=== 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: Riley Janel
CIK: 0001979391
Role: Officer (Chief Accounting Officer)
--- Non-Derivative Transactions ---
[Transaction #1]
Security: Class A Common Stock
Date: 2026-08-17 | Code: M (Exercise of derivative)
Shares: +1,667 | Price: $67.79
Total Value: $113,005.93
Shares Owned After: 46,695 | Ownership: D (Direct)
[Transaction #2]
Security: Class A Common Stock
Date: 2026-08-17 | Code: S (Open market sale)
Shares: -395 | Price: $307.38
Total Value: $121,416.01
Shares Owned After: 46,300 | 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 November 24, 2025.
[F2] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $306.93 to $307.685, 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 (13) to this Form 4.
[Transaction #3]
Security: Class A Common Stock
Date: 2026-08-17 | Code: S (Open market sale)
Shares: -332 | Price: $308.46
Total Value: $102,408.22
Shares Owned After: 45,968 | 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 November 24, 2025.
[F3] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $307.98 to $308.97, inclusive.
[Transaction #4]
Security: Class A Common Stock
Date: 2026-08-17 | Code: S (Open market sale)
Shares: -140 | Price: $309.64
Total Value: $43,350.10
Shares Owned After: 45,828 | 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 November 24, 2025.
[F4] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $309.0575 to $309.795, inclusive.
[Transaction #5]
Security: Class A Common Stock
Date: 2026-08-17 | Code: S (Open market sale)
Shares: -180 | Price: $310.82
Total Value: $55,946.81
Shares Owned After: 45,648 | 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 November 24, 2025.
[F5] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $310.285 to $311.24, inclusive.
[Transaction #6]
Security: Class A Common Stock
Date: 2026-08-17 | Code: S (Open market sale)
Shares: -190 | Price: $311.64
Total Value: $59,211.20
Shares Owned After: 45,458 | 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 November 24, 2025.
[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 $311.93, inclusive.
[Transaction #7]
Security: Class A Common Stock
Date: 2026-08-17 | Code: S (Open market sale)
Shares: -160 | Price: $313.41
Total Value: $50,144.85
Shares Owned After: 45,298 | 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 November 24, 2025.
[F7] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $312.76 to $313.735, inclusive.
[Transaction #8]
Security: Class A Common Stock
Date: 2026-08-17 | Code: S (Open market sale)
Shares: -270 | Price: $314.42
Total Value: $84,893.05
Shares Owned After: 45,028 | 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 November 24, 2025.
[F8] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $314.215 to $314.49, inclusive.
[Transaction #9]
Security: Class A Common Stock
Date: 2026-08-18 | Code: S (Open market sale)
Shares: -267 | Price: $302.62
Total Value: $80,799.78
Shares Owned After: 44,761 | 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 November 24, 2025.
[F9] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $302.41 to $303.31, inclusive.
[Transaction #10]
Security: Class A Common Stock
Date: 2026-08-18 | Code: S (Open market sale)
Shares: -898 | Price: $303.81
Total Value: $272,822.64
Shares Owned After: 43,863 | 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 November 24, 2025.
[F10] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $303.485 to $304.385, inclusive.
[Transaction #11]
Security: Class A Common Stock
Date: 2026-08-18 | Code: S (Open market sale)
Shares: -1,216 | Price: $304.77
Total Value: $370,594.97
Shares Owned After: 42,647 | 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 November 24, 2025.
[F11] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $304.59 to $305.00, inclusive.
[Transaction #12]
Security: Class A Common Stock
Date: 2026-08-18 | Code: S (Open market sale)
Shares: -600 | Price: $306.58
Total Value: $183,946.98
Shares Owned After: 42,047 | 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 November 24, 2025.
[F12] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $306.12 to $307.085, inclusive.
[Transaction #13]
Security: Class A Common Stock
Date: 2026-08-18 | Code: S (Open market sale)
Shares: -500 | Price: $308.92
Total Value: $154,460.00
Shares Owned After: 41,547 | 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 November 24, 2025.
[F13] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $308.57 to $309.32, inclusive.
--- Derivative Transactions ---
[Transaction #1]
Security: Performance Stock Option (right to buy)
Date: 2026-08-17 | Code: M (Exercise of derivative)
Shares: -1,667 | Price: $0.00
Exercisable: N/A | Expires: 2033-08-06
Shares Owned After: 71,668 | Ownership: D (Direct)
Footnotes:
[F14] 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 November 24, 2025.
F10: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $303.485 to $304.385, inclusive.
F11: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $304.59 to $305.00, inclusive.
F12: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $306.12 to $307.085, inclusive.
F13: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $308.57 to $309.32, inclusive.
F14: The remaining shares subject to the option vest quarterly beginning on November 15, 2026.
F2: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $306.93 to $307.685, 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 (13) 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 $307.98 to $308.97, inclusive.
F4: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $309.0575 to $309.795, inclusive.
F5: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $310.285 to $311.24, 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 $311.93, inclusive.
F7: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $312.76 to $313.735, inclusive.
F8: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $314.215 to $314.49, inclusive.
F9: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $302.41 to $303.31, inclusive.
--- Signature ---
/s/ /s/ Charlotte Bowe, by power of attorney (2026-08-19)
