Twilio (NYSE: TWLO) director’s trust sells 1,800 shares under 10b5-1 plan

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Twilio Inc. director Erika Rottenberg reported indirect stock sales through her revocable trust. On April 21, 2026, The Erika Rottenberg Revocable Trust sold a total of 1,800 shares of Twilio Class A common stock in open-market transactions at prices around $149 per share.

The filing notes that these sales were executed under a pre-established Rule 10b5-1 trading plan dated December 10, 2025, indicating they were scheduled in advance rather than timed discretionarily.

Insider Trade Summary 10b5-1

Net Seller: 1,800 shares ($268,239)

Net Sell 2 txns

Insider ROTTENBERG ERIKA

Role null

Sold 1,800 shs ($268K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	1,585	$149.00	$236K
Sale	Class A Common Stock	215	$149.18	$32K

Holdings After Transaction: Class A Common Stock — 34,710 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. Shares are held by The Erika Rottenberg Revocable Trust.

Key Figures

Total shares sold: 1,800 shares Sale price (lot 1): $149.18 per share Sale price (lot 2): $149.00 per share +1 more

4 metrics

Total shares sold 1,800 shares Aggregate open-market sales on April 21, 2026

Sale price (lot 1) $149.18 per share Sale of 215 shares of Class A common stock

Sale price (lot 2) $149.00 per share Sale of 1,585 shares of Class A common stock

10b5-1 plan date December 10, 2025 Date of the trading plan governing these sales

Key Terms

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

3 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.

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.

Form 4 Insider Transactions: What Each Field Means →

04/23/2026 - 04:24 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)
04/21/2026

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	04/21/2026		S⁽¹⁾		1,585	D	$149	34,710	I	By Trust⁽²⁾
Class A Common Stock	04/21/2026		S⁽¹⁾		215	D	$149.18	34,495	I	By Trust⁽²⁾

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. Shares are held by The Erika Rottenberg Revocable Trust.

Remarks:

	/s/ Juliana Chen as attorney-in-fact for Reporting Person	04/23/2026
	** 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 insider transaction did Twilio (TWLO) disclose for Erika Rottenberg?

Twilio disclosed that director Erika Rottenberg, through The Erika Rottenberg Revocable Trust, sold 1,800 shares of Class A common stock. The sales occurred in open-market transactions at prices near $149 per share under a pre-established Rule 10b5-1 trading plan.

How many Twilio (TWLO) shares were sold in this Form 4 filing?

The Form 4 shows a total sale of 1,800 shares of Twilio Class A common stock. These were split across two open-market transactions and executed pursuant to a Rule 10b5-1 trading plan adopted on December 10, 2025.

At what prices were the Twilio (TWLO) shares sold in the reported trades?

The reported Twilio share sales occurred at prices of $149.18 and $149.00 per share. Both transactions involved Class A common stock and were executed in the open market as part of a pre-established Rule 10b5-1 trading plan.

Were the Twilio (TWLO) insider sales discretionary or under a 10b5-1 plan?

The sales were executed under a Rule 10b5-1 trading plan dated December 10, 2025. Such plans pre-schedule trades, indicating these transactions by The Erika Rottenberg Revocable Trust were planned in advance rather than timed at the insider’s discretion.

Who actually held the Twilio (TWLO) shares sold in this Form 4?

The sold shares were held by The Erika Rottenberg Revocable Trust, as disclosed in the footnotes. The Form 4 attributes the transactions to this trust, with ownership reported as indirect for director Erika Rottenberg.