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

Cloudflare’s Zatlyn sells 99,064 shares, exercises options

Cloudflare, Inc. President and Board Co‑Chair Michelle Zatlyn reported open‑market sales of 99,064 Class A shares from July 13–15, 2026, at weighted‑average prices within ranges from $263.38 to $289.89 per share under a pre‑arranged Rule 10b5‑1 trading plan.

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Cloudflare, Inc. President and Board Co‑Chair Michelle Zatlyn reported open‑market sales of 99,064 Class A shares from July 13–15, 2026, at weighted‑average prices within ranges from $263.38 to $289.89 per share under a pre‑arranged Rule 10b5‑1 trading plan. The sold shares are held indirectly through the Sutherland/Zatlyn Revocable Trust and related trusts. She also exercised and converted derivative securities covering 297,192 shares, including employee stock options with a $2.04 exercise price, and retains additional options and Class B holdings convertible one‑for‑one into Class A.

Positive

  • None.

Negative

  • None.
Insider Zatlyn Michelle
Role President and Board Co-Chair
Sold 99,064 shs ($27.42M)
Approx. gross sale proceeds $27.42M
Type Security Shares Price Value
Exercise Employee Stock Option (right to buy) F29 33,003 $0.00 $0.00
Exercise Class B Common Stock F1 33,003 $0.00 $0.00
Conversion Class B Common Stock F1, F30 33,003 $0.00 $0.00
Conversion Class A Common Stock F1, F2 33,003 -- --
Sale Class A Common Stock F3, F22, F2 3,257 $283.6889 $924K
Sale Class A Common Stock F3, F23, F2 5,248 $284.6833 $1.49M
Sale Class A Common Stock F3, F24, F2 7,201 $285.805 $2.06M
Sale Class A Common Stock F3, F25, F2 8,444 $286.6582 $2.42M
Sale Class A Common Stock F3, F26, F2 1,185 $287.5619 $341K
Sale Class A Common Stock F3, F27, F2 6,912 $289.0675 $2.00M
Sale Class A Common Stock F3, F28, F2 756 $289.8756 $219K
Exercise Employee Stock Option (right to buy) F29 33,003 $0.00 $0.00
Exercise Class B Common Stock F1 33,003 $0.00 $0.00
Conversion Class B Common Stock F1, F30 33,003 $0.00 $0.00
Conversion Class A Common Stock F1, F2 33,003 -- --
Sale Class A Common Stock F3, F10, F2 1,246 $267.1675 $333K
Sale Class A Common Stock F3, F11, F2 1,254 $268.6568 $337K
Sale Class A Common Stock F3, F2 196 $269.9925 $53K
Sale Class A Common Stock F3, F12, F2 1,292 $272.7511 $352K
Sale Class A Common Stock F3, F13, F2 1,957 $273.9526 $536K
Sale Class A Common Stock F3, F14, F2 2,194 $275.0237 $603K
Sale Class A Common Stock F3, F15, F2 1,702 $275.9142 $470K
Sale Class A Common Stock F3, F16, F2 2,671 $276.9293 $740K
Sale Class A Common Stock F3, F17, F2 1,294 $278.0709 $360K
Sale Class A Common Stock F3, F18, F2 1,626 $279.258 $454K
Sale Class A Common Stock F3, F19, F2 5,093 $280.1291 $1.43M
Sale Class A Common Stock F3, F20, F2 9,617 $281.396 $2.71M
Sale Class A Common Stock F3, F21, F2 2,861 $282.1327 $807K
Exercise Employee Stock Option (right to buy) F29 33,058 $0.00 $0.00
Exercise Class B Common Stock F1 33,058 $0.00 $0.00
Conversion Class B Common Stock F1, F30 33,058 $0.00 $0.00
Conversion Class A Common Stock F1, F2 33,058 -- --
Sale Class A Common Stock F3, F4, F2 7,931 $264.0286 $2.09M
Sale Class A Common Stock F3, F5, F2 6,446 $264.7931 $1.71M
Sale Class A Common Stock F3, F6, F2 6,157 $265.8759 $1.64M
Sale Class A Common Stock F3, F7, F2 7,059 $266.8837 $1.88M
Sale Class A Common Stock F3, F8, F2 4,948 $267.9717 $1.33M
Sale Class A Common Stock F3, F9, F2 517 $268.6849 $139K
holding Class B Common Stock F1, F2 -- -- --
holding Class B Common Stock F1, F31 -- -- --
holding Class B Common Stock F1, F32 -- -- --
holding Class B Common Stock F1, F33 -- -- --
holding Class B Common Stock F1, F34 -- -- --
holding Class B Common Stock F1, F35 -- -- --
holding Class B Common Stock F1, F36 -- -- --
holding Class B Common Stock F1, F37 -- -- --
holding Class B Common Stock F1, F38 -- -- --
holding Class B Common Stock F1, F39 -- -- --
Holdings After Transaction: Employee Stock Option (right to buy) — 1,188,108 contracts (Direct); Class B Common Stock — 0 contracts (Direct); Class A Common Stock — 47,425 shares (Indirect, See footnote); Class B Common Stock — 7,080,444 contracts (Indirect, See footnote)
Footnotes (39)
