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TWLO

TWILIO INC

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3109
SEC CIK
0001447669
Parsed reports
863

Last 12 months

Inside the activity.

0 purchase rows · 96 sale rows

Disclosed non-derivative P/S rows, by transaction month. Includes amendments and private transactions.
Monthly counts
MonthPurchasesSales
Nov 202504
Dec 202503
Jan 202604
Feb 202602
Mar 202609
Apr 202608
May 2026014
Jun 2026013
Jul 202607
Aug 2026011
Sep 2026014
Oct 202607

Latest available

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Purchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”

The cutoff filters transaction history only. Company summaries and owner relationships show the latest available disclosures. Parser corrections can improve historical records.

Transaction dateOwner / reported roleActivity / securityShares / unitsReported priceReported valueDetails
June 05, 2020 Filed Jun 9, 2020 22:13 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 2,060 $185.48 $382,098.07
Disclosure

SEC source: 0001447669-20-000111 · wf-form4_159174080650397.xml · nonDerivative · entry 4

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 159,761

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F5 · price: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $184.95 to $185.55 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.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
June 05, 2020 Filed Jun 9, 2020 22:13 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 2,993 $184.06 $550,902.95
Disclosure

SEC source: 0001447669-20-000111 · wf-form4_159174080650397.xml · nonDerivative · entry 3

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 161,821

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F4 · price: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $183.75 to $184.60 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.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
June 05, 2020 Filed Jun 9, 2020 22:13 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 2,147 $183.09 $393,094.44
Disclosure

SEC source: 0001447669-20-000111 · wf-form4_159174080650397.xml · nonDerivative · entry 2

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 164,814

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F3 · price: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $182.725 to $183.51 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.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
June 05, 2020 Filed Jun 9, 2020 22:13 UTC
Hu GeorgeChief Operating Officer
Exercise / conversionClass A Common Stock 15,000 $31.72 $475,800.00
Disclosure

SEC source: 0001447669-20-000111 · wf-form4_159174080650397.xml · nonDerivative · entry 1

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 166,961

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
June 04, 2020 Filed Jun 5, 2020 22:44 UTC
Hu GeorgeChief Operating Officer
Exercise / conversionEmployee Stock Option (right to buy) · Derivative 35,000 $0.00 Strike: $31.72 $0.00
Disclosure

SEC source: 0001447669-20-000097 · wf-form4_159139703059086.xml · derivative · entry 10

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 534,258

Underlying: Class A Common Stock · 35,000 shares

Expires 2024-02-27

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F8 · derivative.exercise_date: The shares subject to the stock option vest as follows: 25% of the stock option vested on February 28, 2018 and the remaining shares subject to the stock option shall vest in equal monthly installments over the following three years, subject to the Reporting Person's continued service to the Issuer through each vesting date.

Read SEC document
June 04, 2020 Filed Jun 5, 2020 22:44 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 4 $201.38 $805.52
Disclosure

SEC source: 0001447669-20-000097 · wf-form4_159139703059086.xml · nonDerivative · entry 8

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 151,961

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
June 04, 2020 Filed Jun 5, 2020 22:44 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 13,903 $200.82 $2,791,958.75
Disclosure

SEC source: 0001447669-20-000097 · wf-form4_159139703059086.xml · nonDerivative · entry 7

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 151,965

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F7 · price: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $200.26 to $201.18 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.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
June 04, 2020 Filed Jun 5, 2020 22:44 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 21,093 $199.97 $4,217,893.38
Disclosure

SEC source: 0001447669-20-000097 · wf-form4_159139703059086.xml · nonDerivative · entry 6

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 165,868

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F6 · price: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $199.26 to $200.255 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.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
June 04, 2020 Filed Jun 5, 2020 22:44 UTC
Hu GeorgeChief Operating Officer
Exercise / conversionClass A Common Stock 35,000 $31.72 $1,110,200.00
Disclosure

SEC source: 0001447669-20-000097 · wf-form4_159139703059086.xml · nonDerivative · entry 5

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 186,961

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
June 03, 2020 Filed Jun 5, 2020 18:38 UTC
Lawson JeffDirector · Chief Executive Officer · 10% owner
ConversionClass B Common Stock · Derivative 125,000 $0.00 $0.00
Disclosure

SEC source: 0001447669-20-000095 · wf-form4_159139669498001.xml · derivative · entry 4

Lawson Jeff · CIK 0001665930 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · By Lawson Revocable Trust

Disclosed balance after: 5,504,569

Underlying: Class A Common Stock · 125,000 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · security: Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder and has no expiration date.

F4 · derivative.exercise_price: Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder and has no expiration date.

F4 · derivative.exercise_date: Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder and has no expiration date.

F4 · derivative.expiration_date: Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder and has no expiration date.

F1 · ownership.nature: Erica Freeman Lawson and Jeffrey Gordon Lawson Trustees of the Lawson Revocable Trust dated 10/2/11.

Read SEC document
June 03, 2020 Filed Jun 5, 2020 18:38 UTC
Lawson JeffDirector · Chief Executive Officer · 10% owner
GiftClass A Common Stock 125,000 $0.00 $0.00
Disclosure

SEC source: 0001447669-20-000095 · wf-form4_159139669498001.xml · nonDerivative · entry 2

Lawson Jeff · CIK 0001665930 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · By Lawson Revocable Trust

Disclosed balance after: 50,614

F2 · kind: The shares reported in this transaction represent a bona-fide charitable gift to a Donor Advised Fund.

F1 · ownership.nature: Erica Freeman Lawson and Jeffrey Gordon Lawson Trustees of the Lawson Revocable Trust dated 10/2/11.

Read SEC document
June 03, 2020 Filed Jun 5, 2020 18:38 UTC
Lawson JeffDirector · Chief Executive Officer · 10% owner
ConversionClass A Common Stock 125,000 $0.00 $0.00
Disclosure

SEC source: 0001447669-20-000095 · wf-form4_159139669498001.xml · nonDerivative · entry 1

Lawson Jeff · CIK 0001665930 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · By Lawson Revocable Trust

Disclosed balance after: 175,614

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · ownership.nature: Erica Freeman Lawson and Jeffrey Gordon Lawson Trustees of the Lawson Revocable Trust dated 10/2/11.

Read SEC document
June 03, 2020 Filed Jun 5, 2020 20:48 UTC GrantClass A Common Stock 1,498 Not disclosed Not disclosed
Disclosure

SEC source: 0000899243-20-015480 · doc4.xml · nonDerivative · entry 1

Deeter Byron B · CIK 0001506450 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,621

F1 · shares: 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 shall vest as follows: 100% of the RSUs shall vest on the earlier of June 3, 2021 or the date of the 2021 Annual Stockholder Meeting of the Issuer.

F2 · shares: The Reporting Person has agreed to assign to Deer Management Co. LLC the right to any shares issuable pursuant to this grant or any proceeds from the sale thereof.

F1 · price: 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 shall vest as follows: 100% of the RSUs shall vest on the earlier of June 3, 2021 or the date of the 2021 Annual Stockholder Meeting of the Issuer.

F3 · balance_after: Includes (i) 14,123 shares of Class A Common Stock and (ii) 1,498 RSUs previously granted to the Reporting Person, each of which units represents a contingent right to receive one share of Class A Common Stock of Twilio upon vesting.

F1 · ownership.direct: 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 shall vest as follows: 100% of the RSUs shall vest on the earlier of June 3, 2021 or the date of the 2021 Annual Stockholder Meeting of the Issuer.

F2 · ownership.direct: The Reporting Person has agreed to assign to Deer Management Co. LLC the right to any shares issuable pursuant to this grant or any proceeds from the sale thereof.

F3 · ownership.direct: Includes (i) 14,123 shares of Class A Common Stock and (ii) 1,498 RSUs previously granted to the Reporting Person, each of which units represents a contingent right to receive one share of Class A Common Stock of Twilio upon vesting.

Read SEC document
June 03, 2020 Filed Jun 5, 2020 23:33 UTC GrantClass A Common Stock 1,577 $0.00 $0.00
Disclosure

SEC source: 0001447669-20-000109 · wf-form4_159139998516427.xml · nonDerivative · entry 1

DONIO ELENA A. · CIK 0001219068 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,518

F1 · shares: 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 shall vest as follows: 100% of the RSUs shall vest on the earlier of June 3, 2021 or the date of the 2021 Annual Stockholder Meeting of the Issuer.

