Cloudflare (NYSE: NET) director sells 15,000 shares under Rule 10b5-1 plan

Rhea-AI Filing Summary

Cloudflare director Carl Ledbetter reported an open-market sale of 15,000 shares of Class A common stock. The shares were sold at a price of $227.05 per share through an indirect holding.

The position is held by the Carl S. Ledbetter Trust dated February 14, 2020, for which Ledbetter serves as trustee. After this transaction, the trust still holds 938,073 shares. The sale was carried out under a pre-arranged Rule 10b5-1 trading plan adopted on February 14, 2025, indicating it was scheduled in advance rather than timed discretionarily.

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)
03/18/2026

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	03/18/2026		S(1)		15,000	D	$227.05	938,073	I	See footnote(2)

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 14, 2025.

2. 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/ Chad Skinner, by power of attorney	03/20/2026
	** 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)

FAQ

What insider transaction did Cloudflare (NET) director Carl Ledbetter report?

Carl Ledbetter reported selling 15,000 shares of Cloudflare Class A common stock. The shares were sold in an open-market transaction at $227.05 per share, according to a Form 4 insider trading report.

How many Cloudflare (NET) shares does Carl Ledbetter hold after this sale?

After the sale, the reporting trust associated with Carl Ledbetter holds 938,073 Cloudflare shares. This indicates the 15,000-share transaction represents only a small portion of the overall reported indirect holdings.

Was Carl Ledbetter’s Cloudflare (NET) share sale part of a trading plan?

Yes. The sale was executed under a Rule 10b5-1 trading plan adopted on February 14, 2025. Such plans pre-schedule trades, reducing the significance of trade timing as a signal of insider sentiment.

Are Carl Ledbetter’s Cloudflare (NET) shares held directly or through a trust?

The reported shares are held by the Carl S. Ledbetter Trust dated February 14, 2020. Ledbetter serves as trustee, so the Form 4 classifies his ownership of these Cloudflare shares as indirect rather than direct.

What type of security did Carl Ledbetter sell in Cloudflare (NET)?

The transaction involved Cloudflare Class A common stock. The Form 4 shows a non-derivative open-market sale of 15,000 shares, with the trust’s remaining position reported at 938,073 shares after the transaction.