  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 $263.38 to $264.375, 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 (28) 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 $264.38 to $265.37, 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 $265.39 to $266.38, 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 $266.4275 to $267.40, 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 $267.43 to $268.405, 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 $268.57 to $268.91, 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 $267.02 to $267.79, 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 $268.565 to $268.91, 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 $272.22 to $273.17, 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 $273.315 to $274.3025, 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 $274.44 to $275.4325, 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 $275.44 to $276.42, 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 $276.445 to $277.42, 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 $277.70 to $278.295, 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 $278.80 to $279.73, 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 $279.88 to $280.85, 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 $281.01 to $282.00, 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 $282.01 to $282.34, 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 $283.21 to $284.20, 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 $284.24 to $285.235, inclusive.
  24. F24. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $285.255 to $286.22, inclusive.
  25. F25. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $286.255 to $287.25, inclusive.
  26. F26. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $287.26 to $288.13, inclusive.
  27. F27. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $288.63 to $289.59, inclusive.
  28. F28. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $289.65 to $289.89, inclusive.
  29. F29. Shares subject to the option are fully vested and immediately exercisable.
  30. F30. 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.
  31. F31. 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.
  32. F32. 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.
  33. F33. 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.
  34. F34. 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.
  35. F35. 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.
  36. F36. 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.
  37. F37. 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.
  38. F38. 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.
  39. F39. 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.
Class A shares sold 99,064 shares Open-market sales from July 13–15, 2026 reported by Michelle Zatlyn
Sale price range $263.38–$289.89 per share Weighted-average price ranges across reported sale footnotes
Derivative shares exercised/converted 297,192 shares Total underlying shares from derivative exercises and conversions in this filing
Employee stock option exercise price $2.04 per share Strike price for options exercised into Class B Common Stock
Employee stock options outstanding 1,254,114 shares Shares underlying options held after the July 13, 2026 option transaction
Example indirect Class B position 2,064,551 underlying shares One indirect Class B Common Stock holding convertible into Class A
Rule 10b5-1 trading plan financial
"The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted..."
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. These shares were sold in multiple transactions..."
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.
Employee Stock Option (right to buy) financial
"security_title": "Employee Stock Option (right to buy)""
Class B Common Stock financial
"Each share of Class B Common Stock is convertible at any time into Class A Common Stock..."
A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.
Revocable Trust financial
"The shares are held of record by The Sutherland/Zatlyn Revocable Trust dated November 17, 2016..."
A revocable trust is a legal arrangement where the person who creates it keeps control and can change or cancel the trust at any time, while naming who will manage and receive the assets later. Think of it like a flexible folder for your investments and property that can be relabeled or reworked as circumstances change; it matters to investors because it determines how ownership is recorded, how easily assets transfer on incapacity or death, and whether holdings bypass public probate proceedings.

FAQ

What insider stock sales did Cloudflare (NET) report from Michelle Zatlyn?
Michelle Zatlyn reported open‑market sales of 99,064 Cloudflare Class A shares from July 13–15, 2026. The trades were executed at weighted‑average prices within specified ranges and involved shares held indirectly through the Sutherland/Zatlyn Revocable Trust and related trusts.

