=== SEC Form 4 — Statement of Changes in Beneficial Ownership ===
Document Type: 4
Period of Report: 2026-07-06
10b5-1 Pre-arranged Plan: Yes
--- Issuer ---
Name: Cloudflare, Inc. (NET)
CIK: 0001477333
--- Reporting Owner ---
Name: Graham-Cumming John
CIK: 0002062725
Role: Director
--- Non-Derivative Transactions ---
[Transaction #1]
Security: Class A Common Stock
Date: 2026-07-06 | Code: M (Exercise of derivative)
Shares: +2,520 | Price: $44.72
Total Value: $112,694.40
Shares Owned After: 497,429 | Ownership: D (Direct)
[Transaction #2]
Security: Class A Common Stock
Date: 2026-07-06 | Code: S (Open market sale)
Shares: -138 | Price: $245.60
Total Value: $33,892.32
Shares Owned After: 497,291 | Ownership: D (Direct)
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 May 28, 2025.
[F2] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $244.825 to $245.82, 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 (2) through (6) to this Form 4.
[Transaction #3]
Security: Class A Common Stock
Date: 2026-07-06 | Code: S (Open market sale)
Shares: -940 | Price: $246.28
Total Value: $231,505.83
Shares Owned After: 496,351 | Ownership: D (Direct)
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 May 28, 2025.
[F3] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $245.85 to $246.84, inclusive.
[Transaction #4]
Security: Class A Common Stock
Date: 2026-07-06 | Code: S (Open market sale)
Shares: -686 | Price: $247.44
Total Value: $169,744.39
Shares Owned After: 495,665 | Ownership: D (Direct)
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 May 28, 2025.
[F4] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $246.995 to $247.9675, inclusive.
[Transaction #5]
Security: Class A Common Stock
Date: 2026-07-06 | Code: S (Open market sale)
Shares: -562 | Price: $248.44
Total Value: $139,625.42
Shares Owned After: 495,103 | Ownership: D (Direct)
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 May 28, 2025.
[F5] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $248.02 to $249.015, inclusive.
[Transaction #6]
Security: Class A Common Stock
Date: 2026-07-06 | Code: S (Open market sale)
Shares: -182 | Price: $249.38
Total Value: $45,386.49
Shares Owned After: 494,921 | Ownership: D (Direct)
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 May 28, 2025.
[F6] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $249.045 to $249.75, inclusive.
[Transaction #7]
Security: Class A Common Stock
Date: 2026-07-06 | Code: S (Open market sale)
Shares: -12 | Price: $250.15
Total Value: $3,001.77
Shares Owned After: 494,909 | Ownership: D (Direct)
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 May 28, 2025.
--- Derivative Transactions ---
[Transaction #1]
Security: Stock Option (right to buy)
Date: 2026-07-06 | Code: M (Exercise of derivative)
Shares: -2,520 | Price: $0.00
Exercisable: N/A | Expires: 2032-02-13
Shares Owned After: 2,520 | Ownership: D (Direct)
Footnotes:
[F7] Shares subject to the option are fully vested and immediately exercisable.
--- 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 May 28, 2025.
F2: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $244.825 to $245.82, 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 (2) through (6) to this Form 4.
F3: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $245.85 to $246.84, inclusive.
F4: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $246.995 to $247.9675, inclusive.
F5: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $248.02 to $249.015, inclusive.
F6: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $249.045 to $249.75, inclusive.
F7: Shares subject to the option are fully vested and immediately exercisable.
--- Signature ---
/s/ /s/ Charlotte Bowe, by power of attorney (2026-07-07)
