=== SEC Form 4 — Statement of Changes in Beneficial Ownership ===
Document Type: 4
Period of Report: 2026-07-13
10b5-1 Pre-arranged Plan: Yes
--- Issuer ---
Name: Cloudflare, Inc. (NET)
CIK: 0001477333
--- Reporting Owner ---
Name: Zatlyn Michelle
CIK: 0001786951
Role: Director, Officer (President and Board Co-Chair)
--- Non-Derivative Transactions ---
[Transaction #1]
Security: Class A Common Stock
Date: 2026-07-13 | Code: C (Conversion of derivative)
Shares: +33,058
Shares Owned After: 80,483 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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").
[Transaction #2]
Security: Class A Common Stock
Date: 2026-07-13 | Code: S (Open market sale)
Shares: -7,931 | Price: $264.03
Total Value: $2,094,010.83
Shares Owned After: 72,552 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #3]
Security: Class A Common Stock
Date: 2026-07-13 | Code: S (Open market sale)
Shares: -6,446 | Price: $264.79
Total Value: $1,706,856.32
Shares Owned After: 66,106 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #4]
Security: Class A Common Stock
Date: 2026-07-13 | Code: S (Open market sale)
Shares: -6,157 | Price: $265.88
Total Value: $1,636,997.92
Shares Owned After: 59,949 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #5]
Security: Class A Common Stock
Date: 2026-07-13 | Code: S (Open market sale)
Shares: -7,059 | Price: $266.88
Total Value: $1,883,932.04
Shares Owned After: 52,890 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #6]
Security: Class A Common Stock
Date: 2026-07-13 | Code: S (Open market sale)
Shares: -4,948 | Price: $267.97
Total Value: $1,325,923.97
Shares Owned After: 47,942 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #7]
Security: Class A Common Stock
Date: 2026-07-13 | Code: S (Open market sale)
Shares: -517 | Price: $268.68
Total Value: $138,910.09
Shares Owned After: 47,425 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #8]
Security: Class A Common Stock
Date: 2026-07-14 | Code: C (Conversion of derivative)
Shares: +33,003
Shares Owned After: 80,428 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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").
[Transaction #9]
Security: Class A Common Stock
Date: 2026-07-14 | Code: S (Open market sale)
Shares: -1,246 | Price: $267.17
Total Value: $332,890.71
Shares Owned After: 79,182 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #10]
Security: Class A Common Stock
Date: 2026-07-14 | Code: S (Open market sale)
Shares: -1,254 | Price: $268.66
Total Value: $336,895.63
Shares Owned After: 77,928 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #11]
Security: Class A Common Stock
Date: 2026-07-14 | Code: S (Open market sale)
Shares: -196 | Price: $269.99
Total Value: $52,918.53
Shares Owned After: 77,732 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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").
[Transaction #12]
Security: Class A Common Stock
Date: 2026-07-14 | Code: S (Open market sale)
Shares: -1,292 | Price: $272.75
Total Value: $352,394.42
Shares Owned After: 76,440 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #13]
Security: Class A Common Stock
Date: 2026-07-14 | Code: S (Open market sale)
Shares: -1,957 | Price: $273.95
Total Value: $536,125.24
Shares Owned After: 74,483 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #14]
Security: Class A Common Stock
Date: 2026-07-14 | Code: S (Open market sale)
Shares: -2,194 | Price: $275.02
Total Value: $603,402.00
Shares Owned After: 72,289 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #15]
Security: Class A Common Stock
Date: 2026-07-14 | Code: S (Open market sale)
Shares: -1,702 | Price: $275.91
Total Value: $469,605.97
Shares Owned After: 70,587 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #16]
Security: Class A Common Stock
Date: 2026-07-14 | Code: S (Open market sale)
Shares: -2,671 | Price: $276.93
Total Value: $739,678.16
Shares Owned After: 67,916 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #17]
Security: Class A Common Stock
Date: 2026-07-14 | Code: S (Open market sale)
Shares: -1,294 | Price: $278.07
Total Value: $359,823.74
Shares Owned After: 66,622 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #18]
Security: Class A Common Stock
Date: 2026-07-14 | Code: S (Open market sale)
Shares: -1,626 | Price: $279.26
Total Value: $454,073.51
Shares Owned After: 64,996 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #19]
Security: Class A Common Stock
Date: 2026-07-14 | Code: S (Open market sale)
Shares: -5,093 | Price: $280.13
Total Value: $1,426,697.51
Shares Owned After: 59,903 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #20]
Security: Class A Common Stock
Date: 2026-07-14 | Code: S (Open market sale)
Shares: -9,617 | Price: $281.40
Total Value: $2,706,185.33
Shares Owned After: 50,286 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #21]
Security: Class A Common Stock
Date: 2026-07-14 | Code: S (Open market sale)
Shares: -2,861 | Price: $282.13
Total Value: $807,181.65
Shares Owned After: 47,425 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #22]
Security: Class A Common Stock
Date: 2026-07-15 | Code: C (Conversion of derivative)
Shares: +33,003
Shares Owned After: 80,428 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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").
[Transaction #23]
Security: Class A Common Stock
Date: 2026-07-15 | Code: S (Open market sale)
Shares: -3,257 | Price: $283.69
Total Value: $923,974.75
Shares Owned After: 77,171 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #24]
Security: Class A Common Stock
Date: 2026-07-15 | Code: S (Open market sale)
Shares: -5,248 | Price: $284.68
Total Value: $1,494,017.96
Shares Owned After: 71,923 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #25]
Security: Class A Common Stock
Date: 2026-07-15 | Code: S (Open market sale)
Shares: -7,201 | Price: $285.81
Total Value: $2,058,081.80
Shares Owned After: 64,722 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #26]
Security: Class A Common Stock
Date: 2026-07-15 | Code: S (Open market sale)
Shares: -8,444 | Price: $286.66
Total Value: $2,420,541.84
Shares Owned After: 56,278 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #27]
Security: Class A Common Stock
Date: 2026-07-15 | Code: S (Open market sale)
Shares: -1,185 | Price: $287.56
Total Value: $340,760.85
Shares Owned After: 55,093 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #28]
Security: Class A Common Stock
Date: 2026-07-15 | Code: S (Open market sale)
Shares: -6,912 | Price: $289.07
Total Value: $1,998,034.56
Shares Owned After: 48,181 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
[Transaction #29]
Security: Class A Common Stock
Date: 2026-07-15 | Code: S (Open market sale)
Shares: -756 | Price: $289.88
Total Value: $219,145.95
Shares Owned After: 47,425 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[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.
[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.
[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").
--- Derivative Transactions ---
[Transaction #1]
Security: Employee Stock Option (right to buy)
Date: 2026-07-13 | Code: M (Exercise of derivative)
Shares: -33,058 | Price: $0.00
Exercisable: N/A | Expires: 2027-08-07
Shares Owned After: 1,254,114 | Ownership: D (Direct)
Footnotes:
[F29] Shares subject to the option are fully vested and immediately exercisable.
[Transaction #2]
Security: Class B Common Stock
Date: 2026-07-13 | Code: M (Exercise of derivative)
Shares: +33,058 | Price: $0.00
Shares Owned After: 33,058 | Ownership: D (Direct)
Footnotes:
[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.
[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.
[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.
[Transaction #3]
Security: Class B Common Stock
Date: 2026-07-13 | Code: C (Conversion of derivative)
Shares: -33,058 | Price: $0.00
Shares Owned After: 0 | Ownership: D (Direct)
Footnotes:
[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.
[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.
[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.
[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.
[Transaction #4]
Security: Employee Stock Option (right to buy)
Date: 2026-07-14 | Code: M (Exercise of derivative)
Shares: -33,003 | Price: $0.00
Exercisable: N/A | Expires: 2027-08-07
Shares Owned After: 1,221,111 | Ownership: D (Direct)
Footnotes:
[F29] Shares subject to the option are fully vested and immediately exercisable.
[Transaction #5]
Security: Class B Common Stock
Date: 2026-07-14 | Code: M (Exercise of derivative)
Shares: +33,003 | Price: $0.00
Shares Owned After: 33,003 | Ownership: D (Direct)
Footnotes:
[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.
[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.
[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.
[Transaction #6]
Security: Class B Common Stock
Date: 2026-07-14 | Code: C (Conversion of derivative)
Shares: -33,003 | Price: $0.00
Shares Owned After: 0 | Ownership: D (Direct)
Footnotes:
[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.
[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.
[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.
[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.
[Transaction #7]
Security: Employee Stock Option (right to buy)
Date: 2026-07-15 | Code: M (Exercise of derivative)
Shares: -33,003 | Price: $0.00
Exercisable: N/A | Expires: 2027-08-07
Shares Owned After: 1,188,108 | Ownership: D (Direct)
Footnotes:
[F29] Shares subject to the option are fully vested and immediately exercisable.
[Transaction #8]
Security: Class B Common Stock
Date: 2026-07-15 | Code: M (Exercise of derivative)
Shares: +33,003 | Price: $0.00
Shares Owned After: 33,003 | Ownership: D (Direct)
Footnotes:
[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.
[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.
[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.
[Transaction #9]
Security: Class B Common Stock
Date: 2026-07-15 | Code: C (Conversion of derivative)
Shares: -33,003 | Price: $0.00
Shares Owned After: 0 | Ownership: D (Direct)
Footnotes:
[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.
[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.
[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.
[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.
--- Holdings ---
[Holding #1]
Security: Class B Common Stock
Ownership: I (Indirect)
Footnotes:
[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.
[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.
[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").
[Holding #2]
Security: Class B Common Stock
Ownership: I (Indirect)
Footnotes:
[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.
[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.
[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.
[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.
[Holding #3]
Security: Class B Common Stock
Ownership: I (Indirect)
Footnotes:
[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.
[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.
[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.
[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.
[Holding #4]
Security: Class B Common Stock
Ownership: I (Indirect)
Footnotes:
[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.
[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.
[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.
[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.
[Holding #5]
Security: Class B Common Stock
Ownership: I (Indirect)
Footnotes:
[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.
[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.
[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.
[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.
[Holding #6]
Security: Class B Common Stock
Ownership: I (Indirect)
Footnotes:
[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.
[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.
[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.
[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.
[Holding #7]
Security: Class B Common Stock
Ownership: I (Indirect)
Footnotes:
[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.
[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.
[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.
[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.
[Holding #8]
Security: Class B Common Stock
Ownership: I (Indirect)
Footnotes:
[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.
[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.
[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.
[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.
[Holding #9]
Security: Class B Common Stock
Ownership: I (Indirect)
Footnotes:
[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.
[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.
[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.
[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.
[Holding #10]
Security: Class B Common Stock
Ownership: I (Indirect)
Footnotes:
[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.
[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.
[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.
[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.
--- Footnotes (Complete Index) ---
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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").
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.
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.
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.
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.
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.
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.
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.
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.
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.
F29: Shares subject to the option are fully vested and immediately exercisable.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
--- Signature ---
/s/ /s/ Charlotte Bowe, by power of attorney (2026-07-15)
