=== SEC Form 4 — Statement of Changes in Beneficial Ownership ===
Document Type: 4
Period of Report: 2026-06-15
10b5-1 Pre-arranged Plan: Yes
--- Issuer ---
Name: Cloudflare, Inc. (NET)
CIK: 0001477333
--- Reporting Owner ---
Name: SEIFERT THOMAS J
CIK: 0001473289
Role: Officer (Chief Financial Officer)
--- Non-Derivative Transactions ---
[Transaction #1]
Security: Class A Common Stock
Date: 2026-06-15 | Code: F (Payment of exercise/tax)
Shares: -2,944 | Price: $228.48
Total Value: $672,645.12
Shares Owned After: 116,733 | Ownership: D (Direct)
Footnotes:
[F1] The shares were withheld to satisfy the reporting person's tax liability in connection with the vesting of restricted stock units, or RSUs.
[F2] Excludes 92,337 shares previously reported as held directly by the reporting person which were re-registered on May 28, 2026 and are now held of record by the 2026 Seifert Grantor Retained Annuity Trust dated May 27, 2026, for which the reporting person serves as trustee (the "2026 Annuity Trust").
[Transaction #2]
Security: Class A Common Stock
Date: 2026-06-17 | Code: C (Conversion of derivative)
Shares: +10,000
Shares Owned After: 126,733 | Ownership: D (Direct)
Footnotes:
[F3] 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 A Common Stock
Date: 2026-06-17 | Code: S (Open market sale)
Shares: -900 | Price: $227.74
Total Value: $204,963.21
Shares Owned After: 125,833 | Ownership: D (Direct)
Footnotes:
[F4] The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 20, 2025.
[F5] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $227.11 to $227.93, 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 (5) through (12) to this Form 4.
[Transaction #4]
Security: Class A Common Stock
Date: 2026-06-17 | Code: S (Open market sale)
Shares: -900 | Price: $228.91
Total Value: $206,020.98
Shares Owned After: 124,933 | Ownership: D (Direct)
Footnotes:
[F4] The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 20, 2025.
[F6] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $228.39 to $229.27, inclusive.
[Transaction #5]
Security: Class A Common Stock
Date: 2026-06-17 | Code: S (Open market sale)
Shares: -515 | Price: $229.95
Total Value: $118,426.00
Shares Owned After: 124,418 | Ownership: D (Direct)
Footnotes:
[F4] The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 20, 2025.
[F7] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $229.54 to $230.52, inclusive.
[Transaction #6]
Security: Class A Common Stock
Date: 2026-06-17 | Code: S (Open market sale)
Shares: -685 | Price: $230.90
Total Value: $158,164.92
Shares Owned After: 123,733 | Ownership: D (Direct)
Footnotes:
[F4] The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 20, 2025.
[F8] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $230.55 to $231.38, inclusive.
[Transaction #7]
Security: Class A Common Stock
Date: 2026-06-17 | Code: S (Open market sale)
Shares: -600 | Price: $232.00
Total Value: $139,201.02
Shares Owned After: 123,133 | Ownership: D (Direct)
Footnotes:
[F4] The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 20, 2025.
[F9] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $231.58 to $232.39, inclusive.
[Transaction #8]
Security: Class A Common Stock
Date: 2026-06-17 | Code: S (Open market sale)
Shares: -3,167 | Price: $233.44
Total Value: $739,308.60
Shares Owned After: 119,966 | Ownership: D (Direct)
Footnotes:
[F4] The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 20, 2025.
[F10] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $232.87 to $233.86, inclusive.
[Transaction #9]
Security: Class A Common Stock
Date: 2026-06-17 | Code: S (Open market sale)
Shares: -2,633 | Price: $234.18
Total Value: $616,599.63
Shares Owned After: 117,333 | Ownership: D (Direct)
Footnotes:
[F4] The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 20, 2025.
[F11] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $233.89 to $234.56, inclusive.
[Transaction #10]
Security: Class A Common Stock
Date: 2026-06-17 | Code: S (Open market sale)
Shares: -600 | Price: $235.34
Total Value: $141,202.86
Shares Owned After: 116,733 | Ownership: D (Direct)
Footnotes:
[F4] The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 20, 2025.
[F12] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $235.08 to $236.07, inclusive.
--- Derivative Transactions ---
[Transaction #1]
Security: Employee Stock Option (right to buy)
Date: 2026-06-17 | Code: M (Exercise of derivative)
Shares: -10,000 | Price: $0.00
Exercisable: N/A | Expires: 2027-07-25
Shares Owned After: 30,000 | Ownership: D (Direct)
Footnotes:
[F15] Shares subject to the option are fully vested and immediately exercisable.
[F3] 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 #2]
Security: Class B Common Stock
Date: 2026-06-17 | Code: M (Exercise of derivative)
Shares: +10,000 | Price: $0.00
Shares Owned After: 18,925 | Ownership: D (Direct)
Footnotes:
[F3] 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.
[F3] 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.
[F3] 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: 2026-06-17 | Code: C (Conversion of derivative)
Shares: -10,000 | Price: $0.00
Shares Owned After: 8,925 | Ownership: D (Direct)
Footnotes:
[F3] 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.
[F3] 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.
[F3] 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.
--- Holdings ---
[Holding #1]
Security: Class A Common Stock
Ownership: I (Indirect)
Footnotes:
[F13] Consists of 92,337 shares previously reported as held directly by the reporting person which were re-registered on May 28, 2026 and are now held of record by the 2026 Annuity Trust.
[F14] The shares are held of record by the 2026 Annuity Trust.
[Holding #2]
Security: Class B Common Stock
Ownership: I (Indirect)
Footnotes:
[F3] 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.
[F3] 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.
[F3] 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.
[F16] The shares are held of record by Center Court Partners Ltd., for which the reporting person serves as a partner.
[Holding #3]
Security: Class B Common Stock
Ownership: I (Indirect)
Footnotes:
[F3] 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.
[F3] 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.
[F3] 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.
[F17] The shares are held of record by Center Court 2020 Trust 1 dated December 11, 2020, for which the reporting person serves as trustee.
[Holding #4]
Security: Class B Common Stock
Ownership: I (Indirect)
Footnotes:
[F3] 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.
[F3] 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.
[F3] 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.
[F18] The shares are held of record by Center Court 2020 Trust 2 dated December 11, 2020, for which the reporting person serves as trustee.
[Holding #5]
Security: Class B Common Stock
Ownership: I (Indirect)
Footnotes:
[F3] 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.
[F3] 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.
[F3] 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.
[F19] The shares are held of record by Center Court 2020 Trust 3 dated December 11, 2020, for which the reporting person serves as trustee.
--- Footnotes (Complete Index) ---
F1: The shares were withheld to satisfy the reporting person's tax liability in connection with the vesting of restricted stock units, or RSUs.
F10: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $232.87 to $233.86, inclusive.
F11: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $233.89 to $234.56, inclusive.
F12: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $235.08 to $236.07, inclusive.
F13: Consists of 92,337 shares previously reported as held directly by the reporting person which were re-registered on May 28, 2026 and are now held of record by the 2026 Annuity Trust.
F14: The shares are held of record by the 2026 Annuity Trust.
F15: Shares subject to the option are fully vested and immediately exercisable.
F16: The shares are held of record by Center Court Partners Ltd., for which the reporting person serves as a partner.
F17: The shares are held of record by Center Court 2020 Trust 1 dated December 11, 2020, for which the reporting person serves as trustee.
F18: The shares are held of record by Center Court 2020 Trust 2 dated December 11, 2020, for which the reporting person serves as trustee.
F19: The shares are held of record by Center Court 2020 Trust 3 dated December 11, 2020, for which the reporting person serves as trustee.
F2: Excludes 92,337 shares previously reported as held directly by the reporting person which were re-registered on May 28, 2026 and are now held of record by the 2026 Seifert Grantor Retained Annuity Trust dated May 27, 2026, for which the reporting person serves as trustee (the "2026 Annuity Trust").
F3: 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.
F4: The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 20, 2025.
F5: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $227.11 to $227.93, 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 (5) through (12) to this Form 4.
F6: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $228.39 to $229.27, inclusive.
F7: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $229.54 to $230.52, inclusive.
F8: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $230.55 to $231.38, inclusive.
F9: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $231.58 to $232.39, inclusive.
--- Signature ---
/s/ /s/ Charlotte Bowe, by power of attorney (2026-06-17)
