Ledbetter Carl 4

What Happened

• Carl Ledbetter, a director of Cloudflare (NET), sold a total of 15,000 shares in five open‑market transactions on June 1, 2026, generating total proceeds of $3,690,929 (~$3.69M).
• Breakout of the sales:
  • 2,600 shares at a weighted avg. $243.94 — $634,234 (prices ranged $243.50–$244.40)
  • 4,851 shares at a weighted avg. $245.44 — $1,190,615 (prices ranged $245.02–$246.01)
  • 3,200 shares at a weighted avg. $246.73 — $789,532 (prices ranged $246.075–$246.935)
  • 4,249 shares at a weighted avg. $247.52 — $1,051,717 (prices ranged $247.08–$248.00)
  • 100 shares at $248.31 — $24,831
• These were sales (not purchases); sales can be routine and do not necessarily indicate management sentiment.

Key Details

• Transaction date: June 1, 2026; Form filed June 2, 2026 (timely filing).
• Total shares sold: 15,000; total proceeds: $3,690,929 (~$3.69M).
• Shares held after transaction: Not specified in the information provided on this summary/filing.
• Notable footnotes from the Form 4:
  • Sale effected under a Rule 10b5‑1 trading plan adopted by Ledbetter on Feb 14, 2025.
  • The shares were held of record by the Carl S. Ledbetter Trust (dated Feb 14, 2020); Ledbetter serves as trustee.
  • Reported prices are weighted averages; the filing includes price ranges for each tranche and offers to provide per‑trade detail to the issuer, shareholders, or SEC upon request.

Context

• These were pre‑arranged sales under a 10b5‑1 plan, which typically schedules trades in advance and can indicate routine disposition rather than a reactive decision.
• For retail investors, purchases by insiders are often considered a stronger signal than routine sales; this filing documents disposition of shares rather than an acquisition or exercise.