Cloudflare NET insider Form 4 shows small Rule 10b5-1 sale

Rhea-AI Filing Summary

Cloudflare, Inc. (NET) director reported a routine insider sale of company stock. On 11/19/2025, the reporting person sold 2,031 shares of Class A common stock at a price of $196.38 per share. After this transaction, the director beneficially owned 39,754 shares of Cloudflare Class A common stock.

The sale was executed under a pre-arranged Rule 10b5-1 trading plan that the reporting person adopted on August 20, 2025, which is designed to allow insiders to systematically sell shares over time.

Insider Trade Summary

Net Seller: 2,031 shares ($398,848)

Net Sell 1 txn

Insider Suder Katrin

Role Director

Sold 2,031 shs ($399K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	2,031	$196.38	$399K

Holdings After Transaction: Class A Common Stock — 39,754 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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^*

Suder Katrin

(Last) (First) (Middle)

C/O CLOUDFLARE, INC.

101 TOWNSEND STREET

(Street)

SAN FRANCISCO CA 94107

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

3. Date of Earliest Transaction (Month/Day/Year)
11/19/2025

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	11/19/2025		S(1)		2,031	D	$196.38	39,754	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 August 20, 2025.

	/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).
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 insider transaction did Cloudflare (NET) report in this Form 4?

A Cloudflare director reported selling 2,031 shares of Class A common stock at $196.38 per share on 11/19/2025.

How many Cloudflare (NET) shares does the insider own after the sale?

Following the reported transaction, the director beneficially owns 39,754 shares of Cloudflare Class A common stock.

Was the Cloudflare (NET) insider sale under a Rule 10b5-1 plan?

Yes. The sale was made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 20, 2025.

What type of security did the Cloudflare (NET) director sell?

The director sold Class A common stock of Cloudflare, Inc.

Does this Form 4 for Cloudflare (NET) report any derivative securities?

No. The table for derivative securities shows no entries, indicating no derivative transactions were reported in this filing.

Is the Form 4 for Cloudflare (NET) filed by one or multiple reporting persons?

This Form 4 is indicated as being filed by one reporting person, not a group filing.