[Form 4] Cloudflare, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Cloudflare, Inc. (NET) CEO and Board Co-Chair Matthew Prince, a director and 10% owner, reported multiple transactions in Class A Common Stock on 11/17/2025, 11/18/2025, and 11/19/2025. Indirect holdings in Class B Common Stock were converted into Class A Common Stock on each of these dates, followed by a series of open-market sales of Class A shares at weighted average prices in ranges generally between $191.01 and $209.39. The transactions were carried out through the Matthew Prince Revocable Trust and related family trusts and were made pursuant to a Rule 10b5-1 trading plan adopted on February 11, 2025, indicating a pre-arranged schedule for these insider sales.

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^*

Prince Matthew

(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)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	CEO & Board Co-Chair

3. Date of Earliest Transaction (Month/Day/Year)
11/17/2025

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	11/17/2025		C		52,384	A	(1)	74,559	I	See footnote(2)
Class A Common Stock	11/17/2025		S(3)		14,003	D	$202.1933(4)	60,556	I	See footnote(2)
Class A Common Stock	11/17/2025		S(3)		4,622	D	$202.9188(5)	55,934	I	See footnote(2)
Class A Common Stock	11/17/2025		S(3)		5,804	D	$204.3092(6)	50,130	I	See footnote(2)
Class A Common Stock	11/17/2025		S(3)		6,589	D	$205.0887(7)	43,541	I	See footnote(2)
Class A Common Stock	11/17/2025		S(3)		9,335	D	$206.1397(8)	34,206	I	See footnote(2)
Class A Common Stock	11/17/2025		S(3)		8,156	D	$207.1077(9)	26,050	I	See footnote(2)
Class A Common Stock	11/17/2025		S(3)		3,803	D	$208.1227(10)	22,247	I	See footnote(2)
Class A Common Stock	11/17/2025		S(3)		72	D	$208.8776(11)	22,175	I	See footnote(2)
Class A Common Stock	11/18/2025		C		52,384	A	(1)	74,559	I	See footnote(2)
Class A Common Stock	11/18/2025		S(3)		72	D	$191.3383(12)	74,487	I	See footnote(2)
Class A Common Stock	11/18/2025		S(3)		351	D	$193.6455(13)	74,136	I	See footnote(2)
Class A Common Stock	11/18/2025		S(3)		2,649	D	$194.3486(14)	71,487	I	See footnote(2)
Class A Common Stock	11/18/2025		S(3)		5,750	D	$195.2414(15)	65,737	I	See footnote(2)
Class A Common Stock	11/18/2025		S(3)		8,126	D	$196.3601(16)	57,611	I	See footnote(2)
Class A Common Stock	11/18/2025		S(3)		9,195	D	$197.3409(17)	48,416	I	See footnote(2)
Class A Common Stock	11/18/2025		S(3)		10,972	D	$198.3139(18)	37,444	I	See footnote(2)
Class A Common Stock	11/18/2025		S(3)		13,571	D	$199.243(19)	23,873	I	See footnote(2)
Class A Common Stock	11/18/2025		S(3)		1,698	D	$199.9849(20)	22,175	I	See footnote(2)
Class A Common Stock	11/19/2025		C		52,384	A	(1)	74,559	I	See footnote(2)
Class A Common Stock	11/19/2025		S(3)		7,658	D	$193.9084(21)	66,901	I	See footnote(2)
Class A Common Stock	11/19/2025		S(3)		19,959	D	$194.8984(22)	46,942	I	See footnote(2)
Class A Common Stock	11/19/2025		S(3)		17,322	D	$195.852(23)	29,620	I	See footnote(2)
Class A Common Stock	11/19/2025		S(3)		7,061	D	$196.6456(24)	22,559	I	See footnote(2)
Class A Common Stock	11/19/2025		S(3)		384	D	$197.491(25)	22,175	I	See footnote(2)
Class A Common Stock								349,644	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)	11/17/2025		C			52,384	(1)	(1)	Class A Common Stock	52,384	$0	5,924,758	I	See footnote(2)
Class B Common Stock	(1)	11/18/2025		C			52,384	(1)	(1)	Class A Common Stock	52,384	$0	5,872,374	I	See footnote(2)
Class B Common Stock	(1)	11/19/2025		C			52,384	(1)	(1)	Class A Common Stock	52,384	$0	5,819,990	I	See footnote(2)
Class B Common Stock	(1)							(1)	(1)	Class A Common Stock	6,928,408		6,928,408	I	See footnote(26)
Class B Common Stock	(1)							(1)	(1)	Class A Common Stock	1,060,000		1,060,000	I	See footnote(27)
Class B Common Stock	(1)							(1)	(1)	Class A Common Stock	2,952,186		2,952,186	I	See footnote(28)
Class B Common Stock	(1)							(1)	(1)	Class A Common Stock	3,065,015		3,065,015	I	See footnote(29)
Class B Common Stock	(1)							(1)	(1)	Class A Common Stock	3,103,644		3,103,644	I	See footnote(30)
Class B Common Stock	(1)							(1)	(1)	Class A Common Stock	2,000,000		2,000,000	I	See footnote(31)
Class B Common Stock	(1)							(1)	(1)	Class A Common Stock	2,000,000		2,000,000	I	See footnote(32)

