Cloudflare, Inc. — Director's Dealing 2026

Feb 25, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Cloudflare, Inc. (NET)
CIK: 0001477333
Period of Report: 2026-02-20

Reporting Person: SEIFERT THOMAS J (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-02-20	Class A Common Stock	C	10000	—	Acquired	127009	Direct
2026-02-20	Class A Common Stock	S	8279	$177.1821	Disposed	118730	Direct
2026-02-20	Class A Common Stock	S	4700	$178.5281	Disposed	114030	Direct
2026-02-20	Class A Common Stock	S	2400	$179.5146	Disposed	111630	Direct
2026-02-20	Class A Common Stock	S	1900	$180.6797	Disposed	109730	Direct
2026-02-20	Class A Common Stock	S	1500	$181.816	Disposed	108230	Direct
2026-02-20	Class A Common Stock	S	1300	$182.5272	Disposed	106930	Direct
2026-02-20	Class A Common Stock	S	1000	$183.7783	Disposed	105930	Direct
2026-02-20	Class A Common Stock	S	700	$185.0912	Disposed	105230	Direct
2026-02-20	Class A Common Stock	S	500	$186.0968	Disposed	104730	Direct
2026-02-20	Class A Common Stock	S	200	$187.385	Disposed	104530	Direct
2026-02-20	Class A Common Stock	S	300	$188.7733	Disposed	104230	Direct
2026-02-20	Class A Common Stock	S	2613	$190.3487	Disposed	101617	Direct
2026-02-20	Class A Common Stock	S	8133	$191.128	Disposed	93484	Direct
2026-02-20	Class A Common Stock	S	4771	$192.1801	Disposed	88713	Direct
2026-02-20	Class A Common Stock	S	2766	$193.1234	Disposed	85947	Direct
2026-02-20	Class A Common Stock	S	395	$194.0468	Disposed	85552	Direct
2026-02-20	Class A Common Stock	S	100	$195.19	Disposed	85452	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-02-20	Employee Stock Option (right to buy)	$2.04	M	10000	Disposed	2027-07-25	Class B Common Stock (10000)	Direct
2026-02-20	Class B Common Stock	$	M	10000	Acquired		Class A Common Stock (10000)	Direct
2026-02-20	Class B Common Stock	$	C	10000	Disposed		Class A Common Stock (10000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Class B Common Stock	$		Class A Common Stock (150000)	150000	Indirect
Class B Common Stock	$		Class A Common Stock (46100)	46100	Indirect
Class B Common Stock	$		Class A Common Stock (46100)	46100	Indirect
Class B Common Stock	$		Class A Common Stock (46100)	46100	Indirect

Footnotes

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 $176.93 to $177.88, inclusive. The reporting person undertakes to provide 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 (18) 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 $178.01 to $178.99, inclusive.

F5: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $179.07 to $179.98, inclusive.

F6: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $180.17 to $181.12, inclusive.

F7: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $181.22 to $182.19, inclusive.

F8: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $182.23 to $182.88, inclusive.

F9: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $183.27 to $184.05, inclusive.

F10: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $184.67 to $185.48, inclusive.

F11: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $185.82 to $186.64, inclusive.

F12: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $187.33 to $187.44, inclusive.

F13: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $188.49 to $188.99, inclusive.

F14: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $189.67 to $190.66, inclusive.

F15: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $190.67 to $191.66, inclusive.

F16: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $191.70 to $192.69, inclusive.

F17: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $192.70 to $193.69, inclusive.

F18: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $193.71 to $194.33, inclusive.

F19: Shares subject to the option are fully vested and immediately exercisable.

F20: The shares are held of record by Center Court Partners Ltd., for which the reporting person serves as a partner.

F21: The shares are held of record by Center Court 2020 Trust 1 UA 12/11/20, for which the reporting person serves as trustee.

F22: The shares are held of record by Center Court 2020 Trust 2 UA 12/11/20, for which the reporting person serves as trustee.

F23: The shares are held of record by Center Court 2020 Trust 3 UA 12/11/20, for which the reporting person serves as trustee.