[Form 4] Cloudflare, Inc. Class A common stock, par value $0.001 per share Insider Trading Activity

Insider Trade Summary

Exercise and Sale: 60,730 shares ($12.16M approx. pre-tax spread)

Exercise and Sale 27 txns

Insider SEIFERT THOMAS J

Role Chief Financial Officer

Sold 60,730 shs ($12.16M)

Approx. gross sale proceeds $12.16M

Approx. exercise cost $0.00

Approx. pre-tax spread $12.16M

Type	Security	Shares	Price	Value
Conversion	Class B Common Stock	40,911	$0.00	$0.00
Conversion	Class B Common Stock	6,257	$0.00	$0.00
Conversion	Class B Common Stock	5,600	$0.00	$0.00
Conversion	Class B Common Stock	6,362	$0.00	$0.00
Conversion	Class A Common Stock	40,911	$0.00	$0.00
Sale	Class A Common Stock	36,239	$200.2807	$7.26M
Sale	Class A Common Stock	4,672	$201.1967	$940K
Conversion	Class A Common Stock	6,257	$0.00	$0.00
Sale	Class A Common Stock	6,257	$200.0948	$1.25M
Conversion	Class A Common Stock	5,600	$0.00	$0.00
Sale	Class A Common Stock	5,600	$200.1189	$1.12M
Conversion	Class A Common Stock	6,362	$0.00	$0.00
Sale	Class A Common Stock	6,362	$200.1517	$1.27M
Conversion	Class B Common Stock	400	$0.00	$0.00
Conversion	Class B Common Stock	400	$0.00	$0.00
Conversion	Class B Common Stock	400	$0.00	$0.00
Conversion	Class B Common Stock	400	$0.00	$0.00
Conversion	Class A Common Stock	400	$0.00	$0.00
Sale	Class A Common Stock	400	$200.00	$80K
Conversion	Class A Common Stock	400	$0.00	$0.00
Sale	Class A Common Stock	400	$200.00	$80K
Conversion	Class A Common Stock	400	$0.00	$0.00
Sale	Class A Common Stock	400	$200.00	$80K
Conversion	Class A Common Stock	400	$0.00	$0.00
Sale	Class A Common Stock	400	$200.00	$80K
holding	Class B Common Stock	--	--	--
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class B Common Stock — 288,300 contracts (Indirect, See footnote); Class A Common Stock — 0 shares (Indirect, See footnote); Class B Common Stock — 8,925 contracts (Direct); Class A Common Stock — 241,550 shares (Direct)

Footnotes (11)

1. F1. 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.
2. F2. The shares are held of record by Center Court Partners Ltd., for which the reporting person serves as a partner.
3. F3. The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 26, 2024.
4. F4. The shares are held of record by Center Court 2020 Trust 1 UA 12/11/20, for which the reporting person serves as trustee.
5. F5. The shares are held of record by Center Court 2020 Trust 2 UA 12/11/20, for which the reporting person serves as trustee.
6. F6. The shares are held of record by Center Court 2020 Trust 3 UA 12/11/20, for which the reporting person serves as trustee.
7. F7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $200.00 to $200.93, 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 (7) through (11) to this Form 4.
8. F8. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $201.00 to $201.32, inclusive.
9. F9. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $200.00 to $200.27, inclusive.
10. F10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $200.00 to $200.59, inclusive.
11. F11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $200.00 to $200.93, inclusive.

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Accepted by SEC EDGAR 07/29/2025 - 05:49 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

SEIFERT THOMAS J

(Last) (First) (Middle)

C/O CLOUDFLARE, INC.

