Thomas J. Seifert - 20 Nov 2025 Form 4 Insider Report for Cloudflare, Inc. (NET)

Role
Chief Financial Officer
Signature
/s/ Lindsey Cochran, by power of attorney
Issuer symbol
NET
Transactions as of
20 Nov 2025
Net transactions value
-$8,069,178
Form type
4
Filing time
21 Nov 2025, 18:45:55 UTC
Previous filing
17 Nov 2025
Next filing
23 Dec 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
SEIFERT THOMAS J Chief Financial Officer C/O CLOUDFLARE, INC., 405 COMAL STREET, AUSTIN /s/ Lindsey Cochran, by power of attorney 21 Nov 2025 0001473289

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction NET Class A Common Stock Conversion of derivative security +10,000 +5.9% 179,041 20 Nov 2025 Direct F1
transaction NET Class A Common Stock Sale $432,387 -2,272 -1.3% $190.31 176,769 20 Nov 2025 Direct F2, F3
transaction NET Class A Common Stock Sale $2,552,180 -13,331 -7.5% $191.45 163,438 20 Nov 2025 Direct F2, F4
transaction NET Class A Common Stock Sale $1,667,912 -8,666 -5.3% $192.47 154,772 20 Nov 2025 Direct F2, F5
transaction NET Class A Common Stock Sale $527,289 -2,725 -1.8% $193.50 152,047 20 Nov 2025 Direct F2, F6
transaction NET Class A Common Stock Sale $369,246 -1,900 -1.2% $194.34 150,147 20 Nov 2025 Direct F2, F7
transaction NET Class A Common Stock Sale $293,331 -1,500 -1% $195.55 148,647 20 Nov 2025 Direct F2, F8
transaction NET Class A Common Stock Sale $117,835 -600 -0.4% $196.39 148,047 20 Nov 2025 Direct F2, F9
transaction NET Class A Common Stock Sale $268,403 -1,358 -0.92% $197.65 146,689 20 Nov 2025 Direct F2, F10
transaction NET Class A Common Stock Sale $536,853 -2,700 -1.8% $198.83 143,989 20 Nov 2025 Direct F2, F11
transaction NET Class A Common Stock Sale $679,135 -3,400 -2.4% $199.75 140,589 20 Nov 2025 Direct F2, F12
transaction NET Class A Common Stock Sale $341,315 -1,703 -1.2% $200.42 138,886 20 Nov 2025 Direct F2, F13
transaction NET Class A Common Stock Sale $262,997 -1,300 -0.94% $202.31 137,586 20 Nov 2025 Direct F2, F14
transaction NET Class A Common Stock Sale $20,296 -100 -0.07% $202.96 137,486 20 Nov 2025 Direct F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction NET Employee Stock Option (right to buy) Options Exercise $0 -10,000 -9.1% $0.000000 100,341 20 Nov 2025 Class B Common Stock 10,000 $2.04 Direct F1, F15
transaction NET Class B Common Stock Options Exercise $0 +10,000 +112% $0.000000 18,925 20 Nov 2025 Class A Common Stock 10,000 Direct F1
transaction NET Class B Common Stock Conversion of derivative security $0 -10,000 -53% $0.000000 8,925 20 Nov 2025 Class A Common Stock 10,000 Direct F1
holding NET Class B Common Stock 150,000 20 Nov 2025 Class A Common Stock 150,000 See footnote F1, F16
holding NET Class B Common Stock 46,100 20 Nov 2025 Class A Common Stock 46,100 See footnote F1, F17
holding NET Class B Common Stock 46,100 20 Nov 2025 Class A Common Stock 46,100 See footnote F1, F18
holding NET Class B Common Stock 46,100 20 Nov 2025 Class A Common Stock 46,100 See footnote F1, F19
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

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).

Explanation of Responses:

Id Content
F1 Each share of Class B Common Stock is convertible at any time into Class A Common Stock on a one-to-one basis at the reporting person's election and has no expiration date.
F2 The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 26, 2024.
F3 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $189.92 to $190.85, inclusive. The reporting person undertakes to provide to 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 (3) through (14) to this Form 4.
F4 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $191.00 to $191.99, inclusive.
F5 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $192.00 to $192.98, inclusive.
F6 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $193.02 to $194.00, inclusive.
F7 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $194.02 to $195.00, inclusive.
F8 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $195.09 to $196.04, inclusive.
F9 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $196.10 to $197.08, inclusive.
F10 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $197.19 to $198.11, inclusive.
F11 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $198.19 to $199.18, inclusive.
F12 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $199.22 to $200.21, inclusive.
F13 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $200.23 to $200.86, inclusive.
F14 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $201.61 to $202.51, inclusive.
F15 Shares subject to the option are fully vested and immediately exercisable.
F16 The shares are held of record by Center Court Partners Ltd., for which the reporting person serves as a partner.
F17 The shares are held of record by Center Court 2020 Trust 1 UA 12/11/20, for which the reporting person serves as trustee.
F18 The shares are held of record by Center Court 2020 Trust 2 UA 12/11/20, for which the reporting person serves as trustee.
F19 The shares are held of record by Center Court 2020 Trust 3 UA 12/11/20, for which the reporting person serves as trustee.