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  4. [Form 4] Cloudflare, Inc. Insider Trading Activity

Cloudflare co-chair's trust sells 99,009 shares

The President and Board Co-Chair's reported trust sales were made under a Rule 10b5-1 plan adopted February 27, 2026.

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Form Type
4

Rhea-AI Filing Summary

Cloudflare, Inc. (NET) President and Board Co-Chair Michelle Zatlyn reported that The Sutherland/Zatlyn Revocable Trust sold 99,009 Class A shares from October 5 through October 7, 2026, at reported weighted-average prices ranging from $346.3995 to $369.3374 per share. The sales were made under a Rule 10b5-1 trading plan adopted February 27, 2026. On each of those dates, Zatlyn also exercised options covering 33,003 shares at $2.04 per share; the resulting Class B shares were converted into Class A shares held by the trust.

Insider Zatlyn Michelle
Role President and Board Co-Chair
Sold 99,009 shs ($35.24M)
Approx. gross sale proceeds $35.24M
Type Security Shares Price Value
Exercise Employee Stock Option (right to buy) F25 33,003 $0.00 $0.00
Exercise Class B Common Stock F1 33,003 $0.00 $0.00
Conversion Class B Common Stock F1, F26 33,003 $0.00 $0.00
Conversion Class A Common Stock F1, F2 33,003 -- --
Sale Class A Common Stock F3, F18, F2 5,694 $346.3995 $1.97M
Sale Class A Common Stock F3, F19, F2 9,022 $347.2017 $3.13M
Sale Class A Common Stock F3, F20, F2 7,688 $348.2303 $2.68M
Sale Class A Common Stock F3, F21, F2 3,900 $349.382 $1.36M
Sale Class A Common Stock F3, F22, F2 4,240 $350.3744 $1.49M
Sale Class A Common Stock F3, F23, F2 2,162 $351.4017 $760K
Sale Class A Common Stock F3, F2 297 $352.245 $105K
Exercise Employee Stock Option (right to buy) F25 33,003 $0.00 $0.00
Exercise Class B Common Stock F1 33,003 $0.00 $0.00
Conversion Class B Common Stock F1, F26 33,003 $0.00 $0.00
Conversion Class A Common Stock F1, F2 33,003 -- --
Sale Class A Common Stock F3, F12, F2 4,260 $364.3925 $1.55M
Sale Class A Common Stock F3, F13, F2 6,179 $365.691 $2.26M
Sale Class A Common Stock F3, F14, F2 9,170 $366.6545 $3.36M
Sale Class A Common Stock F3, F15, F2 8,559 $367.7233 $3.15M
Sale Class A Common Stock F3, F16, F2 4,083 $368.591 $1.50M
Sale Class A Common Stock F3, F17, F2 752 $369.3374 $278K
Exercise Employee Stock Option (right to buy) F25 33,003 $0.00 $0.00
Exercise Class B Common Stock F1 33,003 $0.00 $0.00
Conversion Class B Common Stock F1, F26 33,003 $0.00 $0.00
Conversion Class A Common Stock F1, F2 33,003 -- --
Sale Class A Common Stock F3, F4, F2 3,619 $349.0689 $1.26M
Sale Class A Common Stock F3, F5, F2 2,683 $350.0888 $939K
Sale Class A Common Stock F3, F6, F2 4,829 $351.3049 $1.70M
Sale Class A Common Stock F3, F7, F2 6,864 $352.3862 $2.42M
Sale Class A Common Stock F3, F8, F2 5,892 $353.3464 $2.08M
Sale Class A Common Stock F3, F9, F2 2,823 $354.3181 $1.00M
Sale Class A Common Stock F3, F10, F2 6,136 $355.4515 $2.18M
Sale Class A Common Stock F3, F11, F2 157 $356.0528 $56K
holding Class B Common Stock F1, F27, F28, F29, F2 -- -- --
holding Class B Common Stock F1, F30 -- -- --
holding Class B Common Stock F1, F31, F32 -- -- --
holding Class B Common Stock F1, F33, F34 -- -- --
holding Class B Common Stock F1, F35 -- -- --
holding Class B Common Stock F1, F36, F37 -- -- --
holding Class B Common Stock F1, F38, F39 -- -- --
holding Class B Common Stock F1, F40 -- -- --
holding Class B Common Stock F1, F41, F42 -- -- --
holding Class B Common Stock F1, F43, F44 -- -- --
holding Class B Common Stock F1, F45 -- -- --
holding Class B Common Stock F1, F46, F47 -- -- --
holding Class A Common Stock -- -- --
holding Class A Common Stock F24 -- -- --
Holdings After Transaction: Employee Stock Option (right to buy) — 891,081 contracts (Direct); Class B Common Stock — 0 contracts (Direct); Class A Common Stock — 89,390 shares (Indirect, See footnote); Class B Common Stock — 7,080,444 contracts (Indirect, See footnote); Class A Common Stock — 315,300 shares (Direct)
Footnotes (47)
  1. F1. Each share of Class B Common Stock is convertible at any time into Class A Common Stock on a one-to-one basis at the reporting person's election and has no expiration date.
