=== SEC Form 4 — Statement of Changes in Beneficial Ownership ===
Document Type: 4
Period of Report: 2026-08-17
10b5-1 Pre-arranged Plan: Yes
--- Issuer ---
Name: Cloudflare, Inc. (NET)
CIK: 0001477333
--- Reporting Owner ---
Name: Starzak Alissa Michelle
CIK: 0002128025
Role: Officer (Chief Legal Officer)
--- Non-Derivative Transactions ---
[Transaction #1]
Security: Class A Common Stock
Date: 2026-08-17 | Code: M (Exercise of derivative)
Shares: +3,333 | Price: $77.70
Total Value: $258,974.10
Shares Owned After: 117,953 | Ownership: D (Direct)
[Transaction #2]
Security: Class A Common Stock
Date: 2026-08-17 | Code: S (Open market sale)
Shares: -965 | Price: $307.55
Total Value: $296,784.11
Shares Owned After: 116,988 | 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 February 26, 2026.
[F2] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $307.17 to $308.055, 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) through (7) to this Form 4.
[Transaction #3]
Security: Class A Common Stock
Date: 2026-08-17 | Code: S (Open market sale)
Shares: -585 | Price: $308.66
Total Value: $180,564.81
Shares Owned After: 116,403 | 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 February 26, 2026.
[F3] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $308.19 to $308.99, inclusive.
[Transaction #4]
Security: Class A Common Stock
Date: 2026-08-17 | Code: S (Open market sale)
Shares: -350 | Price: $309.51
Total Value: $108,326.89
Shares Owned After: 116,053 | 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 February 26, 2026.
[F4] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $309.275 to $309.77, inclusive.
[Transaction #5]
Security: Class A Common Stock
Date: 2026-08-17 | Code: S (Open market sale)
Shares: -274 | Price: $310.62
Total Value: $85,108.81
Shares Owned After: 115,779 | 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 February 26, 2026.
[F5] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $310.29 to $311.065, inclusive.
[Transaction #6]
Security: Class A Common Stock
Date: 2026-08-17 | Code: S (Open market sale)
Shares: -460 | Price: $311.72
Total Value: $143,390.69
Shares Owned After: 115,319 | 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 February 26, 2026.
[F6] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $311.375 to $311.94, inclusive.
[Transaction #7]
Security: Class A Common Stock
Date: 2026-08-17 | Code: S (Open market sale)
Shares: -300 | Price: $313.60
Total Value: $94,079.49
Shares Owned After: 115,019 | 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 February 26, 2026.
[F7] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $313.325 to $313.735, inclusive.
[Transaction #8]
Security: Class A Common Stock
Date: 2026-08-17 | Code: S (Open market sale)
Shares: -399 | Price: $314.49
Total Value: $125,481.51
Shares Owned After: 114,620 | 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 February 26, 2026.
[Transaction #9]
Security: Class A Common Stock
Date: 2026-08-18 | Code: S (Open market sale)
Shares: -2,538 | Price: $304.68
Total Value: $773,277.84
Shares Owned After: 112,082 | 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 February 26, 2026.
--- Derivative Transactions ---
[Transaction #1]
Security: Performance Stock Option (right to buy)
Date: 2026-08-17 | Code: M (Exercise of derivative)
Shares: -3,333 | Price: $0.00
Exercisable: N/A | Expires: 2034-08-04
Shares Owned After: 86,666 | Ownership: D (Direct)
Footnotes:
[F8] The remaining shares subject to the option vest quarterly beginning on November 15, 2026.
--- 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 26, 2026.
F2: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $307.17 to $308.055, 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) through (7) 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 $308.19 to $308.99, inclusive.
F4: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $309.275 to $309.77, inclusive.
F5: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $310.29 to $311.065, inclusive.
F6: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $311.375 to $311.94, inclusive.
F7: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $313.325 to $313.735, inclusive.
F8: The remaining shares subject to the option vest quarterly beginning on November 15, 2026.
--- Signature ---
/s/ /s/ Charlotte Bowe, by power of attorney (2026-08-19)
