THOMAS J. SEIFERT - 27 Feb 2023 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
27 Feb 2023
Net transactions value
-$1,205,022
Form type
4
Filing time
28 Feb 2023, 16:12:43 UTC
Previous filing
17 Feb 2023
Next filing
21 Mar 2023
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 +20,000 +33% 81,355 27 Feb 2023 Direct F1
transaction NET Class A Common Stock Sale $1,101,188 -18,300 -22% $60.17 63,055 27 Feb 2023 Direct F2, F3
transaction NET Class A Common Stock Sale $103,834 -1,700 -2.7% $61.08 61,355 27 Feb 2023 Direct F2, F4

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 -20,000 -1.8% $0.000000 1,110,341 27 Feb 2023 Class B Common Stock 20,000 $2.04 Direct F1, F5
transaction NET Class B Common Stock Options Exercise $0 +20,000 +224% $0.000000 28,925 27 Feb 2023 Class A Common Stock 20,000 Direct F1
transaction NET Class B Common Stock Conversion of derivative security $0 -20,000 -69% $0.000000 8,925 27 Feb 2023 Class A Common Stock 20,000 Direct F1
holding NET Class B Common Stock 250,000 27 Feb 2023 Class A Common Stock 250,000 See footnote F1, F6
holding NET Class B Common Stock 76,100 27 Feb 2023 Class A Common Stock 76,100 See footnote F1, F7
holding NET Class B Common Stock 76,100 27 Feb 2023 Class A Common Stock 76,100 See footnote F1, F8
holding NET Class B Common Stock 76,100 27 Feb 2023 Class A Common Stock 76,100 See footnote F1, F9
* 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 The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 24, 2021, as modified on August 25, 2022.
F3 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $59.70 to $60.69, 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) and (4) 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 $60.73 to $61.44, inclusive.
F5 The option is subject to an early exercise provision and is immediately exercisable. Shares subject to the option vest in 48 equal monthly installments following September 13, 2019.
F6 The shares are held of record by Center Court Partners Ltd., for which the reporting person serves as a partner.
F7 The shares are held of record by Center Court 2020 Trust 1 UA 12/11/20, for which the reporting person serves as trustee.
F8 The shares are held of record by Center Court 2020 Trust 2 UA 12/11/20, for which the reporting person serves as trustee.
F9 The shares are held of record by Center Court 2020 Trust 3 UA 12/11/20, for which the reporting person serves as trustee.