Matthew Prince - Dec 3, 2025 Form 4 Insider Report for Cloudflare, Inc. (NET)

Signature
/s/ Chad Skinner, by power of attorney
Stock symbol
NET
Transactions as of
Dec 3, 2025
Transactions value $
-$31,801,472
Form type
4
Date filed
12/5/2025, 08:02 PM
Previous filing
Nov 26, 2025

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Prince Matthew CEO & Board Co-Chair, Director C/O CLOUDFLARE, INC., 405 COMAL STREET, AUSTIN /s/ Chad Skinner, by power of attorney 2025-12-05 0001786925

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 +30.2K +136.23% 52.4K Dec 3, 2025 See footnote F1, F2
transaction NET Class A Common Stock Sale -$281K -1.41K -2.7% $198.80 51K Dec 3, 2025 See footnote F2, F3, F4
transaction NET Class A Common Stock Sale -$1.54M -7.71K -15.13% $199.69 43.3K Dec 3, 2025 See footnote F2, F3, F5
transaction NET Class A Common Stock Sale -$1.23M -6.15K -14.22% $200.71 37.1K Dec 3, 2025 See footnote F2, F3, F6
transaction NET Class A Common Stock Sale -$1.2M -5.94K -16.02% $201.73 31.2K Dec 3, 2025 See footnote F2, F3, F7
transaction NET Class A Common Stock Sale -$3.13M -15.4K -49.57% $202.72 15.7K Dec 3, 2025 See footnote F2, F3, F8
transaction NET Class A Common Stock Sale -$2.14M -10.5K -66.83% $203.71 5.21K Dec 3, 2025 See footnote F2, F3, F9
transaction NET Class A Common Stock Sale -$1.07M -5.21K -100% $204.41 0 Dec 3, 2025 See footnote F2, F3, F10
transaction NET Class A Common Stock Conversion of derivative security +52.4K 52.4K Dec 4, 2025 See footnote F1, F2
transaction NET Class A Common Stock Sale -$880K -4.37K -8.34% $201.42 48K Dec 4, 2025 See footnote F2, F3, F11
transaction NET Class A Common Stock Sale -$966K -4.78K -9.96% $202.15 43.2K Dec 4, 2025 See footnote F2, F3, F12
transaction NET Class A Common Stock Sale -$2.33M -11.4K -26.46% $203.34 31.8K Dec 4, 2025 See footnote F2, F3, F13
transaction NET Class A Common Stock Sale -$5.56M -27.3K -85.71% $204.20 4.54K Dec 4, 2025 See footnote F2, F3, F14
transaction NET Class A Common Stock Sale -$932K -4.54K -100% $205.02 0 Dec 4, 2025 See footnote F2, F3, F15
transaction NET Class A Common Stock Conversion of derivative security +52.4K 52.4K Dec 5, 2025 See footnote F1, F2
transaction NET Class A Common Stock Sale -$6.11M -30.5K -58.28% $200.13 21.9K Dec 5, 2025 See footnote F2, F3, F16
transaction NET Class A Common Stock Sale -$657K -3.27K -14.96% $200.99 18.6K Dec 5, 2025 See footnote F2, F3, F17
transaction NET Class A Common Stock Sale -$1.31M -6.49K -34.92% $202.22 12.1K Dec 5, 2025 See footnote F2, F3, F18
transaction NET Class A Common Stock Sale -$1.27M -6.23K -51.52% $203.02 5.86K Dec 5, 2025 See footnote F2, F3, F19
transaction NET Class A Common Stock Sale -$1.16M -5.67K -96.66% $204.11 196 Dec 5, 2025 See footnote F2, F3, F20
transaction NET Class A Common Stock Sale -$40.1K -196 -100% $204.68 0 Dec 5, 2025 See footnote F2, F3, F21
holding NET Class A Common Stock 350K Dec 3, 2025 Direct

