Cloudflare President Michelle Zatlyn sells about $35.2 million in stock under trading plan

Cloudflare's Michelle Zatlyn, the company's president and board co-chair, sold 99,009 Class A shares worth about $35.2 million over three trading days this week, according to a Form 4 filed early Thursday.

The sales ran from October 5 through October 7 and were made under a Rule 10b5-1 trading plan she adopted on February 27, 2026, the filing said.

Each day followed the same pattern. Zatlyn exercised 33,003 stock options carrying a $2.04 exercise price, converted the resulting Class B shares into Class A stock one-for-one, and sold the 33,003 shares the same day.

Weighted-average sale prices reported in the filing ranged from about $346.40 to $369.34 a share. By day, the sales brought in about $11.6 million on October 5, $12.1 million on October 6 and $11.5 million on October 7.

The shares sold were held through the Sutherland/Zatlyn Revocable Trust, where Zatlyn is a co-trustee. That trust held 69,775 Class A shares after each day's sales, the same as before the exercises. She still held 891,081 options to buy Class B stock at $2.04, expiring August 7, 2027, after the final exercise, along with additional shares held through several family trusts listed in the filing.

By the numbers

• Shares sold: 99,009 Class A
• Approximate proceeds: $35.2 million
• Sale dates: October 5 to 7, 2026
• Option exercise price: $2.04
• Remaining options after the sales: 891,081
• 10b5-1 plan adopted: February 27, 2026

Sources

1. Cloudflare, Inc., Form 4 for Michelle Zatlyn, filed October 8, 2026, accession 0001786951-26-000025

This article is for informational and educational purposes only and is not investment advice. It is not a recommendation to buy or sell any security.

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