Twilio (TWLO) director’s trust sells 2,000 shares under 10b5-1 plan

Q: What did Twilio (TWLO) director Erika Rottenberg report in this Form 4?

Erika Rottenberg reported that her revocable trust sold 2,000 Twilio Class A shares in an open-market transaction at a weighted average price of $199.0075 per share, leaving the trust with 30,995 shares after the sale.

Q: How many Twilio (TWLO) shares did the trust sell and at what price?

The trust sold 2,000 shares of Twilio Class A common stock at a weighted average price of $199.0075 per share. The filing notes multiple trades occurred within a price range of $199.00 to $199.075 per share.

Q: Who actually holds the Twilio (TWLO) shares reported in this Form 4?

The shares are held by The Erika Rottenberg Revocable Trust , as disclosed in the footnotes. The Form 4 lists Erika Rottenberg as the reporting person, with ownership characterized as indirect, held "By Trust" rather than directly in her own name.

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Twilio Inc. director Erika Rottenberg, through The Erika Rottenberg Revocable Trust, completed an open-market sale of 2,000 shares of Class A common stock at a weighted average price of $199.0075 per share. The transaction was executed under a Rule 10b5-1 trading plan dated December 10, 2025. Following this sale, the trust holds 30,995 shares of Twilio Class A common stock.

Insider Trade Summary 10b5-1

Net Seller: 2,000 shares ($398,015)

Net Sell 1 txn

Insider ROTTENBERG ERIKA

Role null

Sold 2,000 shs ($398K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	2,000	$199.0075	$398K

Holdings After Transaction: Class A Common Stock — 30,995 shares (Indirect, By Trust)

Footnotes (1)

The sales reported were executed under the Reporting Person's 10b5-1 trading plan, dated as of 12/10/2025. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $199.00 to $199.075 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. Shares are held by The Erika Rottenberg Revocable Trust.

Key Figures

Shares sold: 2,000 shares Weighted average sale price: $199.0075 per share Shares held after sale: 30,995 shares +2 more

5 metrics

Shares sold 2,000 shares Class A Common Stock sold in open-market transaction on June 1, 2026

Weighted average sale price $199.0075 per share Average price across multiple trades ranging from $199.00 to $199.075

Shares held after sale 30,995 shares Indirect holdings by The Erika Rottenberg Revocable Trust following the transaction

Transaction type Open-market sale (Code S) Non-derivative Class A Common Stock transaction reported on Form 4

Trading plan date December 10, 2025 Date of the Rule 10b5-1 trading plan governing the reported sales

Key Terms

Rule 10b5-1 trading plan, weighted average price, open-market sale, Revocable Trust

4 terms

Rule 10b5-1 trading plan regulatory

"The sales reported were executed under the Reporting Person's 10b5-1 trading plan, dated as of 12/10/2025."

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted average price financial

"The reported price in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

open-market sale financial

"transaction_action: open-market sale"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Revocable Trust financial

"Shares are held by The Erika Rottenberg Revocable Trust."

A revocable trust is a legal arrangement where the person who creates it keeps control and can change or cancel the trust at any time, while naming who will manage and receive the assets later. Think of it like a flexible folder for your investments and property that can be relabeled or reworked as circumstances change; it matters to investors because it determines how ownership is recorded, how easily assets transfer on incapacity or death, and whether holdings bypass public probate proceedings.

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Form 4 Insider Transactions: What Each Field Means →

06/03/2026 - 04:23 PM

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^*

ROTTENBERG ERIKA

(Last)

(First)

(Middle)

101 SPEAR STREET, FIFTH FLOOR

(Street)

SAN FRANCISCO

CALIFORNIA

94105

(City)

(State)

(Zip)

UNITED STATES

(Country)

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
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/01/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	06/01/2026		S⁽¹⁾		2,000	D	$199.0075⁽²⁾	30,995	I	By Trust⁽³⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The sales reported were executed under the Reporting Person's 10b5-1 trading plan, dated as of 12/10/2025.

2. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $199.00 to $199.075 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. Shares are held by The Erika Rottenberg Revocable Trust.

Remarks:

	/s/ Juliana Chen as attorney-in-fact for Reporting Person	06/03/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Twilio (TWLO) director Erika Rottenberg report in this Form 4?

Erika Rottenberg reported that her revocable trust sold 2,000 Twilio Class A shares in an open-market transaction at a weighted average price of $199.0075 per share, leaving the trust with 30,995 shares after the sale.

Was the Twilio (TWLO) insider sale made under a Rule 10b5-1 plan?

Yes. The filing states the sales were executed under Erika Rottenberg’s Rule 10b5-1 trading plan dated December 10, 2025, indicating the transactions were pre-arranged rather than opportunistic, which often reflects routine portfolio or liquidity management.

How many Twilio (TWLO) shares did the trust sell and at what price?

The trust sold 2,000 shares of Twilio Class A common stock at a weighted average price of $199.0075 per share. The filing notes multiple trades occurred within a price range of $199.00 to $199.075 per share.

How many Twilio (TWLO) shares does Erika Rottenberg’s trust hold after the sale?

After the reported transaction, The Erika Rottenberg Revocable Trust holds 30,995 shares of Twilio Class A common stock. This figure reflects the trust’s indirect ownership position as of the Form 4 reporting date following the 2,000-share sale.

Who actually holds the Twilio (TWLO) shares reported in this Form 4?

The shares are held by The Erika Rottenberg Revocable Trust, as disclosed in the footnotes. The Form 4 lists Erika Rottenberg as the reporting person, with ownership characterized as indirect, held "By Trust" rather than directly in her own name.