Paul D. Underwood - 18 Nov 2021 Form 4 Insider Report for Cloudflare, Inc. (NET)

Role: Chief Accounting Officer
Signature: /s/ Lindsey Cochran, by power of attorney
Issuer symbol: NET
Transactions as of: 18 Nov 2021
Net transactions value: -$421,880
Form type: 4
Filing time: 22 Nov 2021, 17:44:16 UTC
Previous filing: 19 Oct 2021
Next filing: 20 Dec 2021
SEC: View on sec.gov

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		+2,000	+15%		15,517	18 Nov 2021	Direct	F1, F2
transaction	NET	Class A Common Stock	Sale	$421,880	-2,000	-13%	$210.94	13,517	18 Nov 2021	Direct	F3
transaction	NET	Class A Common Stock	Conversion of derivative security		+10,030	+74%		23,547	19 Nov 2021	Direct	F1

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	-2,000	-2.5%	$0.000000	79,500	18 Nov 2021	Class B Common Stock	2,000	$9.97	Direct	F4
transaction	NET	Class B Common Stock	Options Exercise	$0	+2,000		$0.000000	2,000	18 Nov 2021	Class A Common Stock	2,000		Direct	F1
transaction	NET	Class B Common Stock	Conversion of derivative security	$0	-2,000	-100%	$0.000000^*	0	18 Nov 2021	Class A Common Stock	2,000		Direct	F1
transaction	NET	Employee Stock Option (right to buy)	Options Exercise	$0	-10,030	-8.4%	$0.000000	109,970	19 Nov 2021	Class B Common Stock	10,030	$9.97	Direct	F5
transaction	NET	Class B Common Stock	Options Exercise	$0	+10,030		$0.000000	10,030	19 Nov 2021	Class B Common Stock	10,030		Direct	F1
transaction	NET	Class B Common Stock	Conversion of derivative security	$0	-10,030	-100%	$0.000000^*	0	19 Nov 2021	Class B Common Stock	10,030		Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

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	Includes 232 shares of Class A Common Stock acquired under the Issuer's employee stock purchase plan on November 15, 2021.
F3	The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 12, 2021.
F4	The option is subject to an early exercise provision and is immediately exercisable. Shares subject to the option vest in 48 equal monthly installments beginning on September 13, 2019.
F5	The option is subject to an early exercise provision and is immediately exercisable. 1/4th of the shares vested on March 11, 2020 and 1/16th of the shares vest in 12 equal quarterly installments thereafter.