Company: NET
Filing Date: 2025-04-21
Form Type: DEF 14A
Source: 0001477333-25-000065
Chunk: 53

Company: Cloudflare, Inc.
Filing Date: 2025-04-21
Form: DEF 14A
Chunk 53
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 fair value, of the RSU awards. For information regarding the aggregate grant date fair value of the RSU awards, including how the aggregate grant date fair value was calculated, see footnote 1 to the " 2024 Summary Compensation Table " below.

The RSU awards granted to Messrs. Seifert and Kramer vest in eight equal quarterly installments over a two-year period, with the first vesting date on May 15, 2024, subject to Messrs. Seifert’s and Kramer’s continued service to us through the applicable vesting dates. Each award is subject to the “double trigger” acceleration of vesting provisions applicable to the named executive officers pursuant to the terms of their participation in our Severance Policy (which replaced our Change in Control and Severance Policy (the 2019 Severance Policy) that sunset in September 2024). Each unit represents a right to receive one share of our Class A common stock for each unit that vests.

The equity awards granted to our named executive officers during 2024 are set forth in the “ 2024 Summary Compensation Table ” and the “ 2024 Grants of Plan-Based Awards Table ” below.

2024 and 2025 Equity Awards for our Co-Founders

Our Co-Founders did not receive any equity awards in 2024 as the exploration of the appropriate compensation structure for each of them was not yet complete. This exploration continued into early 2025. The compensation committee worked with Compensia to determine the appropriate structure and size of the potential equity awards, taking into account that the Co-Founders had last received an annual equity award in April 2023, as well as Ms. Zatlyn’s assumption of the title and responsibilities of Co-Chair of our Board of Directors. After significant consideration, the compensation committee recommended to our Board of Directors that our Co-Founders be granted a combination of RSU and PSU awards and, in February 2025, our Board of Directors granted the recommended awards to our Co-Founders.

The RSU awards to our Co-Founders covered 259,672 shares of our Class A common stock to each of our Co-Founders, with the size of these awards reflecting that the Co-Founders had not received annual equity awards in 2024 because the compensation committee had not concluded its assessment of appropriate award structures until 2025. Each RSU award vests over five years in quarterly installments, with the first vesting date on May 15,