Cloudflare, Inc. · Conversion · Class A Common Stock

What does this filing report?

An SEC Form 4 filing for Cloudflare, Inc. records a conversion involving Class A Common Stock on November 24, 2025. The reported quantity was 25,641. The filing date is November 24, 2025. This is one transaction record; amounts are not allocated among any joint reporting owners.

The acquisition category describes how securities were received. It does not by itself establish a cash purchase of common stock. Read the transaction code definitionsand the original filing before interpreting the amounts.

Filing footnotes & remarks

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 shares are held of record by The Sutherland/Zatlyn Revocable Trust dated November 17, 2016, for which the reporting person serves as co-trustee (the "Revocable Trust").

F3

The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 14, 2025.

F4

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $189.935 to $190.79, 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 (4) through (23) to this Form 4.

F5

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $190.975 to $191.97, inclusive.

F6

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $191.99 to $192.96, inclusive.

F7

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $193.01 to $194.00, inclusive.

F8

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $194.03 to $194.93, inclusive.

F9

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $195.16 to $196.09, inclusive.

F10

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $196.21 to $196.91, inclusive.

F11

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $197.375 to $198.20, inclusive.

F12

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $198.385 to $199.38, inclusive.

F13

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $199.41 to $200.345, inclusive.

F14

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $200.47 to $201.45, inclusive.

F15

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $201.47 to $202.41, inclusive.

F16

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $202.47 to $202.94, inclusive.

F17

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $185.70 to $186.69, inclusive.

F18

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $186.72 to $187.70, inclusive.

F19

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $187.91 to $188.90, inclusive.

F20

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $188.91 to $189.83, inclusive.

F21

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $187.98 to $188.93, inclusive.

F22

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $188.99 to $189.98, inclusive.

F23

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $189.995 to $190.47, inclusive.

F24

The shares are held of record by The SZ 2021 Irrevocable Trust dated November 6, 2021, for which the reporting person serves as the appointer (the "2021 Irrevocable Trust").

F25

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

F26

Upon the conversion of the shares of Class B Common Stock to Class A Common Stock, the shares were re-registered and are now held of record by the Revocable Trust.

F27

Includes 45,012 shares previously reported as held directly by The Sutherland/Zatlyn 2023 Annuity Trust II dated August 29, 2023, for which the reporting person serves as co-trustee (the "2023 Annuity Trust II") and 209,341 shares previously reported as held directly by The Sutherland/Zatlyn 2024 Annuity Trust III dated November 12, 2024, for which the reporting person serves as co-trustee (the "2024 Annuity Trust III"), which were re-registered on November 17, 2025 and are now held of record by the Revocable Trust.

F28

Excludes 250,000 shares previously reported as held directly by the Revocable Trust which were re-registered on November 17, 2025 and are now held of record by The Sutherland/Zatlyn 2025 Annuity Trust III dated November 11, 2025, for which the reporting person serves as trustee (the "2025 Annuity Trust III").

F29

The shares are held of record by The SZ 2020 Irrevocable Trust dated November 25, 2020, for which the reporting person serves as an investment advisor.

F30

Includes 113,137 shares previously reported as held directly by the 2023 Annuity Trust II which were re-registered on November 17, 2025 and are now held of record by the 2021 Irrevocable Trust.

F31

The shares are held of record by the 2021 Irrevocable Trust.

F32

Consists of 4,819 shares previously reported as held directly by 2023 Annuity Trust II which were re-registered on November 17, 2025 and are now held of record by The SZ 2023 Irrevocable Trust dated August 29, 2023, for which the reporting person serves as a co-trustee (the "2023 Irrevocable Trust").

F33

The shares are held of record by the 2023 Irrevocable Trust.

F34

Excludes 162,968 shares previously reported as held directly by the 2023 Annuity Trust II which were re-registered on November 17, 2025 as follows: (i) 45,012 shares are now held of record by the Revocable Trust; (ii) 4,819 shares are now held of record by the 2023 Irrevocable Trust and (iii) 113,137 shares now held of record by the 2021 Irrevocable Trust.

F35

The shares are held of record by 2023 Annuity Trust II.

F36

The shares are held of record by The Sutherland/Zatlyn 2024 Annuity Trust dated May 29, 2024, for which the reporting person serves as co-trustee.

F37

The shares are held of record by The Sutherland/Zatlyn 2024 Annuity Trust II dated August 19, 2024, for which the reporting person serves as co-trustee.

F38

Excludes 209,341 shares previously reported as held directly by the 2024 Annuity Trust III, which were re-registered on November 17, 2025 and are now held of record by the Revocable Trust.

F39

The shares are held of record by the 2024 Annuity Trust III.

F40

The shares are held of record by The Sutherland/Zatlyn 2025 Annuity Trust dated May 23, 2025, for which the reporting person serves as trustee.

F41

The shares are held of record by The Sutherland/Zatlyn 2025 Annuity Trust II dated August 15, 2025, for which the reporting person serves as trustee.

F42

Consists of 250,000 shares previously reported as held directly by the Revocable Trust which were re-registered on November 17, 2025 and are now held of record by the 2025 Annuity Trust III.

F43

The shares are held of record by the 2025 Annuity Trust III.

Footnotes are reproduced as plain text from the current source filing. For the full context, read the original SEC filing.