[Form 4] Cloudflare, Inc. Insider Trading Activity

Filing Impact

(High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Cloudflare, Inc. (NET)11/20/2025, 11/21/2025, and 11/24/2025, employee stock options to purchase 25,641 shares of Class B common stock at an exercise price of $2.04 per share were exercised multiple times.

Each share of Class B common stock is convertible into one share of Class A common stock, and the converted Class A shares were then sold in a series of open‑market transactions. The reported weighted average sale prices range from about $185.70 to $202.94, with sales executed under a Rule 10b5‑1 trading plan adopted on February 14, 2025.

The filing also details that the shares are held through various family trusts, including The Sutherland/Zatlyn Revocable Trust and several irrevocable and annuity trusts, with some positions being re‑registered among these entities on November 17, 2025.

Positive

None.

Negative

None.

Insights

Analyzing...

11/24/2025 - 08:49 PM

SEC Form 4

FORM 4 UNITED 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 CA 94107

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Cloudflare, Inc. [ NET ] 5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X Director 10% Owner

X Officer (give title below) Other (specify below)

President and Board Co-Chair

3. Date of Earliest Transaction (Month/Day/Year)
11/20/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)

X Form filed by One Reporting Person

Form filed by More than One Reporting Person

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)

Code V Amount (A) or (D) Price

Class A Common Stock 11/20/2025 C 25,641 A ⁽¹⁾ 59,654 I See footnote⁽²⁾

Class A Common Stock 11/20/2025 S⁽³⁾ 452 D $190.3082⁽⁴⁾ 59,202 I See footnote⁽²⁾

Class A Common Stock 11/20/2025 S⁽³⁾ 2,207 D $191.4829⁽⁵⁾ 56,995 I See footnote⁽²⁾

Class A Common Stock 11/20/2025 S⁽³⁾ 2,001 D $192.4673⁽⁶⁾ 54,994 I See footnote⁽²⁾

Class A Common Stock 11/20/2025 S⁽³⁾ 717 D $193.5819⁽⁷⁾ 54,277 I See footnote⁽²⁾

Class A Common Stock 11/20/2025 S⁽³⁾ 343 D $194.3855⁽⁸⁾ 53,934 I See footnote⁽²⁾

Class A Common Stock 11/20/2025 S⁽³⁾ 319 D $195.4682⁽⁹⁾ 53,615 I See footnote⁽²⁾

Class A Common Stock 11/20/2025 S⁽³⁾ 222 D $196.425⁽¹⁰⁾ 53,393 I See footnote⁽²⁾

Class A Common Stock 11/20/2025 S⁽³⁾ 360 D $197.7471⁽¹¹⁾ 53,033 I See footnote⁽²⁾

Class A Common Stock 11/20/2025 S⁽³⁾ 3,338 D $198.9488⁽¹²⁾ 49,695 I See footnote⁽²⁾

Class A Common Stock 11/20/2025 S⁽³⁾ 8,997 D $200.0135⁽¹³⁾ 40,698 I See footnote⁽²⁾

Class A Common Stock 11/20/2025 S⁽³⁾ 7,511 D $200.9995⁽¹⁴⁾ 33,187 I See footnote⁽²⁾

Class A Common Stock 11/20/2025 S⁽³⁾ 6,757 D $201.9185⁽¹⁵⁾ 26,430 I See footnote⁽²⁾

Class A Common Stock 11/20/2025 S⁽³⁾ 1,875 D $202.6255⁽¹⁶⁾ 24,555 I See footnote⁽²⁾

Class A Common Stock 11/21/2025 C 25,641 A ⁽¹⁾ 50,196 I See footnote⁽²⁾

Class A Common Stock 11/21/2025 S⁽³⁾ 4,466 D $186.4001⁽¹⁷⁾ 45,730 I See footnote⁽²⁾

Class A Common Stock 11/21/2025 S⁽³⁾ 3,554 D $187.132⁽¹⁸⁾ 42,176 I See footnote⁽²⁾

Class A Common Stock 11/21/2025 S⁽³⁾ 9,940 D $188.3907⁽¹⁹⁾ 32,236 I See footnote⁽²⁾

