Cloudflare CFO Cashes Out Hundreds of Millions in RSUs and Options Amid Executive Share Transactions

On March 5, Riley Jenal, Chief Accounting Officer of Cloudflare, Inc. (NYSE: NET), exercised performance‐based stock options to acquire Class A common shares and then sold all of them at approximately $190 per share under a pre‐established Rule 10b5-1 trading plan, cashing out about $4.4 million (roughly ₩7 billion).

On February 6, Chief Financial Officer Thomas J. Zeifert was granted 140,000 restricted stock units—equivalent to about $30.1 million at current share prices and valued in the high ₩40 billion range.

Then, on March 15 and 17, following the vesting of those restricted stock units, tax withholding took place alongside option exercises and share conversions, after which he sold roughly $2.2 million worth of shares under the same 10b5-1 plan. Post‐tax, he continues to hold about 220,000 Class A common shares.

In its fourth-quarter 2025 earnings released in February, the company projected 2026 revenue to grow about 29% to $2.79 billion, emphasizing AI infrastructure and its agent platform as core growth pillars. On those expectations, the stock price jumped by double digits immediately after the announcement.

On February 20, however, the withdrawal of internet routes from some Bring Your Own IP (BYOIP) customers caused service interruptions lasting several hours, underscoring reliability risks for the major internet infrastructure provider.

Headquartered in San Francisco, Cloudflare is a cloud and internet infrastructure company offering services such as content delivery network (CDN), DDoS protection, DNS, zero-trust security, and edge computing to enhance web performance and security worldwide. The company is listed on the New York Stock Exchange under the ticker NET.

Founded in 2009 and going public in 2019, Cloudflare operates a network that handles tens of percent of global web traffic under the slogan “Building a better Internet,” and has recently bolstered its growth momentum by rolling out new features targeting AI traffic and agent environments.