What did Twilio (TWLO) disclose about CFO Aidan Viggiano’s recent share transactions?

Twilio reported that CFO Aidan Viggiano sold 8,231 Class A shares on March 31, 2026. The sales were made to cover statutory tax withholding obligations arising from the vesting of Restricted Stock Units under the company’s equity incentive plans.

Were Aidan Viggiano’s Twilio (TWLO) share sales discretionary trades?

No. The filing states the 8,231 shares were sold to fund minimum statutory tax withholding on vested RSUs. This “sell-to-cover” mechanism is mandated under Twilio’s equity plans and is described as not representing a discretionary sale by the CFO.

Twilio (TWLO) CFO sells 8,231 shares to cover RSU tax withholding

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Twilio Inc. Chief Financial Officer Aidan Viggiano reported mandated sales of 8,231 shares of Class A common stock on March 31, 2026 to cover statutory tax withholding on vested RSUs. The shares were sold in multiple open-market transactions at weighted average prices between about $121.91 and $125.05 per share. After these transactions, Viggiano directly holds 139,730 shares of Twilio Class A common stock.

Insider Trade Summary

Net Seller: 8,231 shares ($1,010,653)

Net Sell 4 txns

Insider Viggiano Aidan

Role Chief Financial Officer

Sold 8,231 shs ($1.01M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	5,692	$122.4548	$697K
Sale	Class A Common Stock	1,938	$123.3011	$239K
Sale	Class A Common Stock	501	$124.1079	$62K
Sale	Class A Common Stock	100	$125.05	$13K

Holdings After Transaction: Class A Common Stock — 142,269 shares (Direct)

Footnotes (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. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $121.905 to $122.875 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. A portion of these shares represent RSUs. Each RSU represents a contingent right to receive one share of the Issuer's Class A common stock. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $122.905 to $123.84 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. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $124.00 to $124.40 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.

Key Figures

Shares sold: 8,231 shares Post-transaction holdings: 139,730 shares Weighted average sale price (largest block): $122.4548 per share +1 more

4 metrics

Shares sold 8,231 shares Class A Common Stock sold on March 31, 2026

Post-transaction holdings 139,730 shares Class A shares directly owned after transactions

Weighted average sale price (largest block) $122.4548 per share 5,692-share sale of Class A stock

Additional sale prices $123.3011, $124.1079, $125.05 per share Smaller open-market sale tranches

Key Terms

Restricted Stock Units ("RSUs"), sell-to-cover, weighted average price, statutory tax withholding obligations

4 terms

Restricted Stock Units ("RSUs") financial

"in connection with the vesting of Restricted Stock Units ("RSUs")."

Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.

sell-to-cover financial

"to be funded by a "sell-to-cover" transaction and does not represent"

Sell-to-cover is when part of newly issued or exercised company stock is immediately sold to pay required taxes and fees, so the recipient keeps the remaining shares. For investors this matters because it reduces the number of shares insiders or employees actually hold after a grant, can create small, routine share sales that aren’t signal of cashing out, and slightly increases share supply on the market—like selling a portion of a paycheck to cover the tax bill.

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.

statutory tax withholding obligations financial

"sold to cover the statutory tax withholding obligations in connection"

Form 4 Insider Transactions: What Each Field Means →

04/02/2026 - 04:11 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^*

Viggiano Aidan

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

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	03/31/2026		S		5,692⁽¹⁾	D	$122.4548⁽²⁾	142,269⁽³⁾	D
Class A Common Stock	03/31/2026		S		1,938⁽¹⁾	D	$123.3011⁽⁴⁾	140,331⁽³⁾	D
Class A Common Stock	03/31/2026		S		501⁽¹⁾	D	$124.1079⁽⁵⁾	139,830⁽³⁾	D
Class A Common Stock	03/31/2026		S		100⁽¹⁾	D	$125.05	139,730⁽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)
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. 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 $121.905 to $122.875 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 the 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 $122.905 to $123.84 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 $124.00 to $124.40 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	04/02/2026
	** 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

How many Twilio (TWLO) shares does the CFO hold after these transactions?

Following the March 31, 2026 tax-related sales, CFO Aidan Viggiano directly holds 139,730 shares of Twilio Class A common stock. This post-transaction holding figure is reported in the Form 4 as the total number of shares beneficially owned.

At what prices were the Twilio (TWLO) shares sold in the CFO’s Form 4?

The reported weighted average sale prices range from $121.905 to $125.05 per share. Footnotes explain the shares were sold in multiple trades within narrower price bands, and detailed trade-level information is available to investors on request.

What role did Restricted Stock Units (RSUs) play in the Twilio (TWLO) CFO’s Form 4?

The Form 4 explains that a portion of the CFO’s holdings consists of RSUs, each representing a right to receive one Class A share. The 8,231 shares sold were specifically to satisfy tax obligations triggered by the vesting of these RSUs.