Cloudflare's Chief Legal Officer Receives Large RSU Grant; Director Sells Some Shares

On April 29, Cloudflare, Inc. (NYSE: NET) Chief Legal Officer Alisa Michelle Starzach received a new grant of 63,305 restricted stock units (RSUs) of Class A common stock. Once the quarterly vesting period begins, her direct holdings will increase to 128,302 shares. The RSU grant is valued at approximately $13 million (about KRW 180 billion).

Separately, director Carl Ledbetter sold roughly 20,000 shares on May 1 and May 5 under a prearranged Rule 10b5-1 trading plan, raising about $4.6 million (around KRW 6 billion) in cash. After these sales, he still holds some 927,000 shares—combining trust-held and directly held stock—worth about $225.4 million (roughly KRW 300 billion) at current market prices.

In its Q1 2026 earnings release on May 7, Cloudflare reported record quarterly revenue of $639.8 million (about KRW 860 billion), a 34% year-over-year increase. At the same time, the company announced plans to cut approximately 1,100 employees—about 20% of its global workforce—to pivot toward an AI-centric operating model, and issued relatively conservative guidance for the next quarter. The news triggered a roughly 15–20% drop in the share price immediately afterward (TechCrunch).

Headquartered in San Francisco, California, Cloudflare is an internet security and content delivery network provider that went public on the NYSE in 2019. It delivers cloud-based infrastructure services—such as DDoS protection and traffic acceleration—to websites worldwide (Wikipedia).

Carl Ledbetter has served as an independent director on Cloudflare’s board since 2009. He chairs the Compensation Committee and sits on the Audit Committee. Drawing on his experience at venture capital firm Pelion Venture Partners, he plays an influential role in the company’s governance and compensation policies (TheOrg.com).