  2. F2. The shares are held of record by The Sutherland/Zatlyn Revocable Trust dated November 17, 2016, for which the reporting person serves as co-trustee (the "Revocable Trust").
  3. F3. The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 27, 2026.
  4. F4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $348.56 to $349.55, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (4) through (23) to this Form 4.
  5. F5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $349.725 to $350.62, inclusive.
  6. F6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $350.7825 to $351.7775, inclusive.
  7. F7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $351.7925 to $352.76, inclusive.
  8. F8. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $352.81 to $353.81, inclusive.
  9. F9. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $353.82 to $354.695, inclusive.
  10. F10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $355.00 to $355.97, inclusive.
  11. F11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $356.03 to $356.11, inclusive.
  12. F12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $364.00 to $364.7925, inclusive.
  13. F13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $365.04 to $366.035, inclusive.
  14. F14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $366.095 to $367.09, inclusive.
  15. F15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $367.19 to $368.15, inclusive.
  16. F16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $368.2275 to $369.08, inclusive.
  17. F17. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $369.2675 to $369.39, inclusive.
  18. F18. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $345.76 to $346.76, inclusive.
  19. F19. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $346.765 to $347.76, inclusive.
  20. F20. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $347.81 to $348.80, inclusive.
  21. F21. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $348.83 to $349.80, inclusive.
  22. F22. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $349.855 to $350.83, inclusive.
  23. F23. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $351.155 to $352.04, inclusive.
  24. F24. The shares are held of record by The SZ 2021 Irrevocable Trust dated November 6, 2021, for which the reporting person serves as the appointer (the "2021 Irrevocable Trust").
  25. F25. Shares subject to the option are fully vested and immediately exercisable.
  26. F26. Upon the conversion of the shares of Class B Common Stock to Class A Common Stock, the shares were re-registered and are now held of record by the Revocable Trust.
  27. F27. Includes 743,712 shares which were re-registered on August 26, 2026 and now are held of record by the Revocable Trust. See footnote 28 for further explanation.
  28. F28. Continued from footnote 27: These shares were previously registered as follows: (i) 185,382 shares previously reported as being held of record by The Sutherland/Zatlyn 2024 Annuity Trust dated May 29, 2024, for which the reporting person serves as co-trustee (the "2024 Annuity Trust"); (ii) 283,007 shares previously reported as being held of record by The Sutherland/Zatlyn 2025 Annuity Trust dated May 23, 2025, for which the reporting person serves as trustee (the "2025 Annuity Trust"); (iii) 208,735 shares previously reported as being held of record by The Sutherland/Zatlyn 2024 Annuity Trust II dated August 19, 2024, for which the reporting person serves as co-trustee (the "2024 Annuity Trust II"); and (iv) 66,588 shares previously reported as being held of record by The Sutherland/Zatlyn 2025 Annuity Trust II dated August 15, 2025, for which the reporting person serves as trustee (the "2025 Annuity Trust II").
  29. F29. Excludes 743,712 shares previously reported as being held of record by the Revocable Trust which were re-registered on August 26, 2026 and are now held of record by The Sutherland/Zatlyn 2026 Annuity Trust dated August 25, 2026, for which the reporting person serves as trustee (the "2026 Annuity Trust").
