Ledbetter Carl 4

What Happened
Carl Ledbetter, a director of Cloudflare (NET), reported the sale of 15,000 shares on March 18, 2026 at $227.05 per share, generating proceeds of $3,405,750. The transaction is a sale (not a purchase) and was executed pursuant to a pre-established Rule 10b5‑1 trading plan.

Key Details

• Transaction date and price: March 18, 2026 — 15,000 shares sold at $227.05 each.
• Total proceeds: $3,405,750.
• Shares owned after transaction: Not reported in this Form 4.
• Footnotes of note:
  • F1: Sale was effected under a Rule 10b5‑1 trading plan adopted February 14, 2025.
  • F2: Shares are held of record by the Carl S. Ledbetter Trust dated February 14, 2020, for which Mr. Ledbetter is trustee (the sale likely involved trust-held shares).
• Filing timeliness: Form 4 filed March 20, 2026; no indication of a late filing.

Context: This was a sale, which is often a routine liquidity event—especially when done under a pre-established 10b5‑1 plan or from a trust. Such filings are factual records of insider activity; the 10b5‑1 plan means the trade was scheduled in advance and should not be taken by itself as a directional signal about the insider’s view of the company.