Douglas James Kramer - 01 Nov 2023 Form 4 Insider Report for Cloudflare, Inc. (NET)

Signature
/s/ Lindsey Cochran, by power of attorney
Issuer symbol
NET
Transactions as of
01 Nov 2023
Net transactions value
-$169,440
Form type
4
Filing time
02 Nov 2023, 18:48:01 UTC
Previous filing
03 Oct 2023
Next filing
17 Nov 2023

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 +3,000 +1.9% 162,470 01 Nov 2023 Direct F1
transaction NET Class A Common Stock Sale $169,440 -3,000 -1.8% $56.48 159,470 01 Nov 2023 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 -3,000 -2.6% $0.000000 111,500 01 Nov 2023 Class B Common Stock 3,000 $2.04 Direct F1, F3
transaction NET Class B Common Stock Options Exercise $0 +3,000 +3% $0.000000 103,675 01 Nov 2023 Class A Common Stock 3,000 Direct F1
transaction NET Class B Common Stock Conversion of derivative security $0 -3,000 -2.9% $0.000000 100,675 01 Nov 2023 Class A Common Stock 3,000 Direct F1
* 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 29, 2022.
F3 Shares subject to the option are fully vested and immediately exercisable.