<SEC-DOCUMENT>0001193125-24-082753.txt : 20240401
<SEC-HEADER>0001193125-24-082753.hdr.sgml : 20240401
<ACCEPTANCE-DATETIME>20240401083555
ACCESSION NUMBER:		0001193125-24-082753
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240401
DATE AS OF CHANGE:		20240401

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TWILIO INC
		CENTRAL INDEX KEY:			0001447669
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				262574840
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37806
		FILM NUMBER:		24805729

	BUSINESS ADDRESS:	
		STREET 1:		101 SPEAR STREET
		STREET 2:		SUITE 500
		CITY:			San Francisco
		STATE:			CA
		ZIP:			94105
		BUSINESS PHONE:		415-390-2337

	MAIL ADDRESS:	
		STREET 1:		101 SPEAR STREET
		STREET 2:		SUITE 500
		CITY:			San Francisco
		STATE:			CA
		ZIP:			94105
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d819874ddefa14a.htm
<DESCRIPTION>DEFA14A
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): March&nbsp;30, 2024 </B></P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Twilio Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name
of registrant as specified in its charter) </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-37806</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">26-2574840</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>101 Spear Street, Fifth Floor,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>San Francisco, California 94105</B></P></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Address of principal executive offices, including zip code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (415)
<FONT STYLE="white-space:nowrap">390-2337</FONT> </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or former address, if changed since last report) </B></P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities registered pursuant to Section&nbsp;12(b) of the Act: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of each class</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trading</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Symbol(s)</B></P></TD>
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<TD VALIGN="top" ALIGN="center">Class&nbsp;A Common Stock, par value $0.001 per share</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">TWLO</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">New York Stock Exchange</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of
1933 (&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&#8194;&#9744; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&#8194;&#9744;
</P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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<TD WIDTH="11%" VALIGN="top" ALIGN="left"><B>Item&#8201;1.01</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Entry into a Material Definitive Agreement. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On March&nbsp;30, 2024, Twilio Inc. (&#147;we,&#148; &#147;us,&#148; &#147;our,&#148; the &#147;Company&#148; and other similar terms) entered into a
cooperation agreement (the &#147;Cooperation Agreement&#148;) with Sachem Head Capital Management LP and certain of its affiliates (collectively, &#147;Sachem Head&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the Cooperation Agreement, the Company has appointed Andy J. Stafman to the board of directors (the &#147;Board&#148;) of the Company as a
Class&nbsp;II director, effective immediately, with an initial term expiring at the Company&#146;s 2024 annual meeting of stockholders (the &#147;2024 Annual Meeting&#148;). The Company also agreed to nominate Mr.&nbsp;Stafman for election at the
2024 Annual Meeting. In connection with Mr.&nbsp;Stafman&#146;s appointment, the Company has increased the size of the Board from nine to ten members and the size of Class&nbsp;II of the Board from three to four directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Cooperation Agreement provides for customary director replacement rights, pursuant to which the Company and Sachem Head have agreed to cooperate to select
a successor director in the event Mr.&nbsp;Stafman ceases to serve as a director. The Company&#146;s obligations with respect to, among other things, the appointment of Mr.&nbsp;Stafman, the nomination of Mr.&nbsp;Stafman for election at the 2024
Annual Meeting, and the replacement of Mr.&nbsp;Stafman upon departure from the Board terminate in certain circumstances, including if Sachem Head&#146;s aggregate net long position in the Company falls below 50% of its beneficial ownership of the
Company&#146;s outstanding shares of Class&nbsp;A common stock as of the date of the Cooperation Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Cooperation Agreement will remain
effective until the later of (i) 30 calendar days after the date on which Mr.&nbsp;Stafman (or any replacement director) has ceased to serve on the Board and (ii)&nbsp;one calendar day following the conclusion of the Company&#146;s 2025 annual
meeting of stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the Cooperation Agreement, Sachem Head has agreed to certain standstill, voting and confidentiality commitments. The
Cooperation Agreement also contains a customary mutual <FONT STYLE="white-space:nowrap">non-disparagement</FONT> provision. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing description
does not purport to be complete and is qualified in its entirety by reference to the Cooperation Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated by reference herein. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="11%" VALIGN="top" ALIGN="left"><B>Item&#8201;5.02</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information set forth in Item 1.01 is incorporated herein by reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On March&nbsp;30, 2024, Andy J. Stafman was appointed to the Board as a Class&nbsp;II director, effective immediately. Mr.&nbsp;Stafman will serve until the
2024 Annual Meeting or until his successor has been duly elected and qualified, or until his earlier death, resignation or removal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There is no
arrangement or understanding between Mr.&nbsp;Stafman and any other persons pursuant to which Mr.&nbsp;Stafman was appointed as a director, other than with respect to the matters referred to in Item 1.01. Furthermore, there are no family
relationships between Mr.&nbsp;Stafman and any other director or executive officer of the Company and there are no transactions between Mr.&nbsp;Stafman and the Company that would be required to be reported under
Item&nbsp;404(a)&nbsp;of&nbsp;Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Stafman will participate in the Company&#146;s standard <FONT
STYLE="white-space:nowrap">non-employee</FONT> director compensation arrangements. Under the terms of those arrangements, Mr.&nbsp;Stafman will receive, among other things: (i)&nbsp;annual compensation for serving on the Board and any applicable
committees thereof pursuant to the Company&#146;s <FONT STYLE="white-space:nowrap">non-employee</FONT> director </P>
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compensation policy, substantially as described in the Company&#146;s filings with the Securities and Exchange Commission and (ii)&nbsp;an initial grant of restricted stock units with a value of
approximately $575,000 that vests annually over three years subject to continued service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company will also enter into a standard form of
indemnification agreement with Mr.&nbