=== SEC Form 4 — Statement of Changes in Beneficial Ownership ===
Document Type: 4
Period of Report: 2025-12-29
10b5-1 Pre-arranged Plan: Yes
--- Issuer ---
Name: Cloudflare, Inc. (NET)
CIK: 0001477333
--- Reporting Owner ---
Name: Ledbetter Carl
CIK: 0001366574
Role: Director
--- Non-Derivative Transactions ---
[Transaction #1]
Security: Class A Common Stock
Date: 2025-12-29 | Code: S (Open market sale)
Shares: -8,035 | Price: $201.39
Total Value: $1,618,196.77
Shares Owned After: 975,038 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[F1] 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.
[F2] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $201.24 to $202.19, 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 (2) and (4) through (5) to this Form 4.
[F3] The shares are held of record by the Carl S. Ledbetter Trust dated February 14, 2020, for which the reporting person serves as a trustee.
[Transaction #2]
Security: Class A Common Stock
Date: 2025-12-29 | Code: S (Open market sale)
Shares: -639 | Price: $202.35
Total Value: $129,304.01
Shares Owned After: 974,399 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[F1] 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 $202.26 to $202.50, inclusive.
[F3] The shares are held of record by the Carl S. Ledbetter Trust dated February 14, 2020, for which the reporting person serves as a trustee.
[Transaction #3]
Security: Class A Common Stock
Date: 2025-12-30 | Code: S (Open market sale)
Shares: -192 | Price: $201.25
Total Value: $38,640.56
Shares Owned After: 974,207 | Ownership: I (Indirect) | Nature: See footnote
Footnotes:
[F1] 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.
[F5] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $201.24 to $201.285, inclusive.
[F3] The shares are held of record by the Carl S. Ledbetter Trust dated February 14, 2020, for which the reporting person serves as a trustee.
--- Holdings ---
[Holding #1]
Security: Class A Common Stock
Ownership: D (Direct)
--- Footnotes (Complete Index) ---
F1: 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.
F2: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $201.24 to $202.19, 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 (2) and (4) through (5) to this Form 4.
F3: The shares are held of record by the Carl S. Ledbetter Trust dated February 14, 2020, for which the reporting person serves as a trustee.
F4: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $202.26 to $202.50, inclusive.
F5: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $201.24 to $201.285, inclusive.
--- Signature ---
/s/ /s/ Chad Skinner, by power of attorney (2025-12-30)