  30. F30. The shares are held of record by The SZ 2020 Irrevocable Trust dated November 25, 2020, for which the reporting person serves as an investment advisor.
  31. F31. Excludes 1,472,355 shares that were included in the holdings of the 2021 Irrevocable Trust reported in the reporting person's Form 4 filed on September 8, 2026. These shares are held of record by The SZ 2021 Irrevocable Trust B dated November 6, 2021, for which the reporting person serves as the co-appointer (the "2021 Irrevocable Trust B"), and are reported on a separate line of this Form 4 to correct the holdings previously reported.
  32. F32. The shares are held of record by the 2021 Irrevocable Trust.
  33. F33. Consists of 1,472,355 shares distributed on August 26, 2026 to the 2021 Irrevocable Trust B by the 2024 Annuity Trust (736,348 shares) and the 2024 Annuity Trust II (736,007 shares). These shares were included in the holdings of the 2021 Irrevocable Trust reported in the reporting person's Form 4 filed on September 8, 2026, and are reported separately on this Form 4 to correct that report.
  34. F34. The shares are held of record by the 2021 Irrevocable Trust B.
  35. F35. The shares are held of record by The SZ 2023 Irrevocable Trust dated August 29, 2023, for which the reporting person serves as a co-trustee.
  36. F36. Excludes 921,730 shares previously reported as held of record by the 2024 Annuity Trust which were re-registered on August 26, 2026 as follows: (i) 185,382 shares are now held of record by the Revocable Trust; and (ii) 736,348 shares are now held of record by the 2021 Irrevocable Trust B.
  37. F37. The shares are held of record by the 2024 Annuity Trust.
  38. F38. Excludes 944,742 shares previously reported as held of record by the 2024 Annuity Trust II which were re-registered on August 26, 2026 as follows: (i) 208,735 shares are now held of record by the Revocable Trust; and (ii) 736,007 shares are now held of record by the 2021 Irrevocable Trust B.
  39. F39. The shares are held of record by the 2024 Annuity Trust II.
  40. F40. The shares are held of record by The Sutherland/Zatlyn 2024 Annuity Trust III dated November 12, 2024, for which the reporting person serves as co-trustee.
  41. F41. Excludes 283,007 shares previously reported as being held of record by the 2025 Annuity Trust which were re-registered on August 26, 2026 and are now held of record by the Revocable Trust.
  42. F42. The shares are held of record by the 2025 Annuity Trust.
  43. F43. Excludes 66,588 shares previously reported as being held of record by the 2025 Annuity Trust II which were re-registered on August 26, 2026 and are now held of record by the Revocable Trust.
  44. F44. The shares are held of record by the 2025 Annuity Trust II.
  45. F45. The shares are held of record by The Sutherland/Zatlyn 2025 Annuity Trust III dated November 11, 2025, for which the reporting person serves as trustee.
  46. F46. Consists of 743,712 shares previously reported as being held of record by the Revocable Trust which were re-registered on August 26, 2026 and are now held of record by the 2026 Annuity Trust.
  47. F47. The shares are held of record by the 2026 Annuity Trust.
Class A shares sold 99,009 shares The Revocable Trust's sales from October 5 through October 7, 2026
Reported weighted-average sale prices $346.3995–$369.3374 per share Prices reported for the sale transactions
Option exercise shares 33,003 shares on each date October 5, October 6 and October 7, 2026
Option exercise price $2.04 per share Reported option exercises
Option expiration date August 7, 2027 Employee stock options
Rule 10b5-1 plan adoption date February 27, 2026 Trading plan associated with the reported sales
Rule 10b5-1 trading plan regulatory
"effected pursuant to a Rule 10b5-1 trading plan"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
weighted average price financial
"The price reported in Column 4 is a weighted average price"
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
fully vested financial
"Shares subject to the option are fully vested and immediately exercisable"
one-to-one basis technical
"convertible at any time into Class A Common Stock on a one-to-one basis"