F2 · balance_after: A portion of these shares represent RSUs. Each RSU represents a contingent right to receive one share of Issuer's Class B Common Stock.

Read SEC document
June 03, 2020 Filed Jun 5, 2020 23:27 UTC GrantClass A Common Stock 1,522 $0.00 $0.00
Disclosure

SEC source: 0001447669-20-000107 · wf-form4_159139962697877.xml · nonDerivative · entry 1

IMMELT JEFFREY R · CIK 0001233164 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,152

F1 · shares: 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 shall vest as follows: 100% of the RSUs shall vest on the earlier of June 3, 2021 or the date of the 2021 Annual Stockholder Meeting of the Issuer.

F2 · balance_after: A portion of these shares represent RSUs. Each RSU represents a contingent right to receive one share of Issuer's Class B Common Stock.

Read SEC document
June 03, 2020 Filed Jun 5, 2020 23:23 UTC GrantClass A Common Stock 1,534 $0.00 $0.00
Disclosure

SEC source: 0001447669-20-000105 · wf-form4_159139937563913.xml · nonDerivative · entry 1

Dubinsky Donna · CIK 0001759316 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,380

F1 · shares: 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 shall vest as follows: 100% of the RSUs shall vest on the earlier of June 3, 2021 or the date of the 2021 Annual Stockholder Meeting of the Issuer.

F2 · balance_after: A portion of these shares represent RSUs. Each RSU represents a contingent right to receive one share of Issuer's Class B Common Stock.

Read SEC document
June 03, 2020 Filed Jun 5, 2020 23:16 UTC
Epstein JeffDirector
GrantClass A Common Stock 1,724 $0.00 $0.00
Disclosure

SEC source: 0001447669-20-000103 · wf-form4_159139899526288.xml · nonDerivative · entry 1

EPSTEIN JEFFREY E · CIK 0001228718 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,259

F1 · shares: 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 shall vest as follows: 100% of the RSUs shall vest on the earlier of June 3, 2021 or the date of the 2021 Annual Stockholder Meeting of the Issuer.

F2 · balance_after: A portion of these shares represent RSUs. Each RSU represents a contingent right to receive one share of Issuer's Class B Common Stock.

Read SEC document
June 03, 2020 Filed Jun 5, 2020 23:04 UTC GiftClass A Common Stock 1,483 $0.00 $0.00
Disclosure

SEC source: 0001447669-20-000101 · wf-form4_159139827092335.xml · nonDerivative · entry 3

ROTTENBERG ERIKA · CIK 0001284038 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 10,930

F4 · kind: Represents the shares received by the Reporting Person's trust.

F5 · ownership.nature: Shares are held by The Erika Rottenberg Revocable Trust.

Read SEC document
June 03, 2020 Filed Jun 5, 2020 23:04 UTC GiftClass A Common Stock 1,483 $0.00 $0.00
Disclosure

SEC source: 0001447669-20-000101 · wf-form4_159139827092335.xml · nonDerivative · entry 2

ROTTENBERG ERIKA · CIK 0001284038 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,595

F3 · kind: Represents shares that were contributed by the Reporting Person to the Reporting Person's trust.

F2 · balance_after: A portion of these shares represent RSUs. Each RSU represents a contingent right to receive one share of Issuer's Class B Common Stock.

Read SEC document
June 03, 2020 Filed Jun 5, 2020 23:04 UTC GrantClass A Common Stock 1,595 $0.00 $0.00
Disclosure

SEC source: 0001447669-20-000101 · wf-form4_159139827092335.xml · nonDerivative · entry 1

ROTTENBERG ERIKA · CIK 0001284038 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,078

F1 · shares: 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 shall vest as follows: 100% of the RSUs shall vest on the earlier of June 3, 2021 or the date of the 2021 Annual Stockholder Meeting of the Issuer.

F2 · balance_after: A portion of these shares represent RSUs. Each RSU represents a contingent right to receive one share of Issuer's Class B Common Stock.