Class A Common Stock 11/21/2025 S⁽³⁾ 7,681 D $189.2686⁽²⁰⁾ 24,555 I See footnote⁽²⁾

Class A Common Stock 11/24/2025 C 25,641 A ⁽¹⁾ 50,196 I See footnote⁽²⁾

Class A Common Stock 11/24/2025 S⁽³⁾ 12,598 D $188.4566⁽²¹⁾ 37,598 I See footnote⁽²⁾

Class A Common Stock 11/24/2025 S⁽³⁾ 9,220 D $189.4488⁽²²⁾ 28,378 I See footnote⁽²⁾

Class A Common Stock 11/24/2025 S⁽³⁾ 3,823 D $190.1676⁽²³⁾ 24,555 I See footnote⁽²⁾

Class A Common Stock 349,644 D

Class A Common Stock 19,615 I See 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)

Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Employee Stock Option (right to buy) $2.04 11/20/2025 M 25,641 ⁽²⁵⁾ 08/07/2027 Class B Common Stock 25,641 $0 1,876,915 D

Class B Common Stock ⁽¹⁾ 11/20/2025 M 25,641 ⁽¹⁾ ⁽¹⁾ Class A Common Stock 25,641 $0 25,641 D

Class B Common Stock ⁽¹⁾ 11/20/2025 C 25,641 ⁽¹⁾ ⁽¹⁾ Class A Common Stock 25,641 $0 0 D⁽²⁶⁾

Employee Stock Option (right to buy) $2.04 11/21/2025 M 25,641 ⁽²⁵⁾ 08/07/2027 Class B Common Stock 25,641 $0 1,851,274 D

Class B Common Stock ⁽¹⁾ 11/21/2025 M 25,641 ⁽¹⁾ ⁽¹⁾ Class A Common Stock 25,641 $0 25,641 D

Class B Common Stock ⁽¹⁾ 11/21/2025 C 25,641 ⁽¹⁾ ⁽¹⁾ Class A Common Stock 25,641 $0 0 D⁽²⁶⁾

Employee Stock Option (right to buy) $2.04 11/24/2025 M 25,641 ⁽²⁵⁾ 08/07/2027 Class B Common Stock 25,641 $0 1,825,633 D

Class B Common Stock ⁽¹⁾ 11/24/2025 M 25,641 ⁽¹⁾ ⁽¹⁾ Class A Common Stock 25,641 $0 25,641 D

Class B Common Stock ⁽¹⁾ 11/24/2025 C 25,641 ⁽¹⁾ ⁽¹⁾ Class A Common Stock 25,641 $0 0 D⁽²⁶⁾

Class B Common Stock ⁽¹⁾ ⁽¹⁾ ⁽¹⁾ Class A Common Stock 552,439 552,439⁽²⁷⁾⁽²⁸⁾ I See footnote⁽²⁾

Class B Common Stock ⁽¹⁾ ⁽¹⁾ ⁽¹⁾ Class A Common Stock 351,505 351,505 I See footnote⁽²⁹⁾

Class B Common Stock ⁽¹⁾ ⁽¹⁾ ⁽¹⁾ Class A Common Stock 2,064,551 2,064,551⁽³⁰⁾ I See footnote⁽³¹⁾

Class B Common Stock ⁽¹⁾ ⁽¹⁾ ⁽¹⁾ Class A Common Stock 4,819 4,819⁽³²⁾ I See footnote⁽³³⁾

Class B Common Stock ⁽¹⁾ ⁽¹⁾ ⁽¹⁾ Class A Common Stock 0 0⁽³⁴⁾ I See footnote⁽³⁵⁾

Class B Common Stock ⁽¹⁾ ⁽¹⁾ ⁽¹⁾ Class A Common Stock 921,730 921,730 I See footnote⁽³⁶⁾

Class B Common Stock ⁽¹⁾ ⁽¹⁾ ⁽¹⁾ Class A Common Stock 944,742 944,742 I See footnote⁽³⁷⁾

Class B Common Stock ⁽¹⁾ ⁽¹⁾ ⁽¹⁾ Class A Common Stock 790,659 790,659⁽³⁸⁾ I See footnote⁽³⁹⁾

