Cloudflare grants 10-year performance stock options to co-founders; stock price targets up to $979

Cloudflare, Inc.

Co-founders Prince (CEO) and Zatlyn (COO) each receive an option for 3.96M shares (1.22% of outstanding).
Options vest upon stock price milestones: first at $156, final at $979 (~616% above $136.81 grant-date close).
Subject to disinterested stockholder approval at 2022 meeting; forfeited if not approved by Dec 22, 2022.
Options expire Dec 21, 2031; exercise price $136.81; 10-year term; eight tranches back-weighted for higher targets.
Compensation Committee set targets based on $120 share price (stock was ~$54 when planning began).

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