FAQ

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

How many NET shares did Michelle Zatlyn's trust sell?
The Sutherland/Zatlyn Revocable Trust sold 99,009 Class A shares from October 5 through October 7, 2026, at reported weighted-average prices ranging from $346.3995 to $369.3374 per share. The sales were made under a Rule 10b5-1 trading plan adopted February 27, 2026.

When do Michelle Zatlyn's options expire?
The reported options expire on August 7, 2027; they were fully vested and immediately exercisable.

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

Form 4 Insider Transactions: What Each Field Means →
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SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Zatlyn Michelle
(Last)(First)(Middle)
C/O CLOUDFLARE, INC.
101 TOWNSEND STREET
(Street)
SAN FRANCISCO CALIFORNIA 94107
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Cloudflare, Inc. [ NET ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
XOfficer (give title below)Other (specify below)
President and Board Co-Chair
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
10/05/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Class A Common Stock10/05/2026C33,003A(1)102,778ISee footnote(2)
Class A Common Stock10/05/2026S(3)3,619D$349.0689(4)99,159ISee footnote(2)
Class A Common Stock10/05/2026S(3)2,683D$350.0888(5)96,476ISee footnote(2)
Class A Common Stock10/05/2026S(3)4,829D$351.3049(6)91,647ISee footnote(2)
Class A Common Stock10/05/2026S(3)6,864D$352.3862(7)84,783ISee footnote(2)
Class A Common Stock10/05/2026S(3)5,892D$353.3464(8)78,891ISee footnote(2)
Class A Common Stock10/05/2026S(3)2,823D$354.3181(9)76,068ISee footnote(2)
Class A Common Stock10/05/2026S(3)6,136D$355.4515(10)69,932ISee footnote(2)
Class A Common Stock10/05/2026S(3)157D$356.0528(11)69,775ISee footnote(2)
Class A Common Stock10/06/2026C33,003A(1)102,778ISee footnote(2)
Class A Common Stock10/06/2026S(3)4,260D$364.3925(12)98,518ISee footnote(2)
Class A Common Stock10/06/2026S(3)6,179D$365.691(13)92,339ISee footnote(2)
Class A Common Stock10/06/2026S(3)9,170D$366.6545(14)83,169ISee footnote(2)
Class A Common Stock10/06/2026S(3)8,559D$367.7233(15)74,610ISee footnote(2)
Class A Common Stock10/06/2026S(3)4,083D$368.591(16)70,527ISee footnote(2)
Class A Common Stock10/06/2026S(3)752D$369.3374(17)69,775ISee footnote(2)
Class A Common Stock10/07/2026C33,003A(1)102,778ISee footnote(2)
Class A Common Stock10/07/2026S(3)5,694D$346.3995(18)97,084ISee footnote(2)
Class A Common Stock10/07/2026S(3)9,022D$347.2017(19)88,062ISee footnote(2)
Class A Common Stock10/07/2026S(3)7,688D$348.2303(20)80,374ISee footnote(2)
Class A Common Stock10/07/2026S(3)3,900D$349.382(21)76,474ISee footnote(2)
Class A Common Stock10/07/2026S(3)4,240D$350.3744(22)72,234ISee footnote(2)
Class A Common Stock10/07/2026S(3)2,162D$351.4017(23)70,072ISee footnote(2)
Class A Common Stock10/07/2026S(3)297D$352.24569,775ISee footnote(2)
Class A Common Stock315,300D
Class A Common Stock19,615ISee footnote(24)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Employee Stock Option (right to buy)$2.0410/05/2026M33,003 (25)08/07/2027Class B Common Stock33,003$0957,087D
Class B Common Stock(1)10/05/2026M33,003 (1) (1)Class A Common Stock33,003$033,003D
Class B Common Stock(1)10/05/2026C33,003 (1) (1)Class A Common Stock33,003$00D(26)
Employee Stock Option (right to buy)$2.0410/06/2026M33,003 (25)08/07/2027Class B Common Stock33,003$0924,084D
Class B Common Stock(1)10/06/2026M33,003 (1) (1)Class A Common Stock33,003$033,003D
Class B Common Stock(1)10/06/2026C33,003 (1) (1)Class A Common Stock33,003$00D(26)
Employee Stock Option (right to buy)$2.0410/07/2026M33,003 (25)08/07/2027Class B Common Stock33,003$0891,081D
Class B Common Stock(1)10/07/2026M33,003 (1) (1)Class A Common Stock33,003$033,003D
Class B Common Stock(1)10/07/2026C33,003 (1) (1)Class A Common Stock33,003$00D(26)
Class B Common Stock(1) (1) (1)Class A Common Stock552,438552,438(27)(28)(29)ISee footnote(2)
Class B Common Stock(1) (1) (1)Class A Common Stock351,505351,505ISee footnote(30)
