Cloudflare, Inc. Form 4 Filings

Cloudflare director Carl Ledbetter reported an indirect stock sale and updated holdings. A trust associated with Ledbetter sold 15,000 shares of Cloudflare Class A Common Stock at a weighted average price of $238.1198 per share on an open-market basis.

The sale was made under a pre-arranged Rule 10b5-1 trading plan adopted on February 14, 2025. After the transaction, the trust held 908,073 shares indirectly, while Ledbetter also held 19,599 shares directly, indicating the sale represented a small portion of his overall reported position.

Cloudflare, Inc. director Carl Ledbetter, through the Carl S. Ledbetter Trust, sold 5009 shares of Class A Common Stock in an open-market transaction on May 1, 2026 at a weighted average price of $215.8214 per share under a pre-arranged Rule 10b5-1 trading plan.

After this sale, the trust held 923073 shares indirectly, while Ledbetter also held 19599 shares directly, indicating the transaction represents a small portion of his overall reported holdings.

Cloudflare, Inc. director Mark J. Hawkins sold a small portion of his stake in a pre-planned trade. On May 1, 2026, he completed an open-market sale of 133 shares of Class A common stock at $211.62 per share.

After this transaction, Hawkins directly owned 10,189 shares of Cloudflare stock. The sale was executed under a pre-arranged Rule 10b5-1 trading plan, indicating it was scheduled in advance rather than timed in response to short-term market developments.

Starzak Alissa Michelle reported acquisition or exercise transactions in this Form 4 filing.

Cloudflare, Inc. reported that Chief Legal Officer Alissa Michelle Starzak received an equity grant of 63,305 shares of Class A common stock in the form of restricted stock units (RSUs). Following this grant, her directly held stake increased to 128,302 shares.

The RSUs vest over time rather than all at once. According to the vesting schedule, 38,957 RSUs vest in 16 equal quarterly installments beginning on May 15, 2026, and the remaining 24,348 RSUs vest in eight equal quarterly installments beginning on February 15, 2027. This filing reflects a compensation-related award, not an open-market share purchase or sale.

Cloudflare, Inc. director Carl Ledbetter reported an open-market sale of 9,991 shares of Class A Common Stock at a weighted average price of $215.8516 per share. The shares were sold indirectly through the Carl S. Ledbetter Trust under a pre-arranged Rule 10b5-1 trading plan. After the sale, the trust held 928,082 shares, and Ledbetter also held 19,599 shares directly, indicating the transaction represents a small portion of his overall holdings.

Cloudflare, Inc. insider activity shows both option exercises and share sales involving entities associated with President and Board Co‑Chair Michelle Zatlyn. Employee stock options to buy 230,769 shares of Class B Common Stock at $2.04 per share were exercised and converted into Class A Common Stock. On the same days, related trusts, including the Sutherland/Zatlyn revocable and irrevocable trusts, sold a total of 76,923 Class A shares in open‑market trades at weighted‑average prices generally between the high $190s and low $210s per share, pursuant to a Rule 10b5‑1 trading plan adopted on February 14, 2025. After these transactions, Zatlyn continues to hold 406,315 Class A shares directly and maintains substantial indirect exposure through Class B shares held by family trusts, including an annuity trust with 2,064,551 Class B shares convertible into an equal number of Class A shares.

Cloudflare, Inc. Chief Financial Officer Thomas J. Seifert exercised employee stock options for 10,000 shares of Class B Common Stock at an exercise price of $2.04 per share and converted 10,000 shares of Class B into Class A Common Stock on a one-to-one basis.

He then sold a total of 10,000 shares of Class A Common Stock in multiple open-market transactions at weighted average prices between $194.57 and $200.99, under a pre-arranged Rule 10b5-1 trading plan adopted on November 20, 2025. In a separate transaction, 2,944 Class A shares were withheld at $178.65 per share to cover taxes related to restricted stock unit vesting. Following these transactions, Seifert holds 221,681 shares of Class A Common Stock directly, plus additional indirect Class B holdings convertible into Class A through entities for which he serves as partner or trustee.

