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Transaction #11924 · Form 4 · 0001104659-25-115562

Cloudflare, Inc. · Exercise / conversion · Class B Common Stock

Cloudflare, Inc. · Transacted November 24, 2025 · Filed November 24, 2025

Original SEC filing ↗

What does this filing report?

An SEC Form 4 filing for Cloudflare, Inc. records an exercise / conversion involving Class B 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.

Transaction details

Company CIK
0001477333
Security type
Derivative
Acquisition type
Exercise / conversion · Code M
Quantity acquired
25,641
Reported price
0
Reference value
0
Currency
Currency not specified
Ownership
Direct
Holdings after transaction
25,641
Ownership description
Not reported
SEC acceptance time
Nov 24, 2025, 8:49 PM EST
10b5-1 indication
Indicated in filing

Reference value is reported quantity × reported price. It is not a confirmed cash payment or an estimate of a derivative's economic value. A missing currency is not assumed to be USD.

Reporting owners

These are the reporting owners named in the filing. Quantities and amounts are not allocated among co-reporters. Roles reflect this filing, not a current profile.

Company listings

NET · NYSE

This transaction is not mapped to a specific company listing.

Derivative terms

Underlying security
Class A Common Stock
Underlying quantity
25,641
Conversion / exercise price
Not reported
Exercise date
Not reported
Expiration date
Not reported

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.

This record was updated Eastern Time. This is the stored record update time, not the transaction date. Report a correction.