Company: NET
Filing Date: 2025-04-21
Form Type: DEF 14A
Source: 0001477333-25-000065
Chunk: 42

Company: Cloudflare, Inc.
Filing Date: 2025-04-21
Form: DEF 14A
Chunk 42
---
 did not have a cash bonus program in 2024 for our named executive officers and historically have not maintained an annual cash bonus program for our named executive officers.

• Long-Term Incentive Compensation for Messrs. Seifert and Kramer – In January 2024, we granted to Messrs. Seifert and Kramer long-term incentive compensation opportunities in the form of restricted stock unit (RSU) awards under the 2019 Plan that vest over two years and cover 122,970 and 61,485 shares of our Class A common stock, respectively.

• Long-Term Incentive Compensation for Co-Founders – Mr. Prince and Ms. Zatlyn did not receive any equity awards in 2024 as the compensation committee’s exploration of the appropriate compensation structure for each of them was not yet complete. In February 2025, we granted Mr. Prince and Ms. Zatlyn long-term incentive awards in the form of RSU awards and performance-based RSU (PSU) awards under the 2019 Plan. The size of these awards reflected that, due to the compensation committee devoting time to determine the appropriate award design, the Co-Founders had not received annual equity awards in 2024 and, in the case of Ms. Zatlyn, also factored in Ms. Zatlyn’s assumption of the title and responsibilities of Co-Chair of our Board of Directors.

• 2024 Severance Policy – In July 2024, we adopted the Cloudflare, Inc. 2024 Key Executive Change in Control and Severance Policy (the Severance Policy), which is discussed in more detail in “ Employment Agreements and Post-Employment Compensation ” below. The Severance Policy became effective on September 13, 2024, which is the day after our then-current severance policy expired by its terms.

Pay-for-Performance

We believe our executive compensation program is reasonable and competitive, and appropriately balances the goals of attracting, motivating, rewarding, and retaining our named executive officers with the goal of aligning their interests with those of our stockholders. The annual compensation of our named executive officers typically varies from year to year in a manner that is consistent with our “pay-for-performance” philosophy. Specifically, our executive compensation program emphasizes “variable” pay in the form of equity awards over “fixed” pay in the form of base salary.

<div align='center'>28</div>

Executive Compensation Policies and Practices

We endeavor to maintain sound governance standards consistent with