Cloudflare Co-Chair & President Michelle Zatlyn Sells $27.7M in Pre-Scheduled 10b5-1 Plan

Executive Insider Transaction Overview

Michelle Zatlyn, Co-Founder, President, and Board Co-Chair of Cloudflare, Inc. ($NET), filed a Form 4 reporting the exercise of stock options and corresponding sales of 99,009 shares of Class A Common Stock between September 3, 2026, and September 8, 2026.

Key Details

• Total Sale Value: Approximately $27.66 million (weighted average price ~$279.34 per share).
• Option Exercises: Exercised 99,009 options to purchase Class B Common Stock at an exercise price of $2.04 per share, which were converted to Class A Common Stock and subsequently sold.
• Trading Plan: The transactions were conducted pursuant to a Rule 10b5-1 trading plan established on February 27, 2026.
• Remaining Holdings: Indirect holdings via trusts remain substantial, including 69,775 Class A shares and over 6.3 million Class B shares across various trusts.

Market Impact & Interpretation

Because these sales were paired with option exercises at a low strike price ($2.04) and executed under a scheduled Rule 10b5-1 plan, they reflect routine estate planning and option monetization rather than discretionary open-market sentiment shifts.