At what prices did Michelle Zatlyn sell Cloudflare (NET) shares?
Her reported Cloudflare sales occurred at weighted‑average prices within multiple ranges between $263.38 and $289.89 per share. Each Form 4 line represents a weighted average for numerous individual trades, with detailed ranges described across several price footnotes.

Did Michelle Zatlyn exercise options or convert derivatives in this Cloudflare (NET) filing?
Yes. She exercised and converted derivative securities covering 297,192 underlying shares, including employee stock options with a $2.04 exercise price. The filing also shows remaining option positions and Class B Common Stock convertible one‑for‑one into Class A Common Stock.

How are the Cloudflare (NET) shares sold by Michelle Zatlyn held?
The sold Class A shares are held indirectly through The Sutherland/Zatlyn Revocable Trust and related irrevocable and annuity trusts. Footnotes explain she serves in roles such as trustee, co‑trustee, investment adviser, or appointer for these trusts, which hold the reported positions.

Were Michelle Zatlyn’s Cloudflare (NET) transactions made under a Rule 10b5-1 plan?
Yes. A footnote states the reported sale was effected pursuant to a Rule 10b5‑1 trading plan adopted on February 27, 2026. Such plans pre‑schedule trades, reducing the significance of trade timing as an indicator of management’s current views.

What ongoing equity exposure does Michelle Zatlyn retain in Cloudflare (NET)?
After these transactions, she continues to hold employee stock options on 1,254,114 shares with a $2.04 exercise price and multiple indirect Class B positions. Individual Class B holdings include blocks convertible into Class A, such as one with 2,064,551 underlying shares.

