Zatlyn Michelle's Form 4 filing
Cloudflare, Inc. (NET) · filed Nov 24, 2025
- Accession no.
- 0001104659-25-115562
- Filed
- Nov 24, 2025
- Trade date
- Nov 20-24, 2025
- Filing delay
- 4 days
- Rule 10b5-1 plan
- Checked
This filing lists 23 non-derivative transactions and 9 derivative transactions. Open-market sales total $16.7M. It was filed 4 days after the trade.
Reporting owners
A Form 4 can have several reporting owners, such as a person and a fund they control. Trade tables show the first one.
| Owner | Relationship to the company |
|---|---|
| Zatlyn MichelleCIK 0001786951 | Director, Officer (President and Board Co-Chair) |
Non-derivative securities (Table I)
Acquisitions and disposals of common stock and similar shares, one row per line on the filing.
| Trade date | Security | Transaction | Shares | Price | Value | Shares after | Ownership | Flags |
|---|---|---|---|---|---|---|---|---|
| Nov 20, 2025 | Class A Common Stock | CConversionAcquired | +25,641 | –F1 | – | 59,654 | Indirect | |
| Nov 20, 2025 | Class A Common Stock | SSaleDisposed | −452 | $190.31F4 | −$86,020.12 | 59,202 | Indirect | |
| Nov 20, 2025 | Class A Common Stock | SSaleDisposed | −2,207 | $191.48F5 | −$422,596.36 | 56,995 | Indirect | |
| Nov 20, 2025 | Class A Common Stock | SSaleDisposed | −2,001 | $192.47F6 | −$385,132.47 | 54,994 | Indirect | |
| Nov 20, 2025 | Class A Common Stock | SSaleDisposed | −717 | $193.58F7 | −$138,796.86 | 54,277 | Indirect | |
| Nov 20, 2025 | Class A Common Stock | SSaleDisposed | −343 | $194.39F8 | −$66,675.77 | 53,934 | Indirect | |
| Nov 20, 2025 | Class A Common Stock | SSaleDisposed | −319 | $195.47F9 | −$62,354.93 | 53,615 | Indirect | |
| Nov 20, 2025 | Class A Common Stock | SSaleDisposed | −222 | $196.43F10 | −$43,607.46 | 53,393 | Indirect | |
| Nov 20, 2025 | Class A Common Stock | SSaleDisposed | −360 | $197.75F11 | −$71,190 | 53,033 | Indirect | |
| Nov 20, 2025 | Class A Common Stock | SSaleDisposed | −3,338 | $198.95F12 | −$664,095.1 | 49,695 | Indirect | |
| Nov 20, 2025 | Class A Common Stock | SSaleDisposed | −8,997 | $200.01F13 | −$1,799,489.97 | 40,698 | Indirect | |
| Nov 20, 2025 | Class A Common Stock | SSaleDisposed | −7,511 | $201.00F14 | −$1,509,711 | 33,187 | Indirect | |
| Nov 20, 2025 | Class A Common Stock | SSaleDisposed | −6,757 | $201.92F15 | −$1,364,373.44 | 26,430 | Indirect | |
| Nov 20, 2025 | Class A Common Stock | SSaleDisposed | −1,875 | $202.63F16 | −$379,931.25 | 24,555 | Indirect | |
| Nov 21, 2025 | Class A Common Stock | CConversionAcquired | +25,641 | –F1 | – | 50,196 | Indirect | |
| Nov 21, 2025 | Class A Common Stock | SSaleDisposed | −4,466 | $186.40F17 | −$832,462.4 | 45,730 | Indirect | |
| Nov 21, 2025 | Class A Common Stock | SSaleDisposed | −3,554 | $187.13F18 | −$665,060.02 | 42,176 | Indirect | |
| Nov 21, 2025 | Class A Common Stock | SSaleDisposed | −9,940 | $188.39F19 | −$1,872,596.6 | 32,236 | Indirect | |
| Nov 21, 2025 | Class A Common Stock | SSaleDisposed | −7,681 | $189.27F20 | −$1,453,782.87 | 24,555 | Indirect | |
| Nov 24, 2025 | Class A Common Stock | CConversionAcquired | +25,641 | –F1 | – | 50,196 | Indirect | |
| Nov 24, 2025 | Class A Common Stock | SSaleDisposed | −12,598 | $188.46F21 | −$2,374,219.08 | 37,598 | Indirect | |
| Nov 24, 2025 | Class A Common Stock | SSaleDisposed | −9,220 | $189.45F22 | −$1,746,729 | 28,378 | Indirect | |
| Nov 24, 2025 | Class A Common Stock | SSaleDisposed | −3,823 | $190.17F23 | −$727,019.91 | 24,555 | Indirect |
Derivative securities (Table II)
Options, warrants, restricted stock units and similar. Shares are the underlying shares; price and value are for the derivative itself, and the holding after is in derivative units.