Class B Common Stock(1) (1) (1)Class A Common Stock2,064,5512,064,551(31)ISee footnote(32)
Class B Common Stock(1) (1) (1)Class A Common Stock1,472,3551,472,355(33)ISee footnote(34)
Class B Common Stock(1) (1) (1)Class A Common Stock4,8194,819ISee footnote(35)
Class B Common Stock(1) (1) (1)Class A Common Stock00(36)ISee footnote(37)
Class B Common Stock(1) (1) (1)Class A Common Stock00(38)ISee footnote(39)
Class B Common Stock(1) (1) (1)Class A Common Stock790,659790,659ISee footnote(40)
Class B Common Stock(1) (1) (1)Class A Common Stock716,993716,993(41)ISee footnote(42)
Class B Common Stock(1) (1) (1)Class A Common Stock133,412133,412(43)ISee footnote(44)
Class B Common Stock(1) (1) (1)Class A Common Stock250,000250,000ISee footnote(45)
Class B Common Stock(1) (1) (1)Class A Common Stock743,712743,712(46)ISee footnote(47)
Explanation of Responses:
1. Each share of Class B Common Stock is convertible at any time into Class A Common Stock on a one-to-one basis at the reporting person's election and has no expiration date.
2. The shares are held of record by The Sutherland/Zatlyn Revocable Trust dated November 17, 2016, for which the reporting person serves as co-trustee (the "Revocable Trust").
3. The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 27, 2026.
4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $348.56 to $349.55, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (4) through (23) to this Form 4.
5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $349.725 to $350.62, inclusive.
6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $350.7825 to $351.7775, inclusive.
7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $351.7925 to $352.76, inclusive.
8. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $352.81 to $353.81, inclusive.
9. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $353.82 to $354.695, inclusive.
10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $355.00 to $355.97, inclusive.
11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $356.03 to $356.11, inclusive.
12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $364.00 to $364.7925, inclusive.
13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $365.04 to $366.035, inclusive.
14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $366.095 to $367.09, inclusive.
15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $367.19 to $368.15, inclusive.
16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $368.2275 to $369.08, inclusive.
17. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $369.2675 to $369.39, inclusive.
18. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $345.76 to $346.76, inclusive.
19. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $346.765 to $347.76, inclusive.
20. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $347.81 to $348.80, inclusive.
21. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $348.83 to $349.80, inclusive.
22. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $349.855 to $350.83, inclusive.
23. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $351.155 to $352.04, inclusive.
24. The shares are held of record by The SZ 2021 Irrevocable Trust dated November 6, 2021, for which the reporting person serves as the appointer (the "2021 Irrevocable Trust").
25. Shares subject to the option are fully vested and immediately exercisable.
26. Upon the conversion of the shares of Class B Common Stock to Class A Common Stock, the shares were re-registered and are now held of record by the Revocable Trust.
27. Includes 743,712 shares which were re-registered on August 26, 2026 and now are held of record by the Revocable Trust. See footnote 28 for further explanation.
