---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-21-367029"
form_type: "8-K"
ticker: "NET"
cik: "0001477333"
company_name: "Cloudflare, Inc."
filed_at: "2021-12-27T23:59:59+00:00"
generated_at: "2026-06-27T22:18:14.006974+00:00"
event_type: "other"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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).

## SEC filing metadata
- accession: 0001193125-21-367029
- form_type: 8-K
- ticker: NET
- cik: 0001477333
- company_name: Cloudflare, Inc.
- filed_at: 2021-12-27T23:59:59+00:00
- event_type: other
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1477333/000119312521367029/0001193125-21-367029-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1477333/000119312521367029/d239536d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-21-367029
- JSON: https://secwatch.observer/filing/0001193125-21-367029.json
- Plain text: https://secwatch.observer/filing/0001193125-21-367029.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.