Class B Common Stock ⁽¹⁾ ⁽¹⁾ ⁽¹⁾ Class A Common Stock 1,000,000 1,000,000 I See footnote⁽⁴⁰⁾

Class B Common Stock ⁽¹⁾ ⁽¹⁾ ⁽¹⁾ Class A Common Stock 200,000 200,000 I See footnote⁽⁴¹⁾

Class B Common Stock ⁽¹⁾ ⁽¹⁾ ⁽¹⁾ Class A Common Stock 250,000 250,000⁽⁴²⁾ I See footnote⁽⁴³⁾

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 14, 2025.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $189.935 to $190.79, inclusive. The reporting person undertakes to provide to 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 $190.975 to $191.97, inclusive.

6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $191.99 to $192.96, inclusive.

7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $193.01 to $194.00, inclusive.

8. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $194.03 to $194.93, inclusive.

9. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $195.16 to $196.09, inclusive.

10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $196.21 to $196.91, inclusive.

11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $197.375 to $198.20, inclusive.

12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $198.385 to $199.38, inclusive.

13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $199.41 to $200.345, inclusive.

14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $200.47 to $201.45, inclusive.

15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $201.47 to $202.41, inclusive.

16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $202.47 to $202.94, inclusive.

17. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $185.70 to $186.69, inclusive.

18. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $186.72 to $187.70, inclusive.

19. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $187.91 to $188.90, inclusive.

20. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $188.91 to $189.83, inclusive.

21. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $187.98 to $188.93, inclusive.

22. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $188.99 to $189.98, inclusive.

23. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $189.995 to $190.47, 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 45,012 shares previously reported as held directly by The Sutherland/Zatlyn 2023 Annuity Trust II dated August 29, 2023, for which the reporting person serves as co-trustee (the "2023 Annuity Trust II") and 209,341 shares previously reported as held directly by The Sutherland/Zatlyn 2024 Annuity Trust III dated November 12, 2024, for which the reporting person serves as co-trustee (the "2024 Annuity Trust III"), which were re-registered on November 17, 2025 and are now held of record by the Revocable Trust.

28. Excludes 250,000 shares previously reported as held directly by the Revocable Trust which were re-registered on November 17, 2025 and are now held of record by The Sutherland/Zatlyn 2025 Annuity Trust III dated November 11, 2025, for which the reporting person serves as trustee (the "2025 Annuity Trust III").

29. 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.

30. Includes 113,137 shares previously reported as held directly by the 2023 Annuity Trust II which were re-registered on November 17, 2025 and are now held of record by the 2021 Irrevocable Trust.

31. The shares are held of record by the 2021 Irrevocable Trust.

32. Consists of 4,819 shares previously reported as held directly by 2023 Annuity Trust II which were re-registered on November 17, 2025 and are now held of record by The SZ 2023 Irrevocable Trust dated August 29, 2023, for which the reporting person serves as a co-trustee (the "2023 Irrevocable Trust").

33. The shares are held of record by the 2023 Irrevocable Trust.

34. Excludes 162,968 shares previously reported as held directly by the 2023 Annuity Trust II which were re-registered on November 17, 2025 as follows: (i) 45,012 shares are now held of record by the Revocable Trust; (ii) 4,819 shares are now held of record by the 2023 Irrevocable Trust and (iii) 113,137 shares now held of record by the 2021 Irrevocable Trust.

35. The shares are held of record by 2023 Annuity Trust II.

36. The shares are held of record by The Sutherland/Zatlyn 2024 Annuity Trust dated May 29, 2024, for which the reporting person serves as co-trustee.

37. The shares are held of record by The Sutherland/Zatlyn 2024 Annuity Trust II dated August 19, 2024, for which the reporting person serves as co-trustee.

38. Excludes 209,341 shares previously reported as held directly by the 2024 Annuity Trust III, which were re-registered on November 17, 2025 and are now held of record by the Revocable Trust.

39. The shares are held of record by the 2024 Annuity Trust III.

40. The shares are held of record by The Sutherland/Zatlyn 2025 Annuity Trust dated May 23, 2025, for which the reporting person serves as trustee.

