[Form 4] Acco Brands Corporation Insider Trading Activity

Rhea-AI Filing Summary

Form 144 highlights for Twilio Inc. (TWLO):

• An affiliated holder, identified as Khozema Shipchandler, has filed to sell 7,000 common shares through Charles Schwab & Co. on or about 30 June 2025.
• The proposed sale represents a market value of $872,011 versus 152.7 million shares outstanding, or roughly 0.005% of shares outstanding.
• The shares were acquired via equity-compensation restricted-stock lapses on 5 June 2020 (1,956 shares) and 31 Dec 2023 (5,044 shares).
• Recent insider activity: the same seller disposed of 12,056 shares on 31 Mar 2025 for $1.16 million and 14,545 shares on 3 Apr 2025 for $1.33 million.
• No adverse information about Twilio’s operations is disclosed; the filer attests to possessing no non-public material adverse data.

The filing is a compliance notice rather than a corporate action and does not change Twilio’s fundamentals, but sustained insider selling can influence investor sentiment.

Positive

• None.

Negative

• Repeated insider selling totalling over $2.3 million in Q2 2025 could dampen investor sentiment despite limited numerical impact.
• Lack of disclosed 10b5-1 plan date means shareholders cannot confirm that transactions are pre-arranged, potentially raising governance questions.

Insights

Securities Analyst

TL;DR Modest insider sale (7k shares, <0.01% float); limited direct financial impact, but follows two larger sales this quarter.

The proposed $0.87 million sale is immaterial relative to Twilio’s market cap and share count, so it should not alter valuation models. However, cumulative disposals of roughly 34,600 shares in Q2 2025 may raise questions about management’s confidence and could weigh on short-term sentiment, especially given Twilio’s ongoing strategic transition toward profitability. Volume and price levels of these trades align with routine liquidity events tied to equity compensation, so I view the disclosure as neutral from a fundamental standpoint.

Corporate Governance Expert

TL;DR Recurrent insider selling may signal reduced insider alignment, but the size is too small to be considered materially worrisome.

While insiders are entitled to monetize stock awards, governance best practices encourage transparent trading plans to mitigate perception risk. The filer cites no 10b5-1 plan adoption date in the form, leaving investors without assurance that sales are pre-scheduled. Given cumulative Q2 sales exceeding $2.3 million, stakeholders may wish to confirm whether a formal trading plan exists. Nevertheless, because the current sale equals only 0.005% of outstanding shares, I deem the impact low and primarily reputational.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BURTON JOSEPH B

(Last) (First) (Middle)

C/O ACCO BRANDS CORPORATION

(Street)

LAKE ZURICH IL 60047

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ACCO BRANDS Corp [ ACCO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	$0	06/18/2025		A		2,222.2(1)		(2)	(2)	Common Stock	2,222.2	$0	103,850.39	D

Explanation of Responses:

1. Represents Restricted Stock Units (RSUs) acquired pursuant to the dividend equivalent provisions of the Reporting Person's earned and outstanding RSU awards.

2. Restricted Stock Units (RSUs) granted under the Issuer's Incentive Plan. RSUs are immediately vested or vest on the one year anniversary of the grant date, but in either case, have been deferred under the Issuer's Deferred Compensation Plan for Non-Employee Directors. Each RSU represents the right to receive one share of the Issuer's common stock upon the earlier of the date of the reporting person's death or disability, or cessation of service as a member of the Board of Directors.

	/s/ Pamela R. Schneider, Attorney-in-fact for Joseph Burton	06/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Twilio (TWLO) shares are being sold under this Form 144?

The filing covers the proposed sale of 7,000 common shares.

What is the market value of the proposed TWLO share sale?

At the time of filing, the aggregate market value is approximately $872,011.

When is the planned sale date for the 7,000 TWLO shares?

The filer lists an approximate sale date of 30 June 2025.

How significant is this sale relative to Twilio’s total shares outstanding?

The 7,000 shares represent roughly 0.005% of the 152,674,214 shares outstanding.

Has the same insider sold Twilio shares recently?

Yes. The insider sold 12,056 shares on 31 Mar 2025 and 14,545 shares on 3 Apr 2025, generating $2.49 million combined gross proceeds.

Were the shares being sold acquired through open-market purchases or compensation?

All shares were obtained via restricted-stock lapses under equity compensation plans.