Cloudflare, Inc. CEO and Board Co-Chair Matthew Prince reported small open-market sales of Class A Common Stock executed through a trust. On April 8, 2026, entities associated with him sold a total of 659 shares at weighted-average prices around $223–$224 per share under a pre-arranged Rule 10b5-1 trading plan. After these indirect sales, a separate holding entry shows he continues to own 406,315 Class A shares directly as of April 6, 2026, indicating these transactions represent a very small portion of his overall position.

Cloudflare, Inc. CEO and Board Co-Chair Matthew Prince reported pre-planned stock transactions through family trusts. Trusts converted 157,152 shares of Class B Common Stock into Class A Common Stock at an exercise price of $0.00 per share between April 6–8, 2026.

The trusts then sold 156,493 Class A shares in a series of open-market trades at weighted average prices ranging from $207.735 to $223.205 per share, under a Rule 10b5-1 trading plan adopted on February 11, 2025. One indirect Class A holding reported 50,719 shares remaining after an April 8 sale.

Prince-associated trusts continue to hold sizable Class B positions that are each convertible one-to-one into Class A Common Stock, including blocks such as 6,928,408 underlying Class A shares held indirectly.

Cloudflare, Inc. director Mark J. Hawkins reported an open-market sale of 133 shares of Class A common stock at $209.60 per share. The transaction on April 1, 2026 was executed under a pre-arranged Rule 10b5-1 trading plan. Following the sale, he directly holds 10,322 shares.

Cloudflare director John Graham-Cumming reported an option exercise and related share sales. He exercised a stock option to acquire 2,520 shares of Class A Common Stock at $44.72 per share, then sold 3,644 shares in multiple open‑market trades at weighted average prices around $200–204 per share. The sales were made under a Rule 10b5-1 trading plan adopted on May 28, 2025. After these transactions, he directly holds 494,067 Class A shares, indicating he retains a substantial stake in the company.

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.

Cloudflare, Inc. CEO and Board Co‑Chair Matthew Prince reported pre‑planned insider sales of 13,618 shares of Class A Common Stock. The shares were sold on March 18, 2026 in open‑market transactions by The Matthew Prince Revocable Trust, for which he serves as trustee, at weighted average prices around the high‑$220 range per share.

The filing notes these sales were executed under a Rule 10b5‑1 trading plan adopted on February 11, 2025, indicating they were scheduled in advance. Following these transactions, he continues to hold 406,811 shares of Class A Common Stock directly as of March 16, 2026, reflecting a substantial remaining stake.

Cloudflare, Inc.’s CEO and board co-chair Matthew Prince reported a series of indirect transactions involving Class A and Class B Common Stock over three days. Trusts associated with him converted a total of 134,241 shares of Class B Common Stock into an equal number of Class A shares at an exercise price of $0.00 per share.

On the same dates, those trusts sold 143,534 shares of Class A Common Stock in open‑market transactions at weighted average prices generally between $207.33 and $226.64 per share. The filing notes these sales were carried out under a Rule 10b5‑1 trading plan adopted on February 11, 2025, indicating they were pre‑scheduled rather than opportunistic.

After these transactions, one reported indirect Class A holding stood at 13,618 shares, while a related Class B position showed 4,742,073 shares convertible into Class A on a one‑to‑one basis. Additional indirect Class B positions remain outstanding, so Prince continues to have substantial exposure to Cloudflare through various trusts and grantor retained annuity trusts.