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)
07/13/2026		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 Stock07/13/2026C33,058A(1)80,483ISee footnote(2)
Class A Common Stock07/13/2026S(3)7,931D$264.0286(4)72,552ISee footnote(2)
Class A Common Stock07/13/2026S(3)6,446D$264.7931(5)66,106ISee footnote(2)
Class A Common Stock07/13/2026S(3)6,157D$265.8759(6)59,949ISee footnote(2)
Class A Common Stock07/13/2026S(3)7,059D$266.8837(7)52,890ISee footnote(2)
Class A Common Stock07/13/2026S(3)4,948D$267.9717(8)47,942ISee footnote(2)
Class A Common Stock07/13/2026S(3)517D$268.6849(9)47,425ISee footnote(2)
Class A Common Stock07/14/2026C33,003A(1)80,428ISee footnote(2)
Class A Common Stock07/14/2026S(3)1,246D$267.1675(10)79,182ISee footnote(2)
Class A Common Stock07/14/2026S(3)1,254D$268.6568(11)77,928ISee footnote(2)
Class A Common Stock07/14/2026S(3)196D$269.992577,732ISee footnote(2)
Class A Common Stock07/14/2026S(3)1,292D$272.7511(12)76,440ISee footnote(2)
Class A Common Stock07/14/2026S(3)1,957D$273.9526(13)74,483ISee footnote(2)
Class A Common Stock07/14/2026S(3)2,194D$275.0237(14)72,289ISee footnote(2)
Class A Common Stock07/14/2026S(3)1,702D$275.9142(15)70,587ISee footnote(2)
Class A Common Stock07/14/2026S(3)2,671D$276.9293(16)67,916ISee footnote(2)
Class A Common Stock07/14/2026S(3)1,294D$278.0709(17)66,622ISee footnote(2)
Class A Common Stock07/14/2026S(3)1,626D$279.258(18)64,996ISee footnote(2)
Class A Common Stock07/14/2026S(3)5,093D$280.1291(19)59,903ISee footnote(2)
Class A Common Stock07/14/2026S(3)9,617D$281.396(20)50,286ISee footnote(2)
Class A Common Stock07/14/2026S(3)2,861D$282.1327(21)47,425ISee footnote(2)
Class A Common Stock07/15/2026C33,003A(1)80,428ISee footnote(2)
Class A Common Stock07/15/2026S(3)3,257D$283.6889(22)77,171ISee footnote(2)
Class A Common Stock07/15/2026S(3)5,248D$284.6833(23)71,923ISee footnote(2)
Class A Common Stock07/15/2026S(3)7,201D$285.805(24)64,722ISee footnote(2)
Class A Common Stock07/15/2026S(3)8,444D$286.6582(25)56,278ISee footnote(2)
Class A Common Stock07/15/2026S(3)1,185D$287.5619(26)55,093ISee footnote(2)
Class A Common Stock07/15/2026S(3)6,912D$289.0675(27)48,181ISee footnote(2)
Class A Common Stock07/15/2026S(3)756D$289.8756(28)47,425ISee footnote(2)
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)$2.0407/13/2026M33,058 (29)08/07/2027Class B Common Stock33,058$01,254,114D
Class B Common Stock(1)07/13/2026M33,058 (1) (1)Class A Common Stock33,058$033,058D
Class B Common Stock(1)07/13/2026C33,058 (1) (1)Class A Common Stock33,058$00D(30)
Employee Stock Option (right to buy)$2.0407/14/2026M33,003 (29)08/07/2027Class B Common Stock33,003$01,221,111D
Class B Common Stock(1)07/14/2026M33,003 (1) (1)Class A Common Stock33,003$033,003D
Class B Common Stock(1)07/14/2026C33,003 (1) (1)Class A Common Stock33,003$00D(30)
Employee Stock Option (right to buy)$2.0407/15/2026M33,003 (29)08/07/2027Class B Common Stock33,003$01,188,108D
Class B Common Stock(1)07/15/2026M33,003 (1) (1)Class A Common Stock33,003$033,003D
Class B Common Stock(1)07/15/2026C33,003 (1) (1)Class A Common Stock33,003$00D(30)
Class B Common Stock(1) (1) (1)Class A Common Stock552,438552,438ISee footnote(2)
Class B Common Stock(1) (1) (1)Class A Common Stock351,505351,505ISee footnote(31)
Class B Common Stock(1) (1) (1)Class A Common Stock2,064,5512,064,551ISee footnote(32)
Class B Common Stock(1) (1) (1)Class A Common Stock4,8194,819ISee footnote(33)
Class B Common Stock(1) (1) (1)Class A Common Stock921,730921,730ISee footnote(34)
Class B Common Stock(1) (1) (1)Class A Common Stock944,742944,742ISee footnote(35)
Class B Common Stock(1) (1) (1)Class A Common Stock790,659790,659ISee footnote(36)
Class B Common Stock(1) (1) (1)Class A Common Stock1,000,0001,000,000ISee footnote(37)
Class B Common Stock(1) (1) (1)Class A Common Stock200,000200,000ISee footnote(38)
Class B Common Stock(1) (1) (1)Class A Common Stock250,000250,000ISee footnote(39)
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 $263.38 to $264.375, 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 (28) 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 $264.38 to $265.37, inclusive.
6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $265.39 to $266.38, inclusive.
7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $266.4275 to $267.40, inclusive.
8. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $267.43 to $268.405, inclusive.
9. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $268.57 to $268.91, inclusive.
10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $267.02 to $267.79, inclusive.
11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $268.565 to $268.91, inclusive.
12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $272.22 to $273.17, inclusive.
13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $273.315 to $274.3025, inclusive.
14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $274.44 to $275.4325, inclusive.
15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $275.44 to $276.42, inclusive.
16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $276.445 to $277.42, inclusive.
17. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $277.70 to $278.295, inclusive.
18. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $278.80 to $279.73, inclusive.
19. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $279.88 to $280.85, inclusive.
20. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $281.01 to $282.00, inclusive.
21. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $282.01 to $282.34, inclusive.
22. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $283.21 to $284.20, inclusive.
23. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $284.24 to $285.235, inclusive.
24. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $285.255 to $286.22, inclusive.
25. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $286.255 to $287.25, inclusive.
26. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $287.26 to $288.13, inclusive.
27. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $288.63 to $289.59, inclusive.
28. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $289.65 to $289.89, inclusive.
29. Shares subject to the option are fully vested and immediately exercisable.
30. 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.
31. 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.
32. 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.
33. 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.
34. 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.
35. 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.
36. 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.
37. 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.
38. 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.
39. 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.
Remarks:
This Form 4 is the first of two forms being filed to report transactions by the reporting person occurring on July 13, 2026 through July 15, 2026.
/s/ Charlotte Bowe, by power of attorney07/15/2026
** 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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