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 The Matthew Prince Revocable Trust dated October 29, 2015, for which the reporting person serves as trustee.

3. The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 11, 2025.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $201.61 to $202.59, 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 (4) through (25) to this Form 4.

5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $202.61 to $203.45, inclusive.

6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $203.625 to $204.62, inclusive.

7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $204.625 to $205.61, inclusive.

8. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $205.645 to $206.64, inclusive.

9. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $206.645 to $207.64, inclusive.

10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $207.655 to $208.61, inclusive.

11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $208.685 to $209.39, inclusive.

12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $191.01 to $191.995, inclusive.

13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $192.765 to $193.745, inclusive.

14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $193.765 to $194.745, inclusive.

15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $194.77 to $195.76, inclusive.

16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $195.785 to $196.77, inclusive.

17. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $196.785 to $197.78, inclusive.

18. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $197.785 to $198.78, inclusive.

19. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $198.785 to $199.78, inclusive.

20. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $199.785 to $200.325, inclusive.

21. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $193.37 to $194.36, inclusive.

22. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $194.37 to $195.36, inclusive.

23. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $195.375 to $196.36, inclusive.

24. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $196.38 to $197.31, inclusive.

25. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $197.43 to $197.61, inclusive.

26. The shares are held of record by The Prince Family Nonexempt Irrevocable Trust dated March 29, 2016, for which the reporting person serves as an investment advisor.

27. The shares are held of record by The Prince Family Exempt Irrevocable Trust dated March 29, 2016, for which the reporting person serves as an investment advisor.

28. The shares are held of record by The Prince 2021 Remainder Trust dated September 23, 2021, for which the reporting person serves as an investment advisor.

29. The shares are held of record by The Matthew Prince 2024 Grantor Retained Annuity Trust dated 05/20/2024, for which the reporting person serves as co-trustee and investment advisor.

30. The shares are held of record by The Matthew Prince 2024 Grantor Retained Annuity Trust 2 dated 08/20/2024, for which the reporting person serves as co-trustee and investment advisor.

31. The shares are held of record by The Matthew Prince 2025 Grantor Retained Annuity Trust dated May 10, 2025, for which the reporting person serves as an investment advisor.

32. The shares are held of record by The Matthew Prince 2025 Grantor Retained Annuity Trust 2 dated August 11, 2025, for which the reporting person serves as co-trustee and investment advisor.

	/s/ Lindsey Cochran, by power of attorney	11/19/2025
	** 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).
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