Trade Desk CLO reports option exercises and 10b5-1 sales totaling 51,290 shares

Rhea-AI Filing Summary

Jay R. Grant, Chief Legal Officer of Trade Desk, Inc. (TTD), reported multiple option exercises and share sales on 08/07/2025. He exercised employee stock options to acquire a total of 30,963 Class A shares at exercise prices of $74.637, $59.57 and $61.46, and then sold shares under a pre-established 10b5-1 trading plan. The sales comprise 5,120, 10,313, 15,530 and 20,327 Class A shares, totaling 51,290 shares, at reported prices around $91.30 (weighted average with reported range to $91.41).

The Form 4 shows the transactions were effected pursuant to a 10b5-1 plan adopted March 11, 2025, and the reporting person’s beneficial ownership in Class A common stock is reported as 218,246 shares (direct) following the transactions.

Positive

• Exercised options to acquire 30,963 Class A shares at stated exercise prices of $74.637, $59.57, and $61.46.
• Transactions performed under a 10b5-1 trading plan, with the plan adoption date disclosed as March 11, 2025, providing procedural transparency.
• Post-transaction beneficial ownership disclosed as 218,246 Class A shares (direct), clarifying insider holdings after trades.

Negative

• Insider sold a total of 51,290 Class A shares on 08/07/2025, which reduces the reporting person’s direct holdings.
• Sales executed at prices around $91.30 (weighted average; range reported up to $91.41), indicating substantial insider liquidity.

Insights

Financial Analyst

TL;DR: Routine option exercises followed by plan-based sales; no company operational data changed.

The filing documents option exercises (30,963 shares) and subsequent sales (51,290 shares) by the Chief Legal Officer, executed under a 10b5-1 plan. Exercises occurred at strike prices of $74.637, $59.57 and $61.46, and sales at an approximate weighted average of $91.30. From a market-impact perspective, these transactions reflect insider liquidity and option monetization rather than new information about Trade Desk’s business performance; the filing discloses changes in beneficial ownership to 218,246 Class A shares (direct) after the trades.

Corporate Governance Expert

TL;DR: Transactions appear consistent with pre-existing 10b5-1 plan and recurring option vesting schedules.

The Form 4 explicitly states the sales were effected pursuant to a 10b5-1 trading plan adopted March 11, 2025, and footnotes detail option grant dates and monthly vesting mechanics for the underlying grants. That transparency around the trading plan and option vesting aligns with standard governance practices; the filing does not disclose any departures from policy or unexplained one-off sales. Impact on governance perception is neutral given the procedural clarity in the disclosure.

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).

X

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^*

GRANT JAY R

(Last) (First) (Middle)

C/O THE TRADE DESK, INC.

42 NORTH CHESTNUT STREET

(Street)

VENTURA CA 93001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Trade Desk, Inc. [ TTD ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/07/2025

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
Class A Common Stock	08/07/2025		M		5,120	A	$74.637	243,693	D
Class A Common Stock	08/07/2025		S(1)		5,120	D	$91.3	238,573	D
Class A Common Stock	08/07/2025		M		10,313	A	$59.57	248,886	D
Class A Common Stock	08/07/2025		S(1)		10,313	D	$91.3	238,573	D
Class A Common Stock	08/07/2025		M		15,530	A	$61.46	254,103	D
Class A Common Stock	08/07/2025		S(1)		15,530	D	$91.3(2)	238,573	D
Class A Common Stock	08/07/2025		S(1)		20,327	D	$91	218,246	D

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
Employee Stock Option (Right to Buy)	$74.637	08/07/2025		M			5,120	(3)	04/28/2031	Class A Common Stock	5,120	$0	0	D
Employee Stock Option (Right to Buy)	$59.57	08/07/2025		M			10,313	(4)	04/26/2032	Class A Common Stock	10,313	$0	17,190	D
Employee Stock Option (Right to Buy)	$61.46	08/07/2025		M			15,530	(5)	04/24/2033	Class A Common Stock	15,530	$0	56,944	D

Explanation of Responses:

1. The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person on March 11, 2025 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $91.30 to $91.41, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

3. The option was granted on April 28,2021, the Vesting Commencement Date ("VCD"). One forty-eighth of the shares subject to the original grant vest on each monthly anniversary thereafter subject to continued employment with the Issuer through the applicable vesting dates.

4. The option was granted on April 26,2022, the VCD. One forty-eighth of the shares subject to the original grant vest on each monthly anniversary thereafter subject to continued employment with the Issuer through the applicable vesting dates.

5. The option was granted on April 24, 2023, the VCD. One forty-eighth of the shares subject to the original grant vest on each monthly anniversary thereafter subject to continued employment with the Issuer through the applicable vesting dates.

Remarks:

	/s/ Kelli Faerber, Attorney-in-Fact for Jay R. Grant	08/11/2025
	** 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.
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FAQ

What transactions did Jay R. Grant report on the Form 4 for TTD?

He exercised employee stock options to acquire 30,963 Class A shares and sold 51,290 Class A shares on 08/07/2025.

Were the sales by Jay R. Grant covered by a 10b5-1 plan?

Yes. The Form 4 states the sales were effected pursuant to a 10b5-1 trading plan adopted on March 11, 2025.

At what prices were the option exercises and sales executed?

Exercise prices: $74.637, $59.57, $61.46. Sales reported at a weighted average of $91.30 with a range up to $91.41.

How many Class A shares does Jay R. Grant beneficially own after the transactions?

218,246 Class A shares (direct) are reported as beneficially owned following the transactions.

What option grant and vesting details are disclosed in the filing?

Footnotes disclose grant dates and monthly vesting: grants dated April 28, 2021; April 26, 2022; and April 24, 2023, each vesting one forty-eighth monthly from the respective vesting commencement dates.