Insider trust plans sale of 297,082 Class A shares

The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 filed a notice of proposed sale of 297,082 shares of Class A common stock under Form 144.

Rhea-AI Filing Summary

The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 filed a notice of proposed sale of 297,082 shares of Class A common stock under Form 144. The shares are to be sold through Goldman Sachs & Co. LLC, with an approximate sale date of July 13, 2026, and an aggregate market value of 80,072,511.46. The filing notes 319,528,350 Class A shares outstanding.

The securities were acquired on August 8, 2017 as compensation via stock options from the issuer and are expected to be disposed of through a cashless exercise / same-day sale. The filing also lists numerous prior sales by the same trust between April 20 and June 18, 2026, typically in 8,547-share blocks (and one 9,439-share block), with example transaction values of 1,685,929.08 and 2,053,317.73.

Filing Explained

As of July 13, 2026, the filing shows a proposed 297,082-share cashless-exercise/same-day sale, not evidence that the shares were sold.

The 2026-07-13 Form 144 reports a proposed sale of 297,082 Class A common shares, acquired through stock options for a cashless exercise and same-day sale; the disclosed consequence is a planned holder disposition, not evidence that the shares have already been sold.

“Cashless exercise / same-day sale” is the transaction mechanic stated in the filing; that wording does not establish that either the exercise or the sale has been completed.

The relevant milestone is whether a later filing reports completion of the 297,082-share transaction; this Form 144 leaves that transition unreported.

Key Figures

Shares to be sold: 297082 shares Aggregate market value of planned sale: 80072511.46 Shares outstanding: 319528350 shares +3 more

6 metrics

Shares to be sold 297082 shares Class A Common planned disposition under Form 144

Aggregate market value of planned sale 80072511.46 Value associated with 297082 Class A shares to be sold

Shares outstanding 319528350 shares Class A common shares outstanding as referenced in the filing

Approximate sale date 07/13/2026 Planned date for sale of 297082 shares

Prior sale example 8547 shares for 1708521.37 Sale by the trust on 04/20/2026

Largest block disclosed 9439 shares for 2053317.73 Sale by the trust on 05/22/2026

Key Terms

Form 144, Class A Common, Aggregate market value, Compensation -- Cashless exercise / same-day sale, +1 more

5 terms

Form 144 regulatory

"144: Filer Information | | | 144: Filer Information"

Form 144 is a document that investors must file with the government when they plan to sell a large number of shares of a company's stock. It helps ensure transparency so everyone knows how many shares are being sold and when, which can impact the stock's price.

Class A Common financial

"Class A Common | Goldman Sachs & Co. LLC 200 West Street"

Aggregate market value financial

"| 297082 | 80072511.46 | 319528350 | 07/13/2026 | NYSE"

Aggregate market value is the combined price you would pay to buy all outstanding shares of a company or all companies in a group at current market prices — essentially the sum of each stock’s market capitalization. It matters to investors because it shows the overall size and weight of an investment or sector (like the total cost to buy every piece of a puzzle), helps compare scale across companies or markets, and influences index composition and risk exposure.

Compensation -- Cashless exercise / same-day sale financial

"297082 | 08/08/2017 | Compensation -- Cashless exercise / same-day sale"

Acquired as compensation -- Stock Options financial

"08/08/2017 | Acquired as compensation -- Stock Options | Issuer"

FAQ

What planned share sale does NET’s Form 144 filing report?

The filing reports a planned sale of 297,082 shares of Class A common stock by The Sutherland / Zatlyn Revocable Trust dated November 17, 2016, to be executed through Goldman Sachs & Co. LLC around July 13, 2026.

How were the NET shares in this Form 144 originally acquired?

The Class A shares underlying the planned sale were acquired on August 8, 2017 as compensation through stock options from the issuer and are expected to be disposed of via a cashless exercise / same-day sale structure.

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

The planned sale of 297,082 Class A shares has an aggregate market value of 80,072,511.46. The filing also notes that there are 319,528,350 Class A shares outstanding for context.

Which broker will handle the NET Form 144 share sale?

The shares are to be sold through Goldman Sachs & Co. LLC, listed with an address at 200 West Street, New York, NY 10282, as the broker handling the planned disposition of the 297,082 Class A shares.

What recent NET share sales by the trust are disclosed in the Form 144?

The filing lists multiple prior sales by the trust between April 20 and June 18, 2026, often in 8,547-share blocks and one 9,439-share block, with example transaction values of 1,685,929.08 and 2,053,317.73.

How many NET Class A shares are outstanding according to this Form 144?

The Form 144 states that there are 319,528,350 Class A common shares outstanding. This figure provides context for the planned sale of 297,082 shares covered by the filing.

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Available on EDGAR 07/13/2026 - 04:58 PM Accepted by SEC EDGAR 07/13/2026 - 04:57 PM 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	297082	80072511.46	319528350	07/13/2026	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			297082	08/08/2017	Compensation -- Cashless exercise / same-day sale

* 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	04/20/2026	8547	1708521.37
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	05/27/2026	8547	1797109.31
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	06/16/2026	8547	1965447.61
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	06/16/2026	8547	2023376.61
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	05/22/2026	8547	1830074.24
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	04/21/2026	8547	1756130.72
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	04/22/2026	8547	1799201.62
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	04/21/2026	8547	1766693.96
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	06/18/2026	8547	1873118.64
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	05/26/2026	8547	1807056.31
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	06/17/2026	8547	1970369.82
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	04/22/2026	8547	1776888.82
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	06/17/2026	8547	2005761.24
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	06/16/2026	8547	1985115.96
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	04/20/2026	8547	1685929.08
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	04/20/2026	8547	1717599.99
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	05/27/2026	8547	1782070.01
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	05/27/2026	8547	1813229.81
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	05/22/2026	8547	1812311.86
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	05/22/2026	8547	1838846.02
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	04/21/2026	8547	1761736.7
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	04/22/2026	8547	1786763.17
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	05/26/2026	8547	1832427.23
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	05/26/2026	8547	1792030.69
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	06/17/2026	8547	1989590.32
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	06/18/2026	8547	1889083.58
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	06/18/2026	8547	1855971.65
The Sutherland / Zatlyn Revocable Trust dated November 17, 2016 101 Townsend Street San Francisco CA 94107	Class A Common	05/22/2026	9439	2053317.73

144: Remarks and Signature

Remarks	The sales of shares set forth herein are made in connection with a selling plan dated February 27, 2026 that is intended to comply with Rule 10b5-1(c). All shares to be sold by The Sutherland / Zatlyn Revocable Trust.
Date of Notice	07/13/2026
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	02/27/2026
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)