28. Continued from footnote 27: These shares were previously registered as follows: (i) 185,382 shares previously reported as being held of record by The Sutherland/Zatlyn 2024 Annuity Trust dated May 29, 2024, for which the reporting person serves as co-trustee (the "2024 Annuity Trust"); (ii) 283,007 shares previously reported as being held of record by The Sutherland/Zatlyn 2025 Annuity Trust dated May 23, 2025, for which the reporting person serves as trustee (the "2025 Annuity Trust"); (iii) 208,735 shares previously reported as being held of record by The Sutherland/Zatlyn 2024 Annuity Trust II dated August 19, 2024, for which the reporting person serves as co-trustee (the "2024 Annuity Trust II"); and (iv) 66,588 shares previously reported as being held of record by The Sutherland/Zatlyn 2025 Annuity Trust II dated August 15, 2025, for which the reporting person serves as trustee (the "2025 Annuity Trust II").
29. Excludes 743,712 shares previously reported as being held of record by the Revocable Trust which were re-registered on August 26, 2026 and are now held of record by The Sutherland/Zatlyn 2026 Annuity Trust dated August 25, 2026, for which the reporting person serves as trustee (the "2026 Annuity Trust").
30. The shares are held of record by The SZ 2020 Irrevocable Trust dated November 25, 2020, for which the reporting person serves as an investment advisor.
31. Excludes 1,472,355 shares that were included in the holdings of the 2021 Irrevocable Trust reported in the reporting person's Form 4 filed on September 8, 2026. These shares are held of record by The SZ 2021 Irrevocable Trust B dated November 6, 2021, for which the reporting person serves as the co-appointer (the "2021 Irrevocable Trust B"), and are reported on a separate line of this Form 4 to correct the holdings previously reported.
32. The shares are held of record by the 2021 Irrevocable Trust.
33. Consists of 1,472,355 shares distributed on August 26, 2026 to the 2021 Irrevocable Trust B by the 2024 Annuity Trust (736,348 shares) and the 2024 Annuity Trust II (736,007 shares). These shares were included in the holdings of the 2021 Irrevocable Trust reported in the reporting person's Form 4 filed on September 8, 2026, and are reported separately on this Form 4 to correct that report.
34. The shares are held of record by the 2021 Irrevocable Trust B.
35. The shares are held of record by The SZ 2023 Irrevocable Trust dated August 29, 2023, for which the reporting person serves as a co-trustee.
36. Excludes 921,730 shares previously reported as held of record by the 2024 Annuity Trust which were re-registered on August 26, 2026 as follows: (i) 185,382 shares are now held of record by the Revocable Trust; and (ii) 736,348 shares are now held of record by the 2021 Irrevocable Trust B.
37. The shares are held of record by the 2024 Annuity Trust.
38. Excludes 944,742 shares previously reported as held of record by the 2024 Annuity Trust II which were re-registered on August 26, 2026 as follows: (i) 208,735 shares are now held of record by the Revocable Trust; and (ii) 736,007 shares are now held of record by the 2021 Irrevocable Trust B.
39. The shares are held of record by the 2024 Annuity Trust II.
40. The shares are held of record by The Sutherland/Zatlyn 2024 Annuity Trust III dated November 12, 2024, for which the reporting person serves as co-trustee.
41. Excludes 283,007 shares previously reported as being held of record by the 2025 Annuity Trust which were re-registered on August 26, 2026 and are now held of record by the Revocable Trust.
42. The shares are held of record by the 2025 Annuity Trust.
43. Excludes 66,588 shares previously reported as being held of record by the 2025 Annuity Trust II which were re-registered on August 26, 2026 and are now held of record by the Revocable Trust.
44. The shares are held of record by the 2025 Annuity Trust II.
45. The shares are held of record by The Sutherland/Zatlyn 2025 Annuity Trust III dated November 11, 2025, for which the reporting person serves as trustee.
46. Consists of 743,712 shares previously reported as being held of record by the Revocable Trust which were re-registered on August 26, 2026 and are now held of record by the 2026 Annuity Trust.
47. The shares are held of record by the 2026 Annuity Trust.
Remarks:
/s/ Charlotte Bowe, by power of attorney10/07/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

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