Ledbetter Carl 4

What Happened
Carl Ledbetter, a director of Cloudflare, reported an open-market sale of 15,000 shares of Cloudflare common stock on May 5, 2026. The shares were sold at a weighted-average price of $238.12 for total proceeds of $3,571,797. This was a sale (not a purchase) and therefore is generally viewed as routine insider selling rather than a bullish signal.

Key Details

• Transaction date: 2026-05-05 (reported on the same date).
• Quantity and price: 15,000 shares sold; weighted-average price $238.12; prices in the sales ranged from $237.80 to $238.57.
• Proceeds: $3,571,797 (approx.).
• Shares owned after transaction: not disclosed in the Form 4 filing.
• Footnotes: sale executed under a Rule 10b5-1 trading plan adopted Feb 14, 2025; shares are held of record by the Carl S. Ledbetter Trust dated Feb 14, 2020 (Ledbetter is trustee); the filing notes the weighted-average price and offers to provide breakdown of the number of shares sold at each separate price on request.
• Filing timeliness: Period of report and filing date are 2026-05-05, indicating the Form 4 was filed promptly.

Context
Sales executed under pre-established 10b5-1 plans are typically scheduled in advance and can reflect routine liquidity needs or diversification rather than a change in the insider’s view of the company. This report documents a director’s sale; it does not indicate insider acquisition interest.