| Trade date | Security | Transaction | Underlying shares | Unit price | Value | Held after | Ownership | Flags |
|---|---|---|---|---|---|---|---|---|
| Nov 20, 2025 | Class B Common Stock | MOption exerciseDisposed | −25,641 | $0.00 | $0 | 1,876,915 | Direct | |
| Nov 20, 2025 | Class A Common Stock | MOption exerciseAcquired | +25,641 | $0.00 | $0 | 25,641 | Direct | |
| Nov 20, 2025 | Class A Common Stock | CConversionDisposed | −25,641 | $0.00 | $0 | 0 | Direct | |
| Nov 21, 2025 | Class B Common Stock | MOption exerciseDisposed | −25,641 | $0.00 | $0 | 1,851,274 | Direct | |
| Nov 21, 2025 | Class A Common Stock | MOption exerciseAcquired | +25,641 | $0.00 | $0 | 25,641 | Direct | |
| Nov 21, 2025 | Class A Common Stock | CConversionDisposed | −25,641 | $0.00 | $0 | 0 | Direct | |
| Nov 24, 2025 | Class B Common Stock | MOption exerciseDisposed | −25,641 | $0.00 | $0 | 1,825,633 | Direct | |
| Nov 24, 2025 | Class A Common Stock | MOption exerciseAcquired | +25,641 | $0.00 | $0 | 25,641 | Direct | |
| Nov 24, 2025 | Class A Common Stock | CConversionDisposed | −25,641 | $0.00 | $0 | 0 | Direct |
Footnotes and remarks
Livermore keeps the footnotes that transaction prices refer to, all footnotes of amendments (Form 4/A) and the filing's remarks. Other footnotes, such as how indirect holdings are held or the details of a trading plan, are only in the original on SEC EDGAR.
- 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.
Referenced by the price of 3 transactions in Table I.
- F4
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.
Referenced by the price of 1 transaction in Table I.
- F5
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.
Referenced by the price of 1 transaction in Table I.
- F6
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.
Referenced by the price of 1 transaction in Table I.
- F7
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.
Referenced by the price of 1 transaction in Table I.
- F8
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.
Referenced by the price of 1 transaction in Table I.
- F9
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.
Referenced by the price of 1 transaction in Table I.
- F10
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.
Referenced by the price of 1 transaction in Table I.
- F11
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.
Referenced by the price of 1 transaction in Table I.
- F12
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.
Referenced by the price of 1 transaction in Table I.
- F13
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.
Referenced by the price of 1 transaction in Table I.
- F14
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.
Referenced by the price of 1 transaction in Table I.
- F15
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.
Referenced by the price of 1 transaction in Table I.
- F16
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.
Referenced by the price of 1 transaction in Table I.
- F17
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.
Referenced by the price of 1 transaction in Table I.
- F18
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.
Referenced by the price of 1 transaction in Table I.
- F19
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.
Referenced by the price of 1 transaction in Table I.
- F20
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.
Referenced by the price of 1 transaction in Table I.
- F21
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.
Referenced by the price of 1 transaction in Table I.
- F22
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.
Referenced by the price of 1 transaction in Table I.
- F23
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.
Referenced by the price of 1 transaction in Table I.