Cloudflare, Inc. Chief Financial Officer Thomas J. Seifert reported a combination of option exercises, share conversions, sales, and tax withholding. He exercised an employee stock option for 10,341 shares of Class B Common Stock at an exercise price of $2.04 per share, which converted into 10,341 shares of Class A Common Stock. On the same date, he sold a total of 10,341 Class A shares in multiple open-market transactions at weighted-average prices ranging from about $207 to $213 per share under a pre-arranged Rule 10b5-1 trading plan adopted on November 20, 2025. Separately, 2,943 Class A shares were withheld to satisfy tax liabilities related to vesting restricted stock units, which is not an open-market sale. After these transactions, he directly holds 224,625 shares of Class A Common Stock, along with remaining Class B shares and additional indirect holdings through Center Court entities where he serves as partner or trustee.

SEIFERT THOMAS J reported acquisition or exercise transactions in this Form 4 filing.

Cloudflare, Inc. reported that its Chief Financial Officer, Thomas J. Seifert, received a grant of 142,116 shares of Class A common stock in the form of restricted stock units. These RSUs will vest in nineteen equal monthly installments beginning on March 15, 2026.

After this compensation-related award, Seifert holds 227,568 shares of Class A common stock directly. This is an equity grant at no cash cost per share, reflecting ongoing stock-based compensation rather than an open-market purchase or sale.

Cloudflare, Inc. Chief Accounting Officer Janel Riley exercised a performance stock option for 23,332 shares of Class A common stock on March 5, 2026, then sold 23,332 shares at $190.00 per share in an open-market transaction executed under a Rule 10b5-1 trading plan adopted on November 24, 2025. Following these transactions, she held 56,791 shares of Class A common stock directly, and 76,668 shares remained subject to the performance stock option, which will continue to vest quarterly beginning on May 15, 2026.

Cloudflare, Inc. director and executive Michelle Zatlyn reported a series of option exercises, share conversions, and related share sales. On March 3–5, 2026, employee stock options for 25,641 Class B shares were exercised each day and the resulting Class B Common Stock was converted into 25,641 Class A Common Stock per day.

The newly issued Class A shares were re-registered into The Sutherland/Zatlyn Revocable Trust, and multiple irrevocable and annuity trusts associated with Zatlyn then sold an aggregate of 76,923 Class A Common Stock in open-market transactions at weighted-average prices ranging from about $173 to $191 per share, under a Rule 10b5-1 trading plan adopted on February 14, 2025. Zatlyn continues to hold significant positions through direct holdings, such as 406,811 Class A shares, and through various trusts that collectively hold large amounts of Class B Common Stock that is convertible one-for-one into Class A.

Cloudflare, Inc. chief accounting officer Riley Janel reported an open-market sale of 4,160 shares of Class A Common Stock on March 3, 2026 at a price of $180.00 per share. The transaction was executed under a Rule 10b5-1 trading plan adopted on November 24, 2025, and Janel now directly holds 56,791 shares.

Cloudflare, Inc. director Mark J. Hawkins sold 133 shares of Class A Common Stock in an open-market transaction. The shares were sold at a price of $168.62 per share on March 2, 2026, leaving him with 10,455 shares of direct ownership.

The sale was executed under a pre-arranged Rule 10b5-1 trading plan adopted by Hawkins on May 30, 2025, indicating the transaction was scheduled in advance rather than timed at his discretion.

Cloudflare, Inc. director John Graham-Cumming exercised stock options for 2,520 shares of Class A common stock on March 2, 2026, converting options with a $0.0000 exercise price into shares at $44.7200 per share. He then sold 2,520 shares in a series of open-market transactions under a Rule 10b5-1 trading plan adopted on May 28, 2025, leaving his direct holdings unchanged at 495,191 Class A shares.

Cloudflare, Inc. CEO Matthew Prince reported trust-related share conversions and sales. Over February 24–26, trusts for which he serves as trustee or investment advisor converted multiple blocks of 52,384 Class B shares into Class A shares at no cost, on a one-to-one basis.