Read SEC document
June 03, 2020 Filed Jun 5, 2020 22:54 UTC GrantClass A Common Stock 1,553 $0.00 $0.00
Disclosure

SEC source: 0001447669-20-000099 · wf-form4_159139767682791.xml · nonDerivative · entry 1

DALZELL RICHARD L · CIK 0001184753 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,936

F1 · shares: 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 shall vest as follows: 100% of the RSUs shall vest on the earlier of June 3, 2021 or the date of the 2021 Annual Stockholder Meeting of the Issuer.

F2 · balance_after: A portion of these shares represent RSUs. Each RSU represents a contingent right to receive one share of Issuer's Class B Common Stock.

Read SEC document
June 03, 2020 Filed Jun 5, 2020 22:44 UTC
Hu GeorgeChief Operating Officer
Exercise / conversionEmployee Stock Option (right to buy) · Derivative 35,000 $0.00 Strike: $31.72 $0.00
Disclosure

SEC source: 0001447669-20-000097 · wf-form4_159139703059086.xml · derivative · entry 9

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 569,258

Underlying: Class A Common Stock · 35,000 shares

Expires 2024-02-27

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F8 · derivative.exercise_date: The shares subject to the stock option vest as follows: 25% of the stock option vested on February 28, 2018 and the remaining shares subject to the stock option shall vest in equal monthly installments over the following three years, subject to the Reporting Person's continued service to the Issuer through each vesting date.

Read SEC document
June 03, 2020 Filed Jun 5, 2020 22:44 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 10,035 $200.44 $2,011,450.52
Disclosure

SEC source: 0001447669-20-000097 · wf-form4_159139703059086.xml · nonDerivative · entry 4

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 151,961

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F5 · price: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $200.33 to $200.575 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.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
June 03, 2020 Filed Jun 5, 2020 22:44 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 21,136 $199.94 $4,225,838.84
Disclosure

SEC source: 0001447669-20-000097 · wf-form4_159139703059086.xml · nonDerivative · entry 3

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 161,996

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F4 · price: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $199.33 to $200.30 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.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
June 03, 2020 Filed Jun 5, 2020 22:44 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 3,829 $198.88 $761,492.38
Disclosure

SEC source: 0001447669-20-000097 · wf-form4_159139703059086.xml · nonDerivative · entry 2

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 183,132

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F3 · price: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $198.30 to $199.29 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.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
June 03, 2020 Filed Jun 5, 2020 22:44 UTC
Hu GeorgeChief Operating Officer
Exercise / conversionClass A Common Stock 35,000 $31.72 $1,110,200.00
Disclosure

SEC source: 0001447669-20-000097 · wf-form4_159139703059086.xml · nonDerivative · entry 1

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 186,961

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
June 02, 2020 Filed Jun 3, 2020 22:42 UTC
Hu GeorgeChief Operating Officer
Exercise / conversionEmployee Stock Option (right to buy) · Derivative 35,000 $0.00 Strike: $31.72 $0.00
Disclosure

SEC source: 0001447669-20-000091 · wf-form4_159122410389714.xml · derivative · entry 11

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 604,258

Underlying: Class A Common Stock · 35,000 shares

Expires 2024-02-27

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F7 · derivative.exercise_date: The shares subject to the stock option vest as follows: 25% of the stock option vested on February 28, 2018 and the remaining shares subject to the stock option shall vest in equal monthly installments over the following three years, subject to the Reporting Person's continued service to the Issuer through each vesting date.

Read SEC document
June 02, 2020 Filed Jun 3, 2020 22:42 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 20,000 $200.00 $4,000,000.00
Disclosure

SEC source: 0001447669-20-000091 · wf-form4_159122410389714.xml · nonDerivative · entry 9

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 151,961

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
June 02, 2020 Filed Jun 3, 2020 22:42 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 3,022 $198.78 $600,702.89
Disclosure

SEC source: 0001447669-20-000091 · wf-form4_159122410389714.xml · nonDerivative · entry 8

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 171,961

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F6 · price: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $198.64 to $198.90 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, anysecurity 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.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
June 02, 2020 Filed Jun 3, 2020 22:42 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 6,078 $198.11 $1,204,106.50
Disclosure

SEC source: 0001447669-20-000091 · wf-form4_159122410389714.xml · nonDerivative · entry 7

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 174,983

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F5 · price: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $197.64 to $198.58 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, anysecurity 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.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
June 02, 2020 Filed Jun 3, 2020 22:42 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 3,546 $197.14 $699,066.60
Disclosure