41. The shares are held of record by The Sutherland/Zatlyn 2025 Annuity Trust II dated August 15, 2025, for which the reporting person serves as trustee.

42. Consists of 250,000 shares previously reported as held directly by the Revocable Trust which were re-registered on November 17, 2025 and are now held of record by the 2025 Annuity Trust III.

43. The shares are held of record by the 2025 Annuity Trust III.

/s/ Lindsey Cochran, by power of attorney 11/24/2025

** Signature of Reporting Person Date

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.

Source: View Original Filing on SEC EDGAR

[Form 4] Cloudflare, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Positive

Negative

Insights

NYSE:NET

NET Rankings

NET Latest News

NET Latest SEC Filings

NET Stock Data

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	11/20/2025		C		25,641	A	⁽¹⁾	59,654	I	See footnote⁽²⁾
Class A Common Stock	11/20/2025		S⁽³⁾		452	D	$190.3082⁽⁴⁾	59,202	I	See footnote⁽²⁾
Class A Common Stock	11/20/2025		S⁽³⁾		2,207	D	$191.4829⁽⁵⁾	56,995	I	See footnote⁽²⁾
Class A Common Stock	11/20/2025		S⁽³⁾		2,001	D	$192.4673⁽⁶⁾	54,994	I	See footnote⁽²⁾
Class A Common Stock	11/20/2025		S⁽³⁾		717	D	$193.5819⁽⁷⁾	54,277	I	See footnote⁽²⁾
Class A Common Stock	11/20/2025		S⁽³⁾		343	D	$194.3855⁽⁸⁾	53,934	I	See footnote⁽²⁾
Class A Common Stock	11/20/2025		S⁽³⁾		319	D	$195.4682⁽⁹⁾	53,615	I	See footnote⁽²⁾
Class A Common Stock	11/20/2025		S⁽³⁾		222	D	$196.425⁽¹⁰⁾	53,393	I	See footnote⁽²⁾
Class A Common Stock	11/20/2025		S⁽³⁾		360	D	$197.7471⁽¹¹⁾	53,033	I	See footnote⁽²⁾
Class A Common Stock	11/20/2025		S⁽³⁾		3,338	D	$198.9488⁽¹²⁾	49,695	I	See footnote⁽²⁾
Class A Common Stock	11/20/2025		S⁽³⁾		8,997	D	$200.0135⁽¹³⁾	40,698	I	See footnote⁽²⁾
Class A Common Stock	11/20/2025		S⁽³⁾		7,511	D	$200.9995⁽¹⁴⁾	33,187	I	See footnote⁽²⁾
Class A Common Stock	11/20/2025		S⁽³⁾		6,757	D	$201.9185⁽¹⁵⁾	26,430	I	See footnote⁽²⁾
Class A Common Stock	11/20/2025		S⁽³⁾		1,875	D	$202.6255⁽¹⁶⁾	24,555	I	See footnote⁽²⁾
Class A Common Stock	11/21/2025		C		25,641	A	⁽¹⁾	50,196	I	See footnote⁽²⁾
Class A Common Stock	11/21/2025		S⁽³⁾		4,466	D	$186.4001⁽¹⁷⁾	45,730	I	See footnote⁽²⁾
Class A Common Stock	11/21/2025		S⁽³⁾		3,554	D	$187.132⁽¹⁸⁾	42,176	I	See footnote⁽²⁾
Class A Common Stock	11/21/2025		S⁽³⁾		9,940	D	$188.3907⁽¹⁹⁾	32,236	I	See footnote⁽²⁾
Class A Common Stock	11/21/2025		S⁽³⁾		7,681	D	$189.2686⁽²⁰⁾	24,555	I	See footnote⁽²⁾
Class A Common Stock	11/24/2025		C		25,641	A	⁽¹⁾	50,196	I	See footnote⁽²⁾
Class A Common Stock	11/24/2025		S⁽³⁾		12,598	D	$188.4566⁽²¹⁾	37,598	I	See footnote⁽²⁾
