Company: NET
Filing Date: 2025-04-21
Form Type: DEF 14A
Source: 0001477333-25-000065
Chunk: 48

Company: Cloudflare, Inc.
Filing Date: 2025-04-21
Form: DEF 14A
Chunk 48
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, the compensation committee, with the assistance of Compensia, reviewed and updated our compensation peer group for use in making decisions and recommendations related to the compensation of our named executive officers for the second half of 2023 and 2024. These updates reflect recent acquisitions, changes in our market capitalization, and recognize our evolving business focus. In evaluating the companies comprising the compensation peer group at that time, Compensia considered the following criteria:

▪ publicly-traded companies headquartered in the United States and traded on a major U.S. stock exchange;

▪ cloud platform software companies (primary focus) and other software companies (secondary focus);

▪ companies with similar revenues – within a range of approximately 0.5x to approximately 3.0x our then-current trailing four quarters revenue of approximately $1.1 billion (approximately $530 million to approximately $3.2 billion);

▪ companies with similar market capitalization – within a range of approximately 0.25x to approximately 4.0x our then-current market capitalization of approximately $21.8 billion (approximately $5.5 billion to approximately $87.4 billion); and

▪ certain other factors, such as whether the company had a security-related focus, high revenue growth, and/or a high market capitalization to revenue multiple.

Based on a review of the analysis prepared by Compensia, in July 2023 the compensation committee approved an updated compensation peer group consisting of the following companies:

| •BILL Holdings        |     | •HubSpot               |     | •Smartsheet     |
| •CrowdStrike Holdings |     | •MongoDB               |     | •Snowflake      |
| •Datadog              |     | •Okta                  |     | •The Trade Desk |
| •DocuSign             |     | •Palantir Technologies |     | •Twilio         |
| •Dynatrace            |     | •Paycom Software       |     | •UiPath         |
| •Elastic N.V.         |     | •Paylocity Holding     |     | •Unity Software |
| •Five9                |     | •Samsara               |     | •Zscaler        |

The compensation committee made changes to our peer group in July 2023, including removing Coupa Software and Qualtrics International because of their acquisitions and RingCentral which no longer fit within the desired comparative criteria and adding BILL Holdings, Paylocity Holding, and Samsara. This