SEC source: 0001447669-20-000091 · wf-form4_159122410389714.xml · nonDerivative · entry 6

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 181,061

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F4 · price: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $196.55 to $197.50 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, anysecurity 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.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
June 02, 2020 Filed Jun 3, 2020 22:42 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 2,354 $196.03 $461,464.27
Disclosure

SEC source: 0001447669-20-000091 · wf-form4_159122410389714.xml · nonDerivative · entry 5

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 184,607

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F3 · price: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $195.50 to $196.47 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, anysecurity 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.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
June 02, 2020 Filed Jun 3, 2020 22:42 UTC
Hu GeorgeChief Operating Officer
Exercise / conversionClass A Common Stock 35,000 $31.72 $1,110,200.00
Disclosure

SEC source: 0001447669-20-000091 · wf-form4_159122410389714.xml · nonDerivative · entry 4

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 186,961

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
June 01, 2020 Filed Jun 3, 2020 22:42 UTC
Hu GeorgeChief Operating Officer
Exercise / conversionEmployee Stock Option (right to buy) · Derivative 35,000 $0.00 Strike: $31.72 $0.00
Disclosure

SEC source: 0001447669-20-000091 · wf-form4_159122410389714.xml · derivative · entry 10

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 639,258

Underlying: Class A Common Stock · 35,000 shares

Expires 2024-02-27

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F7 · derivative.exercise_date: The shares subject to the stock option vest as follows: 25% of the stock option vested on February 28, 2018 and the remaining shares subject to the stock option shall vest in equal monthly installments over the following three years, subject to the Reporting Person's continued service to the Issuer through each vesting date.

Read SEC document
June 01, 2020 Filed Jun 3, 2020 22:42 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 20,000 $200.00 $4,000,000.00
Disclosure

SEC source: 0001447669-20-000091 · wf-form4_159122410389714.xml · nonDerivative · entry 3

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 151,961

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
June 01, 2020 Filed Jun 3, 2020 22:42 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 15,000 $195.79 $2,936,850.00
Disclosure

SEC source: 0001447669-20-000091 · wf-form4_159122410389714.xml · nonDerivative · entry 2

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 171,961

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
June 01, 2020 Filed Jun 3, 2020 22:42 UTC
Hu GeorgeChief Operating Officer
Exercise / conversionClass A Common Stock 35,000 $31.72 $1,110,200.00
Disclosure

SEC source: 0001447669-20-000091 · wf-form4_159122410389714.xml · nonDerivative · entry 1

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 186,961

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
May 26, 2020 Filed May 27, 2020 22:36 UTC
Hu GeorgeChief Operating Officer
Exercise / conversionEmployee Stock Option (right to buy) · Derivative 2,142 $0.00 Strike: $31.72 $0.00
Disclosure

SEC source: 0001447669-20-000088 · wf-form4_159061899344790.xml · derivative · entry 11

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 674,258

Underlying: Class A Common Stock · 2,142 shares

Expires 2024-02-27

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F8 · derivative.exercise_date: The shares subject to the stock option vest as follows: 25% of the stock option vested on February 28, 2018 and the remaining shares subject to the stock option shall vest in equal monthly installments over the following three years, subject to the Reporting Person's continued service to the Issuer through each vesting date.

Read SEC document
May 26, 2020 Filed May 27, 2020 22:36 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 30 $208.98 $6,269.40
Disclosure

SEC source: 0001447669-20-000088 · wf-form4_159061899344790.xml · nonDerivative · entry 9

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 151,961

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
May 26, 2020 Filed May 27, 2020 22:36 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 411 $207.84 $85,420.84
Disclosure

SEC source: 0001447669-20-000088 · wf-form4_159061899344790.xml · nonDerivative · entry 8

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 151,991

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F7 · price: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $207.38 to $208.30 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, anysecurity 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.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
May 26, 2020 Filed May 27, 2020 22:36 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 211 $205.54 $43,368.94
Disclosure

SEC source: 0001447669-20-000088 · wf-form4_159061899344790.xml · nonDerivative · entry 7

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 152,402

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
May 26, 2020 Filed May 27, 2020 22:36 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 826 $203.24 $167,872.52
Disclosure

