[Form 4] Cloudflare, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Cloudflare, Inc. (NET) filed a Form 4 reporting an automatic share withholding by its Chief Legal Officer. On 11/15/2025, 13,191 shares of Class A common stock were disposed of at a price of $210.6 per share, identified with transaction code "F," which indicates shares withheld to cover taxes.

After this tax withholding related to the vesting of restricted stock units, the reporting person beneficially owns 116,101 shares of Cloudflare Class A common stock held directly.

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

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

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^*

Kramer Douglas James

(Last) (First) (Middle)

C/O CLOUDFLARE, INC.

900 19TH STREET NW, SUITE 375

(Street)

WASHINGTON DC 20006

(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 Legal Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/15/2025

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	11/15/2025		F(1)		13,191	D	$210.6	116,101	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 shares were withheld to satisfy the reporting person's tax liability in connection with the vesting of restricted stock units, or RSUs.

Remarks:

	/s/ Lindsey Cochran, by power of attorney	11/17/2025
	** 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.

FAQ

What did Cloudflare (NET) disclose in this Form 4 filing?

The filing reports that Cloudflare's Chief Legal Officer had 13,191 shares of Class A common stock withheld on 11/15/2025 to satisfy tax obligations arising from the vesting of restricted stock units.

Who is the reporting person in this Cloudflare (NET) Form 4?

The reporting person is an officer of Cloudflare, Inc., serving as Chief Legal Officer, who files individually as indicated by the "Form filed by One Reporting Person" box.

How many Cloudflare (NET) shares does the officer own after this transaction?

Following the reported tax withholding transaction, the officer beneficially owns 116,101 shares of Cloudflare Class A common stock, held directly.

What does transaction code "F" mean in this Cloudflare Form 4?

Transaction code "F" indicates that the shares were withheld by the issuer to satisfy the reporting person's tax liability in connection with the vesting of restricted stock units.

Was this Cloudflare (NET) Form 4 transaction related to RSUs?

Yes. The explanation states that the 13,191 shares were withheld to cover the reporting person's tax liability in connection with the vesting of restricted stock units, or RSUs.

At what price were the Cloudflare (NET) shares withheld in this Form 4?

The 13,191 shares of Cloudflare Class A common stock were withheld at a price of $210.6 per share for tax purposes related to RSU vesting.