Matthew Prince - 15 Nov 2025 Form 4 Insider Report for Cloudflare, Inc. (NET)

Reporting relationship: CEO & Board Co-Chair, Director, 10%+ Owner
Issuer ticker: NET
Reported as of: 15 Nov 2025
Net transaction value: -$3,647,803
SEC form: 4
Accepted by SEC: 18 Nov 2025, 17:50:36 UTC
Prior SEC filing: 16 Oct 2025
Next SEC filing: 19 Nov 2025
Source filing: View source filing
Reporting owner signature: /s/ Lindsey Cochran, by power of attorney

Key filing fact

Matthew Prince filed Form 4 for Cloudflare, Inc. (NET) on 18 Nov 2025.

Key facts

This page summarizes Matthew Prince's Form 4 filing for Cloudflare, Inc. (NET).
3 reported transactions and 1 derivative row are listed below.
Accepted by SEC: 18 Nov 2025, 17:50.

Change

Previous filing in this sequence was filed on 16 Oct 2025.
Current net transaction value: -$3,647,803.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0001786925 Primary reporting owner

Prince Matthew

Relationship: CEO & Board Co-Chair, Director, 10%+ Owner
Address: C/O CLOUDFLARE, INC.,, 405 COMAL STREET, AUSTIN
Signature: /s/ Lindsey Cochran, by power of attorney
Signature date: 18 Nov 2025

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

NET transaction

Class A Common Stock

Options Exercise

Transaction value
Shares: +21,889
Change %: +6%
Price
Shares after: 389,140
Date: 15 Nov 2025
Ownership: Direct
Footnotes: F1, F2

NET transaction

Class A Common Stock

Tax liability

Transaction value: $3,647,803
Shares: -17,321
Change %: -4.7%
Price: $210.60
Shares after: 349,644
Date: 15 Nov 2025
Ownership: Direct
Footnotes: F3, F4

NET holding

Class A Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 22,175
Date: 15 Nov 2025
Ownership: See footnote
Footnotes: F5

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

NET transaction Derivative

Performance Stock Units

Options Exercise

Transaction value: $0
Shares: -21,889
Change %: -14%
Price: $0.000000
Shares after: 131,334
Date: 15 Nov 2025
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 21,889
Exercise price
Footnotes: F2, F6, F7

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 7 footnotes

Footnote F1

The reported shares are represented by performance-based restricted stock units ("PSUs") for which the performance metric has been met and which vest in six equal quarterly installments beginning on November 15, 2025.

Footnote F2

Each PSU represents a contingent right to receive one share of Issuer Class A common stock.

Footnote F3

The shares were withheld to satisfy the reporting person's tax liability in connection with the vesting of PSUs or restricted stock units ("RSUs"), as applicable.

Footnote F4

The 22,175 shares issuable upon vesting and settlement of the PSUs and RSUs were re-registered and are now held directly by The Matthew Prince Revocable Trust dated October 29, 2015, for which the reporting person serves as trustee (the "Revocable Trust").

Footnote F5

The shares are held of record by the Revocable Trust.

Footnote F6

The PSUs are comprised of six separate tranches that become eligible to vest upon achievement of certain stock price targets ranging from $156.00 to $579.00 (the "Stock Price Goals") at any time within seven years of February 5, 2025, with the performance period shortened to end upon a change in control of the Issuer. Upon satisfaction of the $203.00 Stock Price Goal and following the date of certification of achievement of the $203.00 Stock Price Goal, 21,889 PSUs became eligible to vest in six quarterly installments beginning on November 15, 2025. The remaining four separate tranches of the PSU award become eligible to vest upon achievement of certain stock price targets ranging from $263.00 to $579.00.

Footnote F7

Upon satisfaction of a Stock Price Goal, 1/6 of the shares subject to the applicable tranche vest and become exercisable on each Issuer quarterly vesting date (2/15, 5/15, 8/15 or 11/15) occurring on or after the date of certification of achievement of the applicable Stock Price Goal for such tranche. In addition, the PSUs are subject to the reporting person's continued status as a Service Provider through each vesting date. The time-based vesting requirements are waived upon a change in control of the Issuer.