Company: NET
Filing Date: 2025-04-21
Form Type: DEF 14A
Source: 0001477333-25-000065
Chunk: 50

Company: Cloudflare, Inc.
Filing Date: 2025-04-21
Form: DEF 14A
Chunk 50
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 she will perform his or her responsibilities to the best of his or her ability and in our best interests.

Historically, we have established the initial base salaries of our named executive officers through arm’s-length negotiation at the time we hire the individual, taking into account his or her position, qualifications, experience, prior salary level, and the base salaries of our other executive officers. Thereafter, the compensation committee reviews the base salaries of our named executive officers as part of its annual compensation review, with input from our Co-Founders (except with respect to their own base salaries), and recommends adjustments to our Board of Directors as it determines to be reasonable and necessary to reflect the scope of an executive officer’s performance, individual contributions and responsibilities, position in the case of a promotion, and market conditions.

In January 2024, the compensation committee and our Board of Directors, including the Co-Founders (except with respect to their own base salaries), reviewed the base salaries of our named executive officers after considering the factors described in “ Compensation-Setting Process – Setting Target Total Direct Compensation ” above. Based on this review, the annual base salaries of Mr. Prince and Ms. Zatlyn were maintained at their 2023 levels and the annual base salaries of Messrs. Seifert and Kramer, which had not been increased since our initial public offering in 2019 and, consequently, lagged the competitive market with respect to target total cash compensation for their positions and no longer reflected their then-current contributions to the Company, were increased as follows:

| Named Executive Officer |     | 2023 Annual Base Salary ($) |         |     | 2024 Annual Base Salary ($) |         |     | Percentage Increase (%) |
| Matthew Prince          |     |                             | 400,000 |     |                             | 400,000 |     |                       — |
| Michelle Zatlyn         |     |                             | 400,000 |     |                             | 400,000 |     |                       — |
| Thomas Seifert          |     |                             | 650,000 |     |                             | 750,000 |     |                    15.4 |
| Douglas Kramer          |     |                             | 550,000 |     |                             | 650,000 |     |                    18.2 |

The base salaries paid to our named executive officers during 2024 are set forth in the “2024 Summary Compensation Table” below. In February 2025, after a holistic review of our Co-Founders