2025	8547	1641722.29
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	08/21/2025	8547	1636900.93
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	08/22/2025	8547	1651071
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	08/22/2025	8547	1665411.16
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	08/22/2025	8547	1638150.5
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	08/25/2025	8547	1676612.85
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	08/25/2025	8547	1666760.73
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	08/25/2025	8547	1672326.53
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	09/23/2025	8547	1895131.44
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	09/23/2025	8547	1926857.9
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	09/23/2025	8547	1907566.47
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	09/24/2025	8547	1888226.32
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	09/24/2025	8547	1874875.05
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	09/24/2025	8547	1908658.77
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	09/25/2025	8547	1815897.33
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	09/25/2025	8547	1825347.75
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	09/25/2025	8547	1807230.67
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	10/07/2025	8547	1863844.29
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	10/07/2025	8547	1858122.93
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	10/07/2025	8547	1872943.43
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	10/08/2025	8547	1867813.52
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	10/08/2025	8547	1853305.84
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	10/08/2025	8547	1880132.31
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	10/09/2025	8547	1834784.49
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	10/09/2025	8547	1849083.62
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	10/09/2025	8547	1838667.39

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	11/20/2025
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)