FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * Pelion Ventures V, L.P. 2. Issuer Name and Ticker or Trading Symbol Cloudflare, Inc. [ NET ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)_____ Director                    __X__ 10% Owner
_____ Officer (give title below)    _____ Other (specify below)
(Last)         (First)         (Middle)
2750 E. COTTONWOOD PARKWAY, SUITE 600
3. Date of Earliest Transaction (MM/DD/YYYY)
6/15/2020
(Street)
SALT LAKE CITY, UT 84121
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) ___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock  6/15/2020    C(1)    772287  A  (1) 962700  I  Footnote (2)(3)
Class A Common Stock  6/15/2020    C(1)    196639  A  (1) 244950  I  Footnote (3)(4)
Class A Common Stock  6/15/2020    C(1)    234694  A  (1) 292350  I  Footnote (5)(6)
Class A Common Stock  6/15/2020    S    962700  D $31.1559 (7) 0  I  Footnote (2)(3)
Class A Common Stock  6/15/2020    S    244950  D $31.1559 (7) 0  I  Footnote (3)(4)
Class A Common Stock  6/15/2020    S    292350  D $31.1559 (7) 0  I  Footnote (5)(6)
Class A Common Stock  6/16/2020    C(1)    449260  A  (1) 449260  I  Footnote (2)(3)
Class A Common Stock  6/16/2020    C(1)    114310  A  (1) 114310  I  Footnote (3)(4)
Class A Common Stock  6/16/2020    C(1)    136430  A  (1) 136430  I  Footnote (5)(6)
Class A Common Stock  6/16/2020    S    449260  D $31.1765 (8) 0  I  Footnote (2)(3)
Class A Common Stock  6/16/2020    S    114310  D $31.1765 (8) 0  I  Footnote (3)(4)
Class A Common Stock  6/16/2020    S    136430  D $31.1765 (8) 0  I  Footnote (5)(6)
Class A Common Stock                 1  I  Footnote (9)(10)
Class A Common Stock                 2954546  I  Footnote (11)
Class A Common Stock                 748660  I  Footnote (12)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Class B Common Stock   (1) 6/15/2020    C (1)       772827    (1)  (1) Class A Common Stock  772827  $0.00  2695070  I  Footnote (2)(3)
Class B Common Stock   (1) 6/15/2020    C (1)       196639    (1)  (1) Class A Common Stock  196639  $0.00  685732  I  Footnote (3)(4)
Class B Common Stock   (1) 6/15/2020    C (1)       234694    (1)  (1) Class A Common Stock  234694  $0.00  818430  I  Footnote (5)(6)
Class B Common Stock   (1) 6/16/2020    C (1)       449260    (1)  (1) Class A Common Stock  449260  $0.00  2245810  I  Footnote (2)(3)
Class B Common Stock   (1) 6/16/2020    C (1)       114310    (1)  (1) Class A Common Stock  114310  $0.00  571422  I  Footnote (3)(4)
Class B Common Stock   (1) 6/16/2020    C (1)       136430    (1)  (1) Class A Common Stock  136430  $0.00  682000  I  Footnote (5)(6)
Class B Common Stock   (13)                  (13)  (13) Class A Common Stock  12691450    12691450  I  Footnote (10)(14)
Class B Common Stock   (13)                  (13)  (13) Class A Common Stock  4118790    4118790  I  Footnote (10)(15)
Class B Common Stock   (13)                  (13)  (13) Class A Common Stock  7823644    7823644  I  Footnote (16)(17)
Class B Common Stock   (13)                  (13)  (13) Class A Common Stock  497996    497996  I  Footnote (18)
Class B Common Stock   (13)                  (13)  (13) Class A Common Stock  34051    34051  I  Footnote (19)
Class B Common Stock   (13)                  (13)  (13) Class A Common Stock  622265    622265  I  Footnote (11)

