Director Carl Ledbetter filed a Form 4 with the SEC on September 23, 2026, disclosing the sale of 5,000 shares of Cloudflare, Inc. Class A Common Stock on September 22, 2026, pursuant to a pre-established Rule 10b5-1 trading plan.

Key Highlights

  • Transaction: Carl Ledbetter, a director of Cloudflare, disposed of 5,000 shares of Class A Common Stock on September 22, 2026.
  • Weighted average price: Shares were sold at a weighted average price of $353.1501, with individual transaction prices ranging from $353.00 to $353.60, inclusive.
  • Trading plan: The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 25, 2026.
  • Indirect ownership following transaction: 873,073 shares of Class A Common Stock are held indirectly through the Carl S. Ledbetter Trust dated February 14, 2020, for which Ledbetter serves as trustee.
  • Direct ownership following transaction: 20,441 shares of Class A Common Stock are held directly.
  • Filing checkbox: The filing indicates the transaction was made pursuant to a contract, instruction, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Cloudflare Director Carl Ledbetter Reports Share Sale via Trust Account

According to the Form 4 filed with the SEC on September 23, 2026, Carl Ledbetter, listed as a director of Cloudflare, Inc. (NYSE:NET), disposed of 5,000 shares of Class A Common Stock on September 22, 2026. The filing identifies the sale as indirect, with the shares held of record by the Carl S. Ledbetter Trust dated February 14, 2020, for which the reporting person serves as a trustee.

The filing discloses a weighted average sale price of $353.1501 per share. According to a footnote in the filing, the shares were sold in multiple transactions at prices ranging from $353.00 to $353.60, inclusive. The reporting person has undertaken, as noted in the filing, to provide full information regarding the number of shares sold at each separate price upon request by the issuer, any security holder, or SEC staff.

Following the reported transaction, the filing shows Ledbetter beneficially owns 873,073 shares indirectly through the trust and 20,441 shares directly. The sale was conducted under a Rule 10b5-1 trading plan that the reporting person adopted on February 25, 2026, according to the filing's footnotes. The form was signed by Charlotte Bowe, by power of attorney, on September 23, 2026. No derivative securities transactions were reported in this filing.

What Was Disclosed

The filing reports the September 22, 2026 sale of 5,000 shares of Cloudflare Class A Common Stock by director Carl Ledbetter, held through a trust, at a weighted average price of $353.1501, under a pre-established 10b5-1 trading plan adopted February 25, 2026.