Transaction #18735 · Form 4 · 0001786951-25-000011
Cloudflare, Inc. · Exercise / conversion · Class B Common Stock
Cloudflare, Inc. · Transacted December 11, 2025 · Filed December 11, 2025
What does this filing report?
An SEC Form 4 filing for Cloudflare, Inc. records an exercise / conversion involving Class B Common Stock on December 11, 2025. The reported quantity was 25,641. The filing date is December 11, 2025. This is one transaction record; amounts are not allocated among any joint reporting owners.
The acquisition category describes how securities were received. It does not by itself establish a cash purchase of common stock. Read the transaction code definitionsand the original filing before interpreting the amounts.
Transaction details
- Company
- Cloudflare, Inc.
- Company CIK
- 0001477333
- Security type
- Derivative
- Acquisition type
- Exercise / conversion · Code M
- Quantity acquired
- 25,641
- Reported price
- 0
- Reference value
- 0
- Currency
- Currency not specified
- Ownership
- Direct
- Holdings after transaction
- 25,641
- Ownership description
- Not reported
- SEC acceptance time
- Dec 11, 2025, 6:36 PM EST
- 10b5-1 indication
- Indicated in filing
Reference value is reported quantity × reported price. It is not a confirmed cash payment or an estimate of a derivative's economic value. A missing currency is not assumed to be USD.
Reporting owners
- Zatlyn Michelle ↗
President and Board Co-Chair · Director
CIK 0001786951
These are the reporting owners named in the filing. Quantities and amounts are not allocated among co-reporters. Roles reflect this filing, not a current profile.
Company listings
This transaction is not mapped to a specific company listing.
Derivative terms
- Underlying security
- Class A Common Stock
- Underlying quantity
- 25,641
- Conversion / exercise price
- Not reported
- Exercise date
- Not reported
- Expiration date
- Not reported
Filing footnotes & remarks
- 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.
- 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").
- 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 14, 2025.
- F4
- The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $204.14 to $205.13, inclusive. The reporting person undertakes to provide 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 (14) to this Form 4.
- F5
- The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $205.14 to $206.13, inclusive.
- F6
- The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $206.14 to $206.33, inclusive.
- F7
- The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $204.945 to $205.93, inclusive.
- F8
- The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $205.945 to $206.93, inclusive.
- F9
- The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $207.03 to $207.21, inclusive.
- F10
- The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $206.01 to $207.00, inclusive.
- F11
- The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $207.01 to $208.00, inclusive.
- F12
- The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $208.02 to $209.01, inclusive.
- F13
- The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $209.03 to $210.02, inclusive.
- F14
- The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $210.03 to $210.695, inclusive.
- F15
- 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.
- F16
- Shares subject to the option are fully vested and immediately exercisable.
- F17
- 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.
- F18
- 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.
- F19
- 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.
- F20
- 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.
- F21
- 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.
- F22
- 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.
- F23
- 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.
- F24
- 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.
- F25
- 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.
Footnotes are reproduced as plain text from the current source filing. For the full context, read the original SEC filing.
This record was updated Eastern Time. This is the stored record update time, not the transaction date. Report a correction.