Explanation of Responses:
(1)  Represents conversion of shares of the Issuer's Class B Common Stock into shares of the Issuer's Class A Common Stock on a 1-for-1 basis. The convertibility of the Class B Common Stock has no expiration date.
(2)  The shares are held of record by Pelion Ventures V, L.P. ("PV V").
(3)  Pelion Venture Partners V, L.L.C. ("PVP V") is the General Partner of PV V and PV V-A, but disclaims beneficial ownership of the securities held of record by PV V and PV V-A except to the extent of its pecuniary interest therein. Blake Modersitzki is the Managing Member of PVP V. Mr. Modersitzki exercises voting and dispositive power with respect to the shares held of record by PV V, PV V-A and PVP V, but disclaims beneficial ownership of the securities held by of record by PV V, PV V-A and PVP V except to the extent of his individual pecuniary interest therein.
(4)  The shares are held of record by Pelion Ventures V-A, L.P. ("PV V-A").
(5)  The shares are held of record by Pelion Ventures V Financial Institutions Fund, L.P. ("PV V FIF").
(6)  Pelion Ventures V Financial Institutions GP, L.L.C. ("PV V FIGP") is the General Partner of PV V FIF, but disclaims beneficial ownership of the securities held of record by PV V FIF except to the extent of its pecuniary interest therein. Blake Modersitzki is the Manager Member of PV V FIGP. Mr. Modersitzki exercises voting and dispositive power with respect to the shares held of record by PV V FIF and PV V FIGP, but disclaims beneficial ownership of the securities held of record by PV V FIF and PV V FIGP except to the extent of his individual pecuniary interest therein.
(7)  These sales were executed in multiple trades at prices ranging from $31.00 to $31.73. The price reported above reflects the weighted average sale price. The applicable Reporting Person hereby undertakes to provide full information regarding the number of shares and prices at which these sales were effected, upon request, to the staff of the Securities and Exchange Commission, the Issuer or a security holder of the Issuer.
(8)  These sales were executed in multiple trades at prices ranging from $31.00 to $31.95. The price reported above reflects the weighted average sale price. The applicable Reporting Person hereby undertakes to provide full information regarding the number of shares and prices at which these sales were effected, upon request, to the staff of the Securities and Exchange Commission, the Issuer or a security holder of the Issuer.
(9)  The shares are held of record by UV Partners IV GP, L.L.C. ("UVP IV GP").
(10)  UVP IV GP is the General Partner of UV Partners IV, L.P. ("UVP IV") and UV Partners IV-A, L.P. ("UVP IV-A"), but disclaims beneficial ownership of the securities held of record by UVP IV and UVP IV-A except to the extent of its pecuniary interest therein. Blake Modersitzki is the Managing Member of UVP IV GP. Mr. Modersitzki exercises voting and dispositive power with respect to the shares held of record by UVP IV, UVP IV-A and UVP IV GP, but disclaims beneficial ownership of the securities held by of record by UVP IV, UVP IV-A and UVP IV GP except to the extent of his individual pecuniary interest therein.
(11)  The shares are held of record by Pelion Opportunity Fund I, LLC ("POF I"). Pelion Opportunities Partners I, L.L.C. ("POP I") is the Manager of POF I, and Blake Modersitzki is the Manager Member of POP I. Mr. Modersitzki exercises voting and dispositive power with respect to the shares held of record by POF I, but disclaims beneficial ownership of the securities held by of record by POF I except to the extent of his individual pecuniary interest therein.
(12)  The shares are held of record by Blake G. Modersitzki.
(13)  Each share of Class B Common Stock is convertible at any time into Class A Common Stock on a one-to-one basis at the reporting person's election and has no expiration date
(14)  The shares are held of record by UVP IV.
(15)  The shares are held of record by UVP IV-A.
(16)  The shares are held of record by UV Partners IV Financial Institutions Fund, L.P. ("UVP IV FIF").
(17)  UV Partners IV Financial Institutions GP, L.L.C. ("UVP IV FIGP") is the General Partner of UVP IV FIF, but disclaims beneficial ownership of the securities held of record by UVP IV FIF except to the extent of its pecuniary interest therein. Blake Modersitzki is the Manager Member of UVP IV FIGP. Mr. Modersitzki exercises voting and dispositive power with respect to the shares held of record by UVP IV FIF and UVP IV FIGP, but disclaims beneficial ownership of the securities held of record by UVP IV FIF and UVP IV FIGP except to the extent of his individual pecuniary interest therein.
(18)  The shares are held of record by Pelion Ventures VI, L.P. ("PV VI"). Pelion Venture Partners VI, L.L.C. ("PVP VI") is the General Partner of PV VI, and Blake Modersitzki is the Manager Member of PVP VI. Mr. Modersitzki exercises voting and dispositive power with respect to the shares held of record by PV VI, but disclaims beneficial ownership of the securities held of record by PV VI except to the extent of his individual pecuniary interest therein.
(19)  The shares are held of record by Pelion Ventures VI-A, L.P. ("PV VI-A"). PVP VI is the General Partner of PV VI-A, and Blake Modersitzki is the Manager Member of PVP VI. Mr. Modersitzki exercises voting and dispositive power with respect to the shares held of record by PV VI-A, but disclaims beneficial ownership of the securities held of record by PV VI-A except to the extent of his individual pecuniary interest therein.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Pelion Ventures V, L.P.
2750 E. COTTONWOOD PARKWAY, SUITE 600
SALT LAKE CITY, UT 84121

X

Pelion Ventures V-A, L.P.
2750 E. COTTONWOOD PARKWAY, SUITE 600
SALT LAKE CITY, UT 84121

X

Pelion Ventures V Financial Institutions Fund, L.P.
2750 E. COTTONWOOD PARKWAY, SUITE 600
SALT LAKE CITY, UT 84121

X

Pelion Venture Partners V, L.L.C.
2750 E. COTTONWOOD PARKWAY, SUITE 600
SALT LAKE CITY, UT 84121

X

Pelion Ventures V Financial Institutions GP, L.L.C.
2750 E. COTTONWOOD PARKWAY, SUITE 600
SALT LAKE CITY, UT 84121

X

Modersitzki Blake G
2750 E. COTTONWOOD PARKWAY, SUITE 600
SALT LAKE CITY, UT 84121

X


Signatures
/s/ Blake Modersitzki, Managing Member of the General Partner of Pelion Ventures V, L.P. 6/17/2020
**Signature of Reporting Person Date
/s/ Blake Modersitzki, Managing Member of the General Partner of Pelion Ventures V-A, L.P. 6/17/2020
**Signature of Reporting Person Date
/s/ Blake Modersitzki, Managing Member of the General Partner of Pelion Ventures V Financial Institutions Fund, L.P. 6/17/2020
**Signature of Reporting Person Date
/s/ Blake Modersitzki, Managing Member of Pelion Venture Partners V, L.L.C. 6/17/2020
**Signature of Reporting Person Date
/s/ Blake Modersitzki, Managing Member of Pelion Ventures V Financial Institutions GP, L.L.C. 6/17/2020
**Signature of Reporting Person Date
/s/ Blake Modersitzki 6/17/2020
**Signature of Reporting Person Date
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