[Form 4] Twilio Inc. Insider Trading Activity

Rhea-AI Filing Summary

BlackRock, Inc. has filed Amendment No. 12 to Schedule 13G reporting its beneficial ownership of Polaris Inc. (PII) common stock as of 30 June 2025. The filing reveals that BlackRock holds 6,341,438 shares, equal to 11.3 % of Polaris’ outstanding common shares. The asset manager exercises sole voting power over 6,200,509 shares and sole dispositive power over the full 6,341,438 shares, with no shared voting or dispositive authority. BlackRock classifies itself as a holding company (HC) and affirms that the shares are held in the ordinary course of business, not to influence control of the issuer. Various underlying clients may receive dividends or sale proceeds, yet no single client holds more than 5 % of the class. The document is signed by Managing Director Spencer Fleming on 2 July 2025. By remaining above the 5 % reporting threshold, BlackRock continues to rank as a significant institutional shareholder in Polaris.

Positive

• BlackRock owns 11.3 % of Polaris Inc. common shares (6.34 M shares), indicating substantial ongoing institutional ownership above the 5 % reporting threshold.

Negative

• None.

Insights

Portfolio Manager

TL;DR: BlackRock reports 11.3 % ownership in Polaris; disclosure is routine and signals continued institutional presence rather than a strategic shift.

The filing confirms that BlackRock still controls more than one-tenth of Polaris’ float, with 6.34 million shares under sole discretion. Because the shares are held in the ordinary course and without shared voting arrangements, the amendment does not point to activism or an intent to influence corporate governance. No purchase or sale data is provided, so investors cannot gauge recent trading activity or directional conviction. While high institutional ownership can bolster liquidity and market perception, the disclosure alone is neutral for valuation. I classify the impact as informational but not materially price-moving.

Corporate Governance Analyst

TL;DR: Routine 13G update: BlackRock holds 11.3 % with sole voting rights; no control intentions, governance impact minimal.

From a governance standpoint, Schedule 13G (rather than 13D) indicates passive intent. Sole voting and dispositive powers reside with BlackRock’s internal business units, but there is no stated plan to influence board composition or strategy. The amendment’s purpose is to keep ownership records current after exceeding the 5 % threshold, meeting SEC compliance. Because no governance initiatives or group formations are disclosed, I deem the filing non-impactful for control dynamics or shareholder proposals.

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)
06/30/2025

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	06/30/2025		S		13,008(1)	D	$124.5066(2)	267,581(3)	D
Class A Common Stock	06/30/2025		S(4)		3,175	D	$124.2485(5)	264,406(3)	D
Class A Common Stock	06/30/2025		S(4)		3,825	D	$124.8424(6)	260,581(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. Represents the number of shares sold to cover the statutory tax withholding obligations in connection with the vesting of Restricted Stock Units ("RSUs"). This sale is mandated by the Issuer's election under its equity incentive plans to require the satisfaction of minimum statutory tax withholding obligations to be funded by a "sell-to-cover" transaction and does not represent a discretionary sale by the Reporting Person.

2. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $124.23 to $124.87 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 RSUs. Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

4. The sales reported were executed under the Reporting Person's 10b5-1 trading plan, dated as of 2/24/2025.

5. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $123.66 to $124.65 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.

6. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $124.67 to $125.34 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	07/02/2025
	** 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 percentage of Polaris Inc. (PII) shares does BlackRock own according to the July 2025 Schedule 13G/A?

BlackRock reports beneficial ownership of 11.3 % of Polaris’ outstanding common stock.

How many Polaris shares are beneficially owned by BlackRock?

The filing lists 6,341,438 shares under BlackRock’s beneficial ownership.

Does BlackRock have shared voting power over Polaris shares?

No. BlackRock discloses 0 shared voting power; all 6.2 M voting shares are under sole authority.

Why did BlackRock file Amendment No. 12 to Schedule 13G?

To update its passive ownership disclosure after holding more than 5 % of Polaris stock, as required by SEC rules.

Who signed the Schedule 13G/A on behalf of BlackRock?

The document was signed by Spencer Fleming, Managing Director, on 2 July 2025.

What is BlackRock’s SEC classification in this filing?

BlackRock is classified as a Holding Company (HC) under Item 12 of the Schedule 13G.