405 COMAL STREET

(Street)

AUSTIN TX 78702

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Cloudflare, Inc. [ NET ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	07/25/2025		C		400	A	(1)	400	I	See footnote(2)
Class A Common Stock	07/25/2025		S(3)		400	D	$200	0	I	See footnote(2)
Class A Common Stock	07/25/2025		C		400	A	(1)	400	I	See footnote(4)
Class A Common Stock	07/25/2025		S(3)		400	D	$200	0	I	See footnote(4)
Class A Common Stock	07/25/2025		C		400	A	(1)	400	I	See footnote(5)
Class A Common Stock	07/25/2025		S(3)		400	D	$200	0	I	See footnote(5)
Class A Common Stock	07/25/2025		C		400	A	(1)	400	I	See footnote(6)
Class A Common Stock	07/25/2025		S(3)		400	D	$200	0	I	See footnote(6)
Class A Common Stock	07/28/2025		C		40,911	A	(1)	40,911	I	See footnote(2)
Class A Common Stock	07/28/2025		S(3)		36,239	D	$200.2807(7)	4,672	I	See footnote(2)
Class A Common Stock	07/28/2025		S(3)		4,672	D	$201.1967(8)	0	I	See footnote(2)
Class A Common Stock	07/28/2025		C		6,257	A	(1)	6,257	I	See footnote(4)
Class A Common Stock	07/28/2025		S(3)		6,257	D	$200.0948(9)	0	I	See footnote(4)
Class A Common Stock	07/28/2025		C		5,600	A	(1)	5,600	I	See footnote(5)
Class A Common Stock	07/28/2025		S(3)		5,600	D	$200.1189(10)	0	I	See footnote(5)
Class A Common Stock	07/28/2025		C		6,362	A	(1)	6,362	I	See footnote(6)
Class A Common Stock	07/28/2025		S(3)		6,362	D	$200.1517(11)	0	I	See footnote(6)
Class A Common Stock								241,550	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	(1)	07/25/2025		C			400	(1)	(1)	Class A Common Stock	400	$0	190,911	I	See footnote(2)
Class B Common Stock	(1)	07/25/2025		C			400	(1)	(1)	Class A Common Stock	400	$0	52,357	I	See footnote(4)
Class B Common Stock	(1)	07/25/2025		C			400	(1)	(1)	Class A Common Stock	400	$0	51,700	I	See footnote(5)
Class B Common Stock	(1)	07/25/2025		C			400	(1)	(1)	Class A Common Stock	400	$0	52,462	I	See footnote(6)
Class B Common Stock	(1)	07/28/2025		C			40,911	(1)	(1)	Class A Common Stock	40,911	$0	150,000	I	See footnote(2)
Class B Common Stock	(1)	07/28/2025		C			6,257	(1)	(1)	Class A Common Stock	6,257	$0	46,100	I	See footnote(4)
Class B Common Stock	(1)	07/28/2025		C			5,600	(1)	(1)	Class A Common Stock	5,600	$0	46,100	I	See footnote(5)
Class B Common Stock	(1)	07/28/2025		C			6,362	(1)	(1)	Class A Common Stock	6,362	$0	46,100	I	See footnote(6)
Class B Common Stock	(1)							(1)	(1)	Class A Common Stock	8,925		8,925	D

Explanation of Responses:

1. 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.

2. The shares are held of record by Center Court Partners Ltd., for which the reporting person serves as a partner.

3. The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 26, 2024.

4. The shares are held of record by Center Court 2020 Trust 1 UA 12/11/20, for which the reporting person serves as trustee.

5. The shares are held of record by Center Court 2020 Trust 2 UA 12/11/20, for which the reporting person serves as trustee.

6. The shares are held of record by Center Court 2020 Trust 3 UA 12/11/20, for which the reporting person serves as trustee.

7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $200.00 to $200.93, 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 (7) through (11) to this Form 4.

8. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $201.00 to $201.32, inclusive.

9. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $200.00 to $200.27, inclusive.

10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $200.00 to $200.59, inclusive.

11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $200.00 to $200.93, inclusive.

Remarks:

	/s/ Lindsey Cochran, by power of attorney	07/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.