[Form 4] Twilio Inc. Insider Trading Activity

Rhea-AI Filing Summary

VCI Global Limited (Nasdaq: VCIG) filed a Form 6-K announcing two board-level changes effective 7 July 2025.

• Mr. Lee Tze Wee has been appointed as an independent director and will join the Audit, Nominating & Corporate Governance, and Compensation Committees. The Board confirmed that he satisfies Nasdaq and SEC Rule 10-A-3(b)(1) independence criteria.
• Mr. Alex Chua Siong Kiat, previously an independent director, has been re-designated as an executive director. A related press release was furnished as Exhibit 99.1.

Mr. Lee brings 15+ years of senior finance experience, including interim Group CFO of an SGX-listed entity and former CFO of a Malaysia Airlines subsidiary. He is an FCPA (CPA Australia) and Chartered Accountant (Malaysia), fluent in English, Malay and Mandarin.

The filing is incorporated by reference into the company’s active F-3 registration statements (File Nos. 333-282353 & 333-279521).

Positive

• Addition of a highly experienced finance executive improves board financial expertise
• Continued compliance with Nasdaq and SEC independence requirements confirmed

Negative

• Re-designation of a former independent director to executive role reduces independent representation
• No accompanying strategic or financial guidance provided, limiting transparency on potential impact

Insights

Corporate Governance Expert

TL;DR: Board adds seasoned finance professional as independent director but loses one independent seat as Mr. Chua becomes executive; overall governance impact neutral-to-slightly positive.

The addition of Mr. Lee strengthens the Board’s financial acumen and satisfies Nasdaq independence standards, which is beneficial ahead of any future capital-market activity linked to the F-3 shelf. However, re-designating Mr. Chua from independent to executive diminishes the ratio of independent directors and may require further appointments to maintain majority independence, depending on the Board’s size. No financial metrics or strategy changes were disclosed, so the immediate valuation impact is limited.

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^*

Shipchandler Khozema

(Last) (First) (Middle)

101 SPEAR STREET, FIFTH FLOOR

(Street)

SAN FRANCISCO CA 94105

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TWILIO INC [ TWLO ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/03/2025

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	07/03/2025		S(1)		8,993	D	$116.6925(2)	251,588(3)	D
Class A Common Stock	07/03/2025		S(1)		4,568	D	$117.7621(4)	247,020(3)	D
Class A Common Stock	07/03/2025		S(1)		34	D	$118.3344(5)	246,986(3)	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 sales reported were executed under the Reporting Person's 10b5-1 trading plan, dated as of 2/24/2025.

2. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $116.24 to $117.22 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

4. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $117.2727 to $118.27 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

5. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $118.30 to $118.43 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Remarks:

	/s/ Juliana Chen as attorney-in-fact for Reporting Person	07/08/2025
	** 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

Who was appointed as an independent director at VCIG in July 2025?

VCI Global appointed Mr. Lee Tze Wee as an independent director effective 7 July 2025.

What committees will Mr. Lee Tze Wee join at VCI Global?

He will serve on the Audit Committee, Nominating & Corporate Governance Committee, and Compensation Committee.

Did VCIG confirm Mr. Lee’s independence under Nasdaq rules?

Yes. The Board determined he meets Nasdaq listing standards and SEC Rule 10-A-3(b)(1) for independence.

What change occurred with director Alex Chua Siong Kiat?

Mr. Chua was re-designated from independent director to executive director on 7 July 2025.

Does this 6-K affect VCIG’s existing registration statements?

Yes. The report is incorporated by reference into the company’s F-3 registration statements (File Nos. 333-282353 & 333-279521).