Across the same period, those trusts sold a total of 157,152 Class A shares in a series of open-market trades at weighted average prices generally in the $159–$177 range, executed under a pre-arranged Rule 10b5-1 trading plan adopted on February 11, 2025. Following these transactions, indirect holdings included 4,876,314 Class B shares and 22,911 Class A shares, in addition to 406,811 Class A shares held directly.

Cloudflare, Inc. Chief Financial Officer Thomas J. Seifert reported a mix of option exercises, share conversions, and open-market sales. He exercised an employee stock option for 10,000 shares and converted 10,000 shares of Class B Common Stock into 10,000 shares of Class A Common Stock, all at a stated price of $0.0000 per share. He then sold a total of 41,557 shares of Class A Common Stock in multiple open‑market transactions, including 8,279 shares at $177.1821 and 8,133 shares at $191.1280 per share, under a Rule 10b5‑1 trading plan adopted on November 26, 2024. After these sales, he directly owned 105,930 shares of Class A Common Stock. The filing also notes that each share of Class B Common Stock is convertible into one share of Class A Common Stock and that additional Class B shares are held indirectly through Center Court entities where Seifert serves as partner or trustee.

Cloudflare, Inc. entities associated with President and Board Co‑Chair Michelle Zatlyn reported a net sale of 86,362 shares of Class A Common Stock over February 19–23, 2026. The sales were executed through various SZ family trusts under a Rule 10b5‑1 trading plan adopted on February 14, 2025, at weighted average prices ranging from about $171.53 to $194.10 per share. In connection with these sales, fully vested employee stock options were exercised and Class B Common Stock was converted into Class A on a one‑for‑one basis, with resulting Class A shares re‑registered to the family revocable trust.

Cloudflare, Inc. CEO Matthew Prince reported a tax-related share disposition and updated equity holdings. On this Form 4, 16,587 shares of Class A common stock were withheld at $195.85 per share to cover his tax liability arising from the vesting of performance-based and time-based restricted stock units. After this tax-withholding disposition, he directly owned 406,811 shares of Class A common stock. An additional 22,911 shares issuable upon vesting and settlement of PSUs and RSUs were re-registered and are now held through The Matthew Prince Revocable Trust dated October 29, 2015, for which he serves as trustee.

Cloudflare, Inc. director and President Michelle Zatlyn reported a tax-related share disposition linked to equity vesting. On February 15, 2026, 20,100 shares of Class A common stock were withheld at a price of $195.85 per share to satisfy her tax liability from vesting PSUs and RSUs. After this withholding, she directly holds 406,811 shares.

The filing also shows indirect ownership through two trusts. One trust holds 43,953 shares and another holds 19,615 shares, reflecting shares issuable upon vesting and settlement of PSUs and RSUs that were re-registered into a revocable trust and shares held by a separate irrevocable trust.

Cloudflare, Inc. Chief Financial Officer Thomas J. Seifert reported a disposition of 20,477 shares of Class A Common Stock on February 15, 2026. The shares were withheld to satisfy his tax liability in connection with the vesting of restricted stock units. After this tax-withholding disposition, he beneficially owns 117,009 shares directly.

Cloudflare, Inc. Chief Legal Officer Douglas James Kramer reported a tax-related share disposition. On February 15, 2026, 12,452 shares of Class A common stock were withheld at $195.85 per share to satisfy his tax liability from vesting RSUs. After this withholding, he directly held 88,649 shares.

Cloudflare, Inc. Chief Accounting Officer Janel Riley reported a tax-related share disposition tied to vesting of restricted stock units. On February 15, 2026, 3,151 shares of Class A common stock were withheld at $195.85 per share to satisfy tax liabilities. After this tax-withholding disposition, Riley directly owned 60,951 shares of Cloudflare Class A common stock.

Cloudflare director John Graham-Cumming reported option exercises and share sales in Cloudflare, Inc. Class A common stock. On February 9, 2026, he exercised stock options covering 2,520 shares at an exercise price of $44.72 per share, receiving fully vested, immediately exercisable shares.

