SEIFERT THOMAS J 4

What Happened

• Thomas J. Seifert, Cloudflare's Chief Financial Officer, converted/exercised 10,341 derivative shares on March 17, 2026 and sold those 10,341 shares in open-market transactions for aggregate proceeds of roughly $2.20 million.
• On March 15, 2026, 2,943 shares were withheld to cover tax withholding on vested RSUs, generating about $625,240.
• These actions are disposals (sales/tax-withholding); sales were effected under a Rule 10b5-1 trading plan.

Key Details

• Transaction dates: March 15, 2026 (RSU tax withholding) and March 17, 2026 (conversion/exercise and open-market sales).
• Open-market sales on 3/17: 10,341 shares total for approx. $2,195,442 (weighted-average prices; per-share ranges: $207.32–208.04, $211.02–212.00, $212.03–213.02, $213.03–213.80 across lots).
• Tax-withheld sale on 3/15: 2,943 shares at $212.45 each = $625,240 (withheld to satisfy RSU tax liability).
• Derivative activity: 10,341 derivative shares were converted/exercised (reported at $0 in the filing as is typical for internal conversion mechanics); options/shares were fully vested and immediately exercisable.
• Sales were effected pursuant to a Rule 10b5-1 trading plan (adopted Nov 20, 2025).
• Shares held of record by related entities/trusts noted in the filing (Center Court 2020 Trusts and Center Court Partners Ltd.) for which Seifert serves as trustee/partner.
• Filing date: March 17, 2026 — covering 3/15 and 3/17 transactions; the filing does not indicate a late report.

Context

• This was essentially a cashless exercise/conversion (derivatives converted to shares and then sold immediately), plus routine RSU tax-withholding. Such transactions are commonly for liquidity/tax needs rather than an explicit market sentiment signal.
• The presence of a 10b5-1 plan indicates the sales were pre-planned according to a trading arrangement.