Thomas J. Seifert, Chief Financial Officer of Cloudflare, Inc. (NYSE:NET), filed a Form 4 on September 21, 2026, reporting transactions in Class A and Class B Common Stock dated September 17, 2026.

Key Highlights

  • Option exercise: Seifert exercised an employee stock option to acquire 10,000 shares of Class B Common Stock at an exercise price of $2.04 per share; the option was fully vested and immediately exercisable.
  • Conversion: 10,000 shares of Class B Common Stock were converted into 10,000 shares of Class A Common Stock on a one-to-one basis.
  • Shares sold: A total of 10,000 shares of Class A Common Stock were sold across multiple transactions at prices ranging from $318.90 to $336.51 per share.
  • Rule 10b5-1 plan: All sales were made pursuant to a Rule 10b5-1 trading plan adopted by Seifert on November 20, 2025.
  • Remaining direct ownership: Following the transactions, Seifert directly held 107,902 shares of Class A Common Stock.
  • Indirect holdings: Seifert also holds 92,337 shares of Class A Common Stock indirectly through the 2026 Seifert Grantor Retained Annuity Trust dated May 27, 2026, for which he serves as trustee.

Cloudflare CFO Transaction Details: Option Exercise, Conversion, and Planned Share Sales

According to the filing, Seifert first exercised an employee stock option covering 10,000 shares of Class B Common Stock at an exercise price of $2.04, with those option shares reported as fully vested. The filing notes that each share of Class B Common Stock is convertible into Class A Common Stock on a one-to-one basis at the reporting person's election and has no expiration date. Seifert then converted those 10,000 Class B shares into 10,000 Class A shares, resulting in an intermediate direct holding of 117,902 shares of Class A Common Stock before any sales.

The filing reports that Seifert subsequently sold all 10,000 of those Class A shares through a series of transactions on September 17, 2026, at prices ranging from $318.90 to $336.51 per share. Several of the reported per-share prices are weighted averages across multiple sub-transactions. For example, 2,632 shares were sold at a weighted average price of $333.6171, with individual transaction prices ranging from $333.11 to $334.10. The filing states that full information on shares sold at each separate price within all weighted-average ranges is available upon request to the issuer, any security holder, or SEC staff.

In addition to his direct holdings of 107,902 shares of Class A Common Stock, the filing discloses indirect beneficial ownership. Seifert holds 92,337 shares indirectly via the 2026 Seifert Grantor Retained Annuity Trust, and additional indirect Class B Common Stock positions are reported through Center Court Partners Ltd. and three Center Court 2020 Trusts (Trust 1, Trust 2, and Trust 3, each dated December 11, 2020), with each entity holding 46,100 shares and 150,000 shares for the partnership, all convertible into Class A Common Stock.

What Was Disclosed

The Form 4 filed September 21, 2026, discloses that Cloudflare CFO Thomas J. Seifert exercised options for and converted 10,000 Class B shares, then sold 10,000 Class A shares on September 17, 2026, all under a pre-established Rule 10b5-1 plan adopted November 20, 2025.