Cloudflare approves 2024 key executive change in control, severance policy

In a regulatory filing last night, Cloudflare disclosed that on July 17, the board of directors of the company adopted and approved the 2024 Key Executive Change in Control and Severance Policy, under which certain U.S. employees who are part of a select group of management or highly compensated employees may be designated as eligible to participate in the Policy and become eligible to receive certain severance payments and benefits in connection with certain qualifying terminations, which payments and benefits applicable to the participant are set forth in a participation agreement provided by the company. “The Company’s named executive officers have been designated by the Board as eligible to participate in the Policy at the benefit levels described below, which are substantially the same payments and benefits, and on substantially the same terms and conditions, as our named executive officers are eligible to receive under the Company’s current Change in Control and Severance Policy. The Policy will become effective on September 13, 2024, which is the day after the Expiring Policy expires by its terms,” the filing noted. Cloudflare shares ar up 3% to $81.28 in early trading.