Class A Common Stock	11/24/2025		S⁽³⁾		9,220	D	$189.4488⁽²²⁾	28,378	I	See footnote⁽²⁾
Class A Common Stock	11/24/2025		S⁽³⁾		3,823	D	$190.1676⁽²³⁾	24,555	I	See footnote⁽²⁾
Class A Common Stock								349,644	D
Class A Common Stock								19,615	I	See 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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (right to buy)	$2.04	11/20/2025		M			25,641	⁽²⁵⁾	08/07/2027	Class B Common Stock	25,641	$0	1,876,915	D
Class B Common Stock	⁽¹⁾	11/20/2025		M		25,641		⁽¹⁾	⁽¹⁾	Class A Common Stock	25,641	$0	25,641	D
Class B Common Stock	⁽¹⁾	11/20/2025		C			25,641	⁽¹⁾	⁽¹⁾	Class A Common Stock	25,641	$0	0	D⁽²⁶⁾
Employee Stock Option (right to buy)	$2.04	11/21/2025		M			25,641	⁽²⁵⁾	08/07/2027	Class B Common Stock	25,641	$0	1,851,274	D
Class B Common Stock	⁽¹⁾	11/21/2025		M		25,641		⁽¹⁾	⁽¹⁾	Class A Common Stock	25,641	$0	25,641	D
Class B Common Stock	⁽¹⁾	11/21/2025		C			25,641	⁽¹⁾	⁽¹⁾	Class A Common Stock	25,641	$0	0	D⁽²⁶⁾
Employee Stock Option (right to buy)	$2.04	11/24/2025		M			25,641	⁽²⁵⁾	08/07/2027	Class B Common Stock	25,641	$0	1,825,633	D
Class B Common Stock	⁽¹⁾	11/24/2025		M		25,641		⁽¹⁾	⁽¹⁾	Class A Common Stock	25,641	$0	25,641	D
Class B Common Stock	⁽¹⁾	11/24/2025		C			25,641	⁽¹⁾	⁽¹⁾	Class A Common Stock	25,641	$0	0	D⁽²⁶⁾
Class B Common Stock	⁽¹⁾							⁽¹⁾	⁽¹⁾	Class A Common Stock	552,439		552,439⁽²⁷⁾⁽²⁸⁾	I	See footnote⁽²⁾
Class B Common Stock	⁽¹⁾							⁽¹⁾	⁽¹⁾	Class A Common Stock	351,505		351,505	I	See footnote⁽²⁹⁾
Class B Common Stock	⁽¹⁾							⁽¹⁾	⁽¹⁾	Class A Common Stock	2,064,551		2,064,551⁽³⁰⁾	I	See footnote⁽³¹⁾
Class B Common Stock	⁽¹⁾							⁽¹⁾	⁽¹⁾	Class A Common Stock	4,819		4,819⁽³²⁾	I	See footnote⁽³³⁾
Class B Common Stock	⁽¹⁾							⁽¹⁾	⁽¹⁾	Class A Common Stock	0		0⁽³⁴⁾	I	See footnote⁽³⁵⁾
Class B Common Stock	⁽¹⁾							⁽¹⁾	⁽¹⁾	Class A Common Stock	921,730		921,730	I	See footnote⁽³⁶⁾
Class B Common Stock	⁽¹⁾							⁽¹⁾	⁽¹⁾	Class A Common Stock	944,742		944,742	I	See footnote⁽³⁷⁾
Class B Common Stock	⁽¹⁾							⁽¹⁾	⁽¹⁾	Class A Common Stock	790,659		790,659⁽³⁸⁾	I	See footnote⁽³⁹⁾
Class B Common Stock	⁽¹⁾							⁽¹⁾	⁽¹⁾	Class A Common Stock	1,000,000		1,000,000	I	See footnote⁽⁴⁰⁾
Class B Common Stock	⁽¹⁾							⁽¹⁾	⁽¹⁾	Class A Common Stock	200,000		200,000	I	See footnote⁽⁴¹⁾
Class B Common Stock	⁽¹⁾							⁽¹⁾	⁽¹⁾	Class A Common Stock	250,000		250,000⁽⁴²⁾	I	See footnote⁽⁴³⁾

	/s/ Lindsey Cochran, by power of attorney	11/24/2025
	** Signature of Reporting Person	Date
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.

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