That same day, he sold a total of 2,520 Class A shares in several open-market transactions under a Rule 10b5-1 trading plan adopted on May 28, 2025. The weighted average sale prices reported ranged from about $170.15 to $175.435 per share across multiple small blocks. After these transactions, he directly beneficially owned 495,191 shares of Cloudflare Class A common stock.

Cloudflare, Inc. reported an equity award to President and Board Co-Chair Michelle Zatlyn. On February 6, 2026, she was granted 96,665 Class A RSU-based shares at a price of $0 per share. These restricted stock units vest in sixteen equal quarterly installments beginning on May 15, 2026.

Following this award, Zatlyn beneficially owned 446,309 Class A shares directly. In addition, 24,555 Class A shares are held through a revocable trust where she serves as co-trustee and 19,615 Class A shares are held through an irrevocable trust where she serves as appointer.

Cloudflare CEO and Board Co-Chair Matthew Prince reported an equity award of 96,665 Class A shares on February 6, 2026. The shares are represented by restricted stock units granted at a price of $0 per share and increase his directly held stake to 446,309 shares.

The RSUs will vest in sixteen equal quarterly installments beginning on May 15, 2026, tying the award to multi‑year service and performance at the company.

Cloudflare Chief Accounting Officer Riley Janel received an equity award of 7,958 Class A shares represented by restricted stock units. The RSUs were granted on February 4, 2026 at a price of $0 per share and will vest in sixteen equal quarterly installments beginning on May 15, 2026. Following this grant, Janel beneficially owned 64,102 shares of Cloudflare Class A Common Stock in direct ownership.

Cloudflare, Inc. director Mark J. Hawkins reported a small planned stock sale. On February 2, 2026, he sold 134 shares of Cloudflare Class A common stock at $176.19 per share under a pre-arranged Rule 10b5-1 trading plan adopted on May 30, 2025.

After this transaction, Hawkins directly owned 10,588 Class A shares. The filing reflects routine insider trading activity executed according to an established plan rather than a discretionary trade.

Cloudflare, Inc.'s chief legal officer, Douglas James Kramer, reported selling 3,000 shares of Class A common stock on February 2, 2026 at $176.19 per share. This was an open-market sale coded "S" and left him holding 101,101 shares directly.

The transaction was carried out under a pre-arranged Rule 10b5-1 trading plan that Kramer adopted on November 25, 2024, which is designed to allow insiders to sell shares according to a preset schedule.

Cloudflare, Inc. director-linked trust reports planned share sale. The Carl S. Ledbetter Trust, for which director Carl Ledbetter serves as trustee, sold a total of 15,000 shares of Cloudflare Class A common stock on January 27, 2026 under a pre-arranged Rule 10b5-1 trading plan adopted on February 14, 2025.

The sales occurred in three transactions: 6,904 shares at a weighted average price of $210.0715, 5,306 shares at $211.7186, and 2,790 shares at $212.7964, each executed through multiple trades within narrow price ranges. After these transactions, the trust beneficially owned 953,073 shares of Cloudflare Class A common stock.

Cloudflare, Inc. Chief Financial Officer Thomas J. Seifert reported exercising stock options and selling shares of the company’s stock. On January 20, 2026, he exercised 10,000 employee stock options and ultimately converted the resulting Class B shares into 10,000 shares of Class A Common Stock at an exercise price of $2.04 per share.

That same day, he sold 10,000 Class A shares in multiple transactions at weighted average prices ranging from about $175.70 to $181.98 under a Rule 10b5-1 trading plan adopted on November 26, 2024. After these transactions, he directly holds 137,486 shares of Class A Common Stock and 8,925 shares of Class B Common Stock

Cloudflare, Inc. insider activity centers on planned option exercises and share sales by trusts associated with President and Board Co‑Chair Michelle Zatlyn. Over January 13–15, 2026, an employee stock option with a $2.04 exercise price was exercised in blocks of 25,641 shares of Class B Common Stock, which were converted into the same number of Class A shares and re‑registered to The Sutherland/Zatlyn Revocable Trust, where Zatlyn serves as co‑trustee.

