Cloudflare director's trust sells 5,000 shares

The reported sale was made under a Rule 10b5-1 trading plan adopted on February 25, 2026.

Available on EDGAR 09/23/2026 - 05:15 PM EDT Accepted by SEC EDGAR 09/23/2026 - 05:14 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Cloudflare, Inc. director Carl Ledbetter reported that the Carl S. Ledbetter Trust dated February 14, 2020 sold 5,000 shares of Class A common stock on September 22, 2026, at a weighted average price of $353.1501 per share. The reported sale prices ranged from $353.00 to $353.60. The trust held 873,073 shares after the sale. The transaction was made under a Rule 10b5-1 trading plan adopted on February 25, 2026. A separate holding entry reports 20,441 shares held directly.

Insider Trade Summary 10b5-1

Net Seller: 5,000 shares

Net Sell 1 txn

Insider Ledbetter Carl

Role Director

Sold 5,000 shs ($1.77M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock F1, F2, F3	5,000	$353.1501	$1.77M
Holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 873,073 shares (Indirect, See footnote); Class A Common Stock — 20,441 shares (Direct)

Footnotes (3)

1. 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 25, 2026.
2. F2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $353.00 to $353.60, 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.
3. 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.

Key Figures

Shares sold: 5,000 shares Weighted average sale price: $353.1501 per share Reported sale-price range: $353.00 to $353.60 per share +2 more

5 metrics

Shares sold 5,000 shares Class A common stock; September 22, 2026

Weighted average sale price $353.1501 per share September 22, 2026

Reported sale-price range $353.00 to $353.60 per share Prices in the multiple sale transactions

Trust shares following sale 873,073 shares Indirect holding reported for September 22, 2026

Direct shares held 20,441 shares Holding reported for September 22, 2026

Key Terms

Rule 10b5-1 trading plan, weighted average price, held of record

3 terms

Rule 10b5-1 trading plan regulatory

"effected pursuant to a Rule 10b5-1 trading plan"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted average price financial

"The price reported in Column 4 is a weighted average price"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

held of record regulatory

"shares are held of record by the Carl S. Ledbetter Trust"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many NET shares did the director sell, and at what price?

The Carl S. Ledbetter Trust dated February 14, 2020, sold 5,000 Cloudflare Class A common shares on September 22, 2026, at a weighted average price of $353.1501 per share. The reported transactions ranged from $353.00 to $353.60 per share.

Was the NET share sale made under a 10b5-1 plan?

Yes. The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 25, 2026.

How many NET shares did Carl Ledbetter hold directly?

A separate holding entry reports that Carl Ledbetter held 20,441 shares directly on September 22, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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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).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ledbetter Carl

(Last) (First) (Middle)

C/O CLOUDFLARE, INC.

101 TOWNSEND STREET

(Street)

SAN FRANCISCO CALIFORNIA 94107

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/22/2026

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

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

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

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	09/22/2026		S(1)		5,000	D	$353.1501(2)	873,073	I	See footnote(3)
Class A Common Stock								20,441	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

Explanation of Responses:

1. The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 25, 2026.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $353.00 to $353.60, 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.

3. 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.

Remarks:

	/s/ Charlotte Bowe, by power of attorney	09/23/2026
	** 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.
* Form 4: SEC 1474 (03-26)