[Form 4] The Trade Desk, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Jay R. Grant, Chief Legal Officer of The Trade Desk, Inc. (TTD) reported multiple dispositions on 08/15/2025 where shares were withheld to satisfy tax withholding related to partial vesting of restricted stock awards. Specifically, 1,766; 2,652; 2,077; and 2,847 shares were withheld at a price of $52.12 per share, reducing his reported beneficial ownership to 216,480, 213,828, 211,751, and 208,904 shares respectively following each transaction. The filings state each withholding corresponds to awards originally granted in April 2022, 2023, 2024, and 2025. The transactions are routine tax-withholding events tied to vesting of equity compensation and were signed by an attorney-in-fact on behalf of the reporting person.

Insights

Financial Analyst

TL;DR Routine insider share withholdings to cover taxes from vesting; no sale for cash-out signaled.

The Form 4 discloses share withholdings tied to partial vesting of restricted stock awards across four grant years. Each withholding occurred at $52.12 per share and reduced reported beneficial ownership incrementally. These transactions are administrative in nature and do not indicate open-market dispositions or portfolio reallocation. For investors, this is a neutral governance signal reflecting standard equity-compensation mechanics rather than a disposition motivated by liquidity needs.

Corporate Governance Expert

TL;DR Administrative tax-withholding events following scheduled vesting; governance procedures appear followed.

The filing documents withholding elections by the insider to satisfy tax obligations upon vesting of restricted stock awards from 2022–2025. Withholding of shares is a common mechanism that maintains equity alignment while meeting tax duties. The presence of an attorney-in-fact signature indicates the use of authorized agents for filing. There are no indications of irregular governance actions or unusual timing in these disclosures.

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

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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^*

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)
08/15/2025

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	08/15/2025		F		1,766(1)	D	$52.12	216,480	D
Class A Common Stock	08/15/2025		F		2,652(2)	D	$52.12	213,828	D
Class A Common Stock	08/15/2025		F		2,077(3)	D	$52.12	211,751	D
Class A Common Stock	08/15/2025		F		2,847(4)	D	$52.12	208,904	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

Explanation of Responses:

1. The shares were withheld at the election of the Reporting Person to satisfy tax withholding obligations in connection with the partial vesting of a Restricted Stock Award granted April 26, 2022.

2. The shares were withheld at the election of the Reporting Person to satisfy tax withholding obligations in connection with the partial vesting of a Restricted Stock Award granted April 24, 2023.

3. The shares were withheld at the election of the Reporting Person to satisfy tax withholding obligations in connection with the partial vesting of a Restricted Stock Award granted April 23, 2024.

4. The shares were withheld at the election of the Reporting Person to satisfy tax withholding obligations in connection with the partial vesting of a Restricted Stock Award granted April 15, 2025.

Remarks:

	/s/ Kelli Faerber, Attorney-in-Fact for Jay R. Grant	08/19/2025
	** 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

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

The Form 4 reports that shares were withheld on 08/15/2025 to satisfy tax withholding for partial vesting of restricted stock awards: 1,766, 2,652, 2,077, and 2,847 shares.

Why were the shares withheld according to the Form 4?

The shares were withheld at the reporting person's election to satisfy tax withholding obligations in connection with partial vesting of restricted stock awards granted in April 2022, 2023, 2024, and 2025.

At what price were the withheld shares reported on the Form 4?

Each withholding transaction is reported at a price of $52.12 per share.

How did the reported beneficial ownership change after the transactions?

The filing shows resulting beneficial ownership figures of 216,480, 213,828, 211,751, and 208,904 shares following each respective withholding event.

Who signed the Form 4 filing for Jay R. Grant?

The form was signed by Kelli Faerber, Attorney-in-Fact for Jay R. Grant on 08/19/2025.