Twilio said on March 30, 2024 that it entered into a cooperation agreement with Sachem Head Capital Management LP and certain of its affiliates, and appointed Andy J. Stafman as a Class II director, effective immediately.

1. 01

   Twilio said on March 30, 2024 that it entered into a cooperation agreement with Sachem Head Capital Management LP and certain of its affiliates, and appointed Andy J. Stafman as a Class II director, effective immediately.

2. 02

   The company said it increased the size of the board from 9 to 10 members and the size of Class II from 3 to 4 directors in connection with Stafman's appointment. It said his initial term runs until the 2024 annual meeting, and that it agreed to nominate him for election at that meeting.

3. 03

   The company said the cooperation agreement remains in effect until the later of 30 calendar days after Stafman (or any replacement director) leaves the board and one calendar day after the conclusion of the 2025 annual meeting. It also said Sachem Head has agreed to standstill, voting and confidentiality commitments.

4. 04

   The company said Stafman will receive annual compensation for board and committee service under its standard non-employee director compensation arrangements, along with an initial grant of restricted stock units worth approximately $575,000. The units vest annually over 3 years, subject to continued service.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.