The Revocable Trust then sold multiple blocks of Class A Common Stock under a Rule 10b5‑1 trading plan adopted on February 14, 2025, including 1,961 shares at $185.84, 14,078 shares at $188.1186, and 23,794 shares at $189.9812. Following these transactions, the form lists both directly held Class A shares and substantial indirect holdings through several irrevocable and annuity trusts for which Zatlyn has roles such as appointer, investment advisor, trustee, or co‑trustee.

Cloudflare, Inc. insider ownership update: CEO, Board Co-Chair and 10% owner Matthew Prince reported his holdings of Class A Common Stock as of a transaction date of January 6, 2026. Following the reported activity, he beneficially owns 349,644 shares of Cloudflare Class A Common Stock in direct form.

The filing notes that this is the second of two forms reporting transactions by the reporting person occurring from January 6, 2026 through January 8, 2026, and this particular form focuses on the resulting ownership position rather than detailing individual trade amounts or prices.

Cloudflare, Inc. CEO and Board Co-Chair Matthew Prince reported a series of insider transactions involving Cloudflare Class A and Class B shares over January 6–8, 2026. On each of the three days, trusts associated with Prince converted 52,384 shares of Class B Common Stock into 52,384 shares of Class A Common Stock at a conversion price of $0 per share, reflecting the one-to-one, no-expiration convertibility of the Class B shares.

Across the same dates, those trusts sold multiple blocks of Class A Common Stock at weighted-average prices detailed for each tranche, with sale price ranges in the footnotes spanning from about $185.87 to $204.525 per share. The non-derivative and derivative positions are reported as held indirectly by The Matthew Prince Revocable Trust and several Prince family irrevocable and grantor retained annuity trusts for which Prince serves as trustee, co‑trustee, or investment advisor. The sales were effected under a Rule 10b5‑1 trading plan adopted on February 11, 2025. This filing is identified as the first of two forms covering these January 6–8, 2026 transactions.

Cloudflare, Inc. reported insider share sales by a director. On 01/05/2026, a reporting person serving as a director completed three open-market sales of Class A Common Stock under transaction code "S".

The transactions involved 1,567 shares at a weighted average price of $196.9193, 2,300 shares at $198.1624, and 2,267 shares at $199.2899, with prices in each trade executed across narrow ranges. After these sales, the reporting person beneficially owned 968,073 Class A shares held indirectly.

The filing notes that all shares are held of record by the Carl S. Ledbetter Trust dated February 14, 2020, for which the reporting person is a trustee. The sales were effected pursuant to a Rule 10b5-1 trading plan adopted on February 14, 2025, indicating they were pre-arranged.

Cloudflare, Inc. director reports stock option exercise and share sales. On 01/05/2026, the reporting person exercised a stock option for 2,520 Class A common shares at an exercise price of $44.72 per share, increasing directly held shares before sales.

That same day, the director sold multiple small blocks of Class A common stock, including 52 shares at $196.7977 and 871 shares at $198.5555, in a series of open‑market transactions at weighted average prices detailed in footnotes (2) through (9). After these transactions, the director directly beneficially owned 495,191 Class A shares and held 17,640 stock options. The filing notes that the sales were made under a Rule 10b5‑1 trading plan adopted on May 28, 2025.

Cloudflare, Inc. director reported a small planned stock sale. On 01/02/2026, the director sold 134 shares of Class A common stock at $198.9 per share. After this transaction, the director beneficially owns 10,722 shares of Cloudflare Class A common stock in direct ownership. The sale was executed under a pre-arranged Rule 10b5-1 trading plan that was adopted on May 30, 2025, meaning the trades were scheduled in advance.

