Cloudflare (NET) just unveiled an announcement.
Cloudflare, Inc. has introduced a new severance policy for key executives, effective September 13, 2024, ensuring financial stability in the event of certain job terminations. Executives may receive lump-sum payments for base salary and COBRA premiums, with added benefits during a change in control period, including accelerated equity awards and bonuses. The policy includes repayment and clawback provisions in case of termination for cause and avoids tax gross-ups. Executives must agree to a release of claims to qualify for the severance, with the policy set to expire in five years.
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