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 Class B Common Stock Conversion of derivative security $0 -30.2K -0.57% $0.00 5.3M Dec 3, 2025 Class A Common Stock 30.2K See footnote F1, F2, F22
transaction NET Class B Common Stock Conversion of derivative security $0 -52.4K -0.99% $0.00 5.24M Dec 4, 2025 Class A Common Stock 52.4K See footnote F1, F2
transaction NET Class B Common Stock Conversion of derivative security $0 -52.4K -1% $0.00 5.19M Dec 5, 2025 Class A Common Stock 52.4K See footnote F1, F2
holding NET Class B Common Stock 6.93M Dec 3, 2025 Class A Common Stock 6.93M See footnote F1, F23
holding NET Class B Common Stock 1.06M Dec 3, 2025 Class A Common Stock 1.06M See footnote F1, F24
holding NET Class B Common Stock 2.95M Dec 3, 2025 Class A Common Stock 2.95M See footnote F1, F25, F26
holding NET Class B Common Stock 3.07M Dec 3, 2025 Class A Common Stock 3.07M See footnote F1, F27
holding NET Class B Common Stock 3.1M Dec 3, 2025 Class A Common Stock 3.1M See footnote F1, F28, F29
holding NET Class B Common Stock 2M Dec 3, 2025 Class A Common Stock 2M See footnote F1, F30
holding NET Class B Common Stock 2M Dec 3, 2025 Class A Common Stock 2M See footnote F1, F31
* 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 shares are held of record by The Matthew Prince Revocable Trust dated October 29, 2015 (the "Revocable Trust"), for which the reporting person serves as trustee.
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 11, 2025.
F4 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $198.17 to $199.16, 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 (21) 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 $199.18 to $200.115, inclusive.
F6 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $200.18 to $201.175, inclusive.
F7 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $201.19 to $202.185, inclusive.
F8 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $202.19 to $203.16, inclusive.
F9 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $203.22 to $204.21, inclusive.
F10 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $204.22 to $204.80, inclusive.
F11 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $200.75 to $201.72, inclusive.
F12 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $201.75 to $202.74, inclusive.
F13 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $202.785 to $203.78, inclusive.
F14 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $203.785 to $204.78, inclusive.
F15 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $204.785 to $205.50, inclusive.
F16 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $199.58 to $200.57, inclusive.
F17 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $200.585 to $201.575, inclusive.
F18 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $201.59 to $202.58, inclusive.
F19 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $202.59 to $203.56, inclusive.
F20 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $203.61 to $204.58, inclusive.
F21 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $204.61 to $205.055, inclusive.
F22 Includes 357 shares previously reported as held of record by The Matthew Prince 2023 Grantor Retained Annuity Trust 2 dated August 14, 2023, for which the reporting person serves as co-trustee and investment advisor (the "2023 Annuity Trust 2") and 505 shares previously reported as held of record by The Matthew Prince 2024 Grantor Retained Annuity Trust 2 dated August 20, 2024, for which the reporting person serves as co-trustee and investment advisor (the "2024 Annuity Trust 2") which were re-registered on November 28, 2025 and are now held of record by the Revocable Trust.
F23 The shares are held of record by The Prince Family Nonexempt Irrevocable Trust dated March 29, 2016, for which the reporting person serves as an investment advisor.
F24 The shares are held of record by The Prince Family Exempt Irrevocable Trust dated March 29, 2016, for which the reporting person serves as an investment advisor.
F25 Excludes 357 shares previously reported as held of record by The Prince 2021 Remainder Trust dated September 23, 2021, for which the reporting person serves as an investment advisor (the "2021 Remainder Trust") which were re-registered on November 28, 2025 in the name of the 2023 Annuity Trust 2.
F26 The shares are held of record by 2021 Remainder Trust.
F27 The shares are held of record by The Matthew Prince 2024 Grantor Retained Annuity Trust dated 05/20/2024, for which the reporting person serves as co-trustee and investment advisor.
F28 Excludes 505 shares previously reported as held of record by the 2024 Annuity Trust 2 which were re-registered on November 28, 2025 and are now held of record by the Revocable Trust.
F29 The shares are held of record by the 2024 Annuity Trust 2.
F30 The shares are held of record by The Matthew Prince 2025 Grantor Retained Annuity Trust dated May 10, 2025, for which the reporting person serves as an investment advisor.
F31 The shares are held of record by The Matthew Prince 2025 Grantor Retained Annuity Trust 2 dated August 11, 2025, for which the reporting person serves as co-trustee and investment advisor.