Ledbetter Carl 4

4 · Cloudflare, Inc. · Filed Jan 28, 2026

AI-generated summary of this filing

Updated Jan 29, 2026

Cloudflare (NET) Director Carl Ledbetter Sells Shares

What Happened

Carl Ledbetter, a director of Cloudflare (NET), sold a total of 15,000 shares in open-market transactions on January 27, 2026, generating approximately $3.17 million in proceeds. The sales were in three blocks: 6,904 shares at about $210.07 ($1.45M), 5,306 shares at about $211.72 ($1.12M), and 2,790 shares at about $212.80 (~$593.7K). These transactions are reported as sales (code S).

Key Details

Transaction date: January 27, 2026 (reported on Form 4 filed Jan 28, 2026) — filing appears timely.
Prices: reported weighted-average prices ~ $210.07, $211.72, and $212.80. Footnotes state these were executed in multiple trades with price ranges of ~$210.07–$210.745, ~$211.2975–$211.73, and ~$212.78–$212.80 respectively; full per-price breakdown is available on request per the filing.
Total shares sold: 15,000; total proceeds: ~$3,167,415.
Shares held after transaction: not stated in the excerpt provided (not included here).
Notable footnotes: sales effected pursuant to a Rule 10b5‑1 trading plan adopted Feb 14, 2025 (pre‑arranged trades). Shares of record are held by the Carl S. Ledbetter Trust dated Feb 14, 2020, for which Ledbetter is trustee.
Transaction type: open-market/private sale (reported as S).

Context

These were planned sales under a Rule 10b5‑1 plan, which indicates the trades were pre-scheduled rather than necessarily reflecting new, real-time views on the company. Sales are common for liquidity or diversification; purchases tend to be more directly interpreted as bullish by investors.

Form 4

Period: 2026-01-27

Director

Transactions

Sale
Class A Common Stock
[F1][F2][F3]
2026-01-27$210.07/sh−6,904$1,450,334→ 961,169 total(indirect: See footnote)
Sale
Class A Common Stock
[F1][F4][F3]
2026-01-27$211.72/sh−5,306$1,123,379→ 955,863 total(indirect: See footnote)
Sale
Class A Common Stock
[F1][F5][F3]
2026-01-27$212.80/sh−2,790$593,702→ 953,073 total(indirect: See footnote)

Footnotes (5)

[F1]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.
[F2]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $210.07 to $210.745, inclusive. The reporting person undertakes to provide 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 (2) and (4) through (5) to this Form 4.
[F3]The shares are held of record by the Carl S. Ledbetter Trust dated February 14, 2020, for which the reporting person serves as a trustee.
[F4]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $211.2975 to $211.73, inclusive.
[F5]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $212.78 to $212.80, inclusive.

Signature

/s/ Chad Skinner, by power of attorney|2026-01-28

1 file