TWLO Form 4: Epstein Receives 1,077 RSUs; Trust Holds 26,484 Shares

Rhea-AI Filing Summary

Insider transaction by Director Jeff Epstein at Twilio (TWLO): The Form 4 shows Mr. Epstein was granted and immediately vested 1,077 restricted stock units (RSUs) on 09/15/2025, each representing the right to one share of Class A common stock and reported at a $0 acquisition price. After this transaction he beneficially owned 37,526 Class A shares in total and additionally has 26,484 Class A shares held indirectly through the Epstein Family Revocable Trust. The filing was signed by his attorney-in-fact on 09/17/2025.

Positive

• Immediate vesting of 1,077 RSUs aligns director compensation with shareholder interests
• Clear disclosure of indirect holdings (26,484 shares in Epstein Family Revocable Trust) improves transparency

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: A director received immediately vested RSUs, modestly increasing his reported direct holdings; trust holds a material additional stake.

The Form 4 discloses a typical director compensation event: 1,077 RSUs vested on grant with no cash purchase price, which increases direct alignment with shareholders by converting compensation into equity ownership. The filing also clarifies that an additional 26,484 Class A shares are held indirectly via the Epstein Family Revocable Trust, which affects beneficial ownership calculations and potential voting influence. There are no dispositions or option exercises reported.

Securities Analyst

TL;DR: Transaction is informational and not market-moving; it documents compensation-related share issuance and existing trust holdings.

The reported 1,077 RSUs vested immediately and are recorded at $0, consistent with awards rather than market purchases. Post-transaction beneficial ownership totals 37,526 Class A shares directly, plus 26,484 held indirectly, providing transparency on the director's economic interest. No debt conversion, sale, or exercise activity is disclosed that would materially change share count beyond the RSU settlement.

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

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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^*

Epstein Jeff

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

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	09/15/2025		A		1,077(1)	A	$0	37,526(2)	D
Class A Common Stock								26,484	I	See Footnote(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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The shares reported in this transaction represent Restricted Stock Units ("RSUs"). Each RSU represents the contingent right to receive one share of the Issuer's Class A common stock. The RSUs vested immediately on the date of grant.

2. Includes RSUs that have been deferred by the Reporting Person.

3. These shares are held by the Epstein Family Revocable Trust.

Remarks:

	/s/ Juliana Chen as attorney-in-fact for Reporting Person	09/17/2025
	** 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 insider transaction did Jeff Epstein report on Form 4 for TWLO?

The Form 4 reports that Jeff Epstein was granted and immediately vested 1,077 RSUs on 09/15/2025, recorded at a $0 acquisition price.

How many TWLO shares does Jeff Epstein beneficially own after the reported transaction?

Following the transaction Mr. Epstein beneficially owned 37,526 Class A shares directly, plus 26,484 Class A shares held indirectly via the Epstein Family Revocable Trust.

Were any shares disposed of or sold by Jeff Epstein in this filing?

No dispositions or sales are reported. The filing shows an acquisition (RSUs vesting) and existing indirect holdings.

When was the Form 4 signed and filed for this transaction?

The signature block shows the filing was signed by an attorney-in-fact on 09/17/2025 for the transaction dated 09/15/2025.