Cloudflare, Inc.’s Chief Legal Officer reported multiple open‑market sales of Class A common stock. On January 2, 2026, the officer sold blocks of shares at weighted average prices of $197.1032, $198.0256, $199.3135, and $199.8333, with the shares sold in each block executed across ranges from $196.52 up to $200.10 as described in the footnotes.

The transactions were coded as sales and were made under a Rule 10b5-1 trading plan that the reporting person adopted on November 25, 2024. Following these transactions, the officer reported continued beneficial ownership of Cloudflare Class A common stock, with the final reported balance at 104,101 shares held directly.

Cloudflare, Inc. director reports planned stock sales

A Cloudflare, Inc. director filed a Form 4 reporting several sales of Class A Common Stock made on December 29–30, 2025 under a pre-arranged Rule 10b5-1 trading plan adopted on February 14, 2025. On December 29, 2025, the reporting person sold 8,035 shares at a weighted average price of $201.3935 per share and 639 shares at a weighted average price of $202.3537 per share. On December 30, 2025, the reporting person sold 192 shares at a weighted average price of $201.2529 per share.

After these transactions, the reporting person beneficially owned 974,207 Class A shares indirectly through the Carl S. Ledbetter Trust dated February 14, 2020, and 19,599 Class A shares directly. The prices reported are weighted averages for multiple trades within the stated price ranges.

Cloudflare, Inc. director transaction: A director of Cloudflare sold 2,031 shares of Class A common stock on 12/22/2025 at a price of $200 per share. After this transaction, the director beneficially owns 37,723 shares of Class A common stock in direct form. The sale was made under a pre-arranged Rule 10b5-1 trading plan that the reporting person adopted on August 20, 2025, which is designed to allow scheduled trading of shares under preset conditions.

Cloudflare, Inc.’s Chief Financial Officer reported equity transactions in the company’s stock. On 12/22/2025, the CFO exercised an employee stock option for 10,000 shares of Class B Common Stock at an exercise price of $ 2.04 per share, which were convertible into Class A Common Stock on a one-to-one basis. The filing also shows multiple open-market sales of Class A Common Stock on the same date in several tranches, including 353 shares at a weighted average price of $ 198.6362, 1,000 shares at $ 200.5782, 4,836 shares at $ 201.5183, 3,328 shares at $ 202.3664, and 483 shares at $ 203.3469. These sales were made under a Rule 10b5‑1 trading plan adopted on November 26, 2024. After the reported transactions, the CFO directly held 137,486 shares of Class A Common Stock and additional indirect interests through entities and trusts.

Cloudflare, Inc. disclosed that a director carried out option-related share transactions on 12/15/2025. The director acquired 2,520 shares of Class A common stock at $44.72 per share through the exercise of stock options.

On the same day, the director sold several small blocks of Class A shares in multiple trades at weighted average prices such as $196.8488 and $202.6515, under a Rule 10b5-1 trading plan adopted on May 28, 2025. After these transactions, the director directly owned 495,191 Class A shares and held 20,160 stock options that are fully vested and immediately exercisable.

Cloudflare, Inc. insider activity: President and Board Co‑Chair, who is also a director, reported multiple transactions in Class A and Class B shares of Cloudflare over three days in December 2025. On each of 12/09/2025, 12/10/2025, and 12/11/2025, an employee stock option with a $2.04 exercise price for 25,641 shares of Class B Common Stock was exercised, and those Class B shares were converted into Class A Common Stock.

The filing shows several sales of Class A shares on those same dates under a Rule 10b5‑1 trading plan adopted on February 14, 2025, with weighted‑average sale prices in ranges from about $204.14 to $210.695 per share. The report also details substantial indirect holdings through multiple family trusts, many of which hold Class B shares that are convertible into Class A on a one‑to‑one basis at the reporting person’s election and have no expiration date.