Cloudflare director sells 5,000 shares in plan

Cloudflare, Inc. (NET) director Carl Ledbetter reported selling a total of 5,000 shares of Class A Common Stock on September 14, 2026, in multiple open-market transactions executed by the Carl S. Ledbetter Trust, for which he serves as trustee.

Rhea-AI Filing Summary

Cloudflare, Inc. (NET) director Carl Ledbetter reported selling a total of 5,000 shares of Class A Common Stock on September 14, 2026, in multiple open-market transactions executed by the Carl S. Ledbetter Trust, for which he serves as trustee. The sales, made at weighted-average prices between approximately $309 and $314 per share, were carried out pursuant to a Rule 10b5-1 trading plan adopted on February 25, 2026. A separate line shows 20,441 shares held directly after the reported date.

Insider Trade Summary 10b5-1

Net Seller: 5,000 shares

Net Sell 5 txns

Insider Ledbetter Carl

Role Director

Sold 5,000 shs ($1.56M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock F1, F2, F3	960	$309.5067	$297K
Sale	Class A Common Stock F1, F4, F3	440	$310.5405	$137K
Sale	Class A Common Stock F1, F5, F3	2,400	$312.8599	$751K
Sale	Class A Common Stock F1, F6, F3	1,200	$313.7096	$376K
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 878,073 shares (Indirect, See footnote); Class A Common Stock — 20,441 shares (Direct)

Footnotes (6)

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 $309.26 to $310.11, 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 within the ranges set forth in footnotes (2) and (4) through (6) to this Form 4.
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.
4. F4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $310.50 to $310.59, inclusive.
5. F5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $312.30 to $313.29, inclusive.
6. F6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $313.475 to $313.865, inclusive.

Key Figures

Total shares sold: 5,000 shares Sale tranche 1: 960 shares at $309.51 per share Sale tranche 2: 440 shares at $310.54 per share +4 more

7 metrics

Total shares sold 5,000 shares Aggregate Class A Common Stock sales on September 14, 2026

Sale tranche 1 960 shares at $309.51 per share Weighted-average price with trades from $309.26 to $310.11

Sale tranche 2 440 shares at $310.54 per share Weighted-average price with trades from $310.50 to $310.59

Sale tranche 3 2,400 shares at $312.86 per share Weighted-average price with trades from $312.30 to $313.29

Sale tranche 4 1,200 shares at $313.71 per share Weighted-average price with trades from $313.475 to $313.865

Direct holdings after date 20,441 shares Directly held Class A Common Stock as of September 14, 2026

Rule 10b5-1 plan adoption date February 25, 2026 Plan governing the reported sales

Key Terms

Rule 10b5-1 trading plan, weighted average price, indirect ownership, trustee

4 terms

Rule 10b5-1 trading plan regulatory

"The sale reported in this Form 4 was 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.

indirect ownership financial

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

trustee financial

"for which the reporting person serves as a trustee"

A trustee is a person or institution legally appointed to hold and manage assets or enforce an agreement on behalf of other people (beneficiaries). Think of a trustee as a neutral referee or custodian who must act in the beneficiaries’ best interests, follow the trust or contract rules, and handle distributions, recordkeeping and enforcement. Investors care because a trustworthy trustee protects their rights, ensures promised payments or remedies are delivered, and can influence recoveries if things go wrong.

FAQ

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

What insider transactions did Cloudflare (NET) director Carl Ledbetter report on this Form 4?

He reported selling 5,000 shares of Cloudflare Class A Common Stock on September 14, 2026 in multiple open-market transactions, all executed indirectly through the Carl S. Ledbetter Trust, for which he serves as trustee.

At what prices were the Cloudflare (NET) shares sold in Carl Ledbetter’s September 14, 2026 transactions?

The reported weighted-average prices were $309.51, $310.54, $312.86 and $313.71 per share, with underlying trades occurring in ranges from about $309.26 up to $313.865, as detailed in the footnotes.

Were Carl Ledbetter’s Cloudflare (NET) stock sales made under a Rule 10b5-1 trading plan?

Yes. The filing states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted by Carl Ledbetter on February 25, 2026, and the plan-status checkbox is marked accordingly.

How many Cloudflare (NET) shares does Carl Ledbetter hold directly after the reported transactions?

A holdings line shows that Carl Ledbetter directly owns 20,441 shares of Cloudflare Class A Common Stock as of September 14, 2026. Indirect holdings through the trust are reported separately and not totaled in that line.

How are the Cloudflare (NET) shares involved in these sales held in relation to Carl Ledbetter?

The sold shares are held of record by the Carl S. Ledbetter Trust dated February 14, 2020. Carl Ledbetter serves as a trustee of this trust, and the transactions are reported as indirect ownership on the form.

How many Cloudflare (NET) shares in total were sold in each reported transaction?

The Form 4 reports four separate sales of 960, 440, 2,400 and 1,200 Cloudflare Class A shares, all dated September 14, 2026, for an aggregate of 5,000 shares sold indirectly through the trust.

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

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Available on EDGAR 09/15/2026 - 06:31 PM Accepted by SEC EDGAR 09/15/2026 - 06:31 PM Learn about SEC filing dates

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)
09/14/2026

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	09/14/2026		S(1)		960	D	$309.5067(2)	882,113	I	See footnote(3)
Class A Common Stock	09/14/2026		S(1)		440	D	$310.5405(4)	881,673	I	See footnote(3)
Class A Common Stock	09/14/2026		S(1)		2,400	D	$312.8599(5)	879,273	I	See footnote(3)
Class A Common Stock	09/14/2026		S(1)		1,200	D	$313.7096(6)	878,073	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 $309.26 to $310.11, 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 within the ranges set forth in footnotes (2) and (4) through (6) to this Form 4.

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.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $310.50 to $310.59, inclusive.

5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $312.30 to $313.29, inclusive.

6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $313.475 to $313.865, inclusive.

Remarks:

	/s/ Charlotte Bowe, by power of attorney	09/15/2026
	** 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)