Company: NET
Filing Date: 2025-04-21
Form Type: DEF 14A
Source: 0001477333-25-000065
Chunk: 54

Company: Cloudflare, Inc.
Filing Date: 2025-04-21
Form: DEF 14A
Chunk 54
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2025, subject to the applicable Co-Founder’s continued service to us through the applicable vesting dates. Each RSU award is subject to the “double trigger” acceleration of vesting provisions applicable to the Co-Founders pursuant to the terms of their participation in our Severance Policy.

The PSU awards to each Co-Founder cover 175,111 shares of our Class A common stock, and, similar to the RSU awards, these awards took into consideration the lack of 2024 annual equity awards granted to the Co-Founders. Each PSU award is comprised of six separate tranches that become eligible to vest only if we achieve certain stock price goals (the Stock Price Goals) at any time within seven years of the February 5, 2025 grant date, with the performance period shortened to end upon a change in control of the company. If none of the Stock Price Goals are achieved, no shares subject to the PSU awards will vest. To satisfy a Stock Price Goal, the volume weighted average closing market price over a rolling 90 calendar day period (following the grant date) must equal or exceed the Stock Price Goal, except that in the event of a change in control of the company, achievement of a Stock Price Goal instead will be measured against the change in control price per share of Class A common stock. Upon satisfaction of a Stock Price Goal, 1/6 of the shares subject to the applicable tranche vests on each of our quarterly dates (our quarterly vesting dates are the fifteenth of February, May, August, and November) occurring on or after the date of certification of achievement of the applicable Stock Price Goal for such tranche, subject to the applicable Co-Founder remaining in service to us through the applicable vesting date. In the event of a change in control of the company, these time-based vesting requirements are waived. The Stock Price Goals and the percentage of total shares subject to the PSU awards included in each tranche are as follows:

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| Tranche Number |     |   |     | Percentage of PSU Award Subject to Tranche (%) |      |     | Number of PSU Award Shares Subject to Tranche (#) |        |     | Stock Price Goal ($) |        |
|                |     | 1 |     |                                                | 12.5 |     |                                                   | 21,888 |     |                      | 156.00 |
|                |     | 2 |     |                                                | 12.5 |