SEC source: 0001447669-20-000088 · wf-form4_159061899344790.xml · nonDerivative · entry 6

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 152,613

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F6 · price: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $202.74 to $203.45 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, anysecurity 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.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
May 26, 2020 Filed May 27, 2020 22:36 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 454 $202.18 $91,790.26
Disclosure

SEC source: 0001447669-20-000088 · wf-form4_159061899344790.xml · nonDerivative · entry 5

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 153,439

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F5 · price: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $201.52 to $202.45 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, anysecurity 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.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
May 26, 2020 Filed May 27, 2020 22:36 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 210 $200.20 $42,041.08
Disclosure

SEC source: 0001447669-20-000088 · wf-form4_159061899344790.xml · nonDerivative · entry 4

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 153,893

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F4 · price: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $200.085 to $200.20 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, anysecurity 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.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
May 26, 2020 Filed May 27, 2020 22:36 UTC
Hu GeorgeChief Operating Officer
Exercise / conversionClass A Common Stock 2,142 $31.72 $67,944.24
Disclosure

SEC source: 0001447669-20-000088 · wf-form4_159061899344790.xml · nonDerivative · entry 3

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 154,103

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
May 22, 2020 Filed May 27, 2020 22:36 UTC
Hu GeorgeChief Operating Officer
Exercise / conversionEmployee Stock Option (right to buy) · Derivative 10,000 $0.00 Strike: $31.72 $0.00
Disclosure

SEC source: 0001447669-20-000088 · wf-form4_159061899344790.xml · derivative · entry 10

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 676,400

Underlying: Class A Common Stock · 10,000 shares

Expires 2024-02-27

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F8 · derivative.exercise_date: The shares subject to the stock option vest as follows: 25% of the stock option vested on February 28, 2018 and the remaining shares subject to the stock option shall vest in equal monthly installments over the following three years, subject to the Reporting Person's continued service to the Issuer through each vesting date.

Read SEC document
May 22, 2020 Filed May 27, 2020 22:36 UTC
Hu GeorgeChief Operating Officer
SaleClass A Common Stock 10,000 $200.09 $2,000,862.00
Disclosure

SEC source: 0001447669-20-000088 · wf-form4_159061899344790.xml · nonDerivative · entry 2

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 151,961

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F3 · price: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $200.01 to $200.57 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, anysecurity 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.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
May 22, 2020 Filed May 27, 2020 22:36 UTC
Hu GeorgeChief Operating Officer
Exercise / conversionClass A Common Stock 10,000 $31.72 $317,200.00
Disclosure

SEC source: 0001447669-20-000088 · wf-form4_159061899344790.xml · nonDerivative · entry 1

Hu George · CIK 0001386396 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 161,961

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · balance_after: A portion of these shares represent Restricted Stock Units ("RSUs"). Each RSU represents a contingent right to receive one share of Issuer's Class A common stock.

Read SEC document
May 22, 2020 Filed May 27, 2020 22:33 UTC ConversionClass B Common Stock · Derivative 2,500 $0.00 $0.00
Disclosure

SEC source: 0001447669-20-000086 · wf-form4_159061878397880.xml · derivative · entry 4

ROTTENBERG ERIKA · CIK 0001284038 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 16,174

Underlying: Class A Common Stock · 2,500 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · security: Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder and has no expiration date.

F4 · derivative.exercise_price: Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder and has no expiration date.

F4 · derivative.exercise_date: Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder and has no expiration date.

F4 · derivative.expiration_date: Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder and has no expiration date.

F1 · ownership.nature: Shares are held by The Erika Rottenberg Revocable Trust.

Read SEC document
May 22, 2020 Filed May 27, 2020 22:33 UTC SaleClass A Common Stock 2,500 $200.17 $500,425.00
Disclosure

SEC source: 0001447669-20-000086 · wf-form4_159061878397880.xml · nonDerivative · entry 2

ROTTENBERG ERIKA · CIK 0001284038 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 9,447

F2 · kind: The sales reported were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person. The Reporting Person has elected to sell the shares reported in this transaction to satisfy tax obligations required in connection with the shares received with the vesting of Restricted Stock Units ("RSUs").

F1 · ownership.nature: Shares are held by The Erika Rottenberg Revocable Trust.

Read SEC document

Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.