THOMAS J. SEIFERT - 18 May 2023 Form 4 Insider Report for Cloudflare, Inc. (NET)

Role
Chief Financial Officer
Signature
/s/ Lindsey Cochran, by power of attorney
Issuer symbol
NET
Transactions as of
18 May 2023
Transactions value $
-$969,214
Form type
4
Filing time
22 May 2023, 18:06:08 UTC
Previous filing
17 May 2023
Next filing
06 Jun 2023
SEC
View on sec.gov

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 +15,000 +5.7% 280,109 18 May 2023 Direct F1
transaction NET Class A Common Stock Sale -$87,487 -1,600 -0.57% $54.68 278,509 18 May 2023 Direct F2, F3
transaction NET Class A Common Stock Sale -$104,017 -1,870 -0.67% $55.62 276,639 18 May 2023 Direct F2, F4
transaction NET Class A Common Stock Sale -$119,983 -2,108 -0.76% $56.92 274,531 18 May 2023 Direct F2, F5
transaction NET Class A Common Stock Sale -$409,121 -7,076 -2.6% $57.82 267,455 18 May 2023 Direct F2, F6
transaction NET Class A Common Stock Sale -$248,604 -4,246 -1.6% $58.55 263,209 18 May 2023 Direct F2, F7

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 Employee Stock Option (right to buy) Options Exercise $0 -15,000 -1.5% $0 985,341 18 May 2023 Class B Common Stock 15,000 $2.04 Direct F1, F8
transaction NET Class B Common Stock Options Exercise $0 +15,000 +168% $0 23,925 18 May 2023 Class A Common Stock 15,000 Direct F1
transaction NET Class B Common Stock Conversion of derivative security $0 -15,000 -63% $0 8,925 18 May 2023 Class A Common Stock 15,000 Direct F1
holding NET Class B Common Stock 250,000 18 May 2023 Class A Common Stock 250,000 See footnote F1, F9
holding NET Class B Common Stock 76,100 18 May 2023 Class A Common Stock 76,100 See footnote F1, F10
holding NET Class B Common Stock 76,100 18 May 2023 Class A Common Stock 76,100 See footnote F1, F11
holding NET Class B Common Stock 76,100 18 May 2023 Class A Common Stock 76,100 See footnote F1, F12
* 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 sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 29, 2022.
F3 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $54.16 to $55.03, 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 (3) through (7) 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 $55.32 to $56.24, inclusive.
F5 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $56.37 to $57.30, inclusive.
F6 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $57.38 to $58.36, inclusive.
F7 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $58.38 to $58.80, inclusive.
F8 The option is subject to an early exercise provision and is immediately exercisable. Shares subject to the option vest in 48 equal monthly installments following September 13, 2019.
F9 The shares are held of record by Center Court Partners Ltd., for which the reporting person serves as a partner.
F10 The shares are held of record by Center Court 2020 Trust 1 UA 12/11/20, for which the reporting person serves as trustee.
F11 The shares are held of record by Center Court 2020 Trust 2 UA 12/11/20, for which the reporting person serves as trustee.
F12 The shares are held of record by Center Court 2020 Trust 3 UA 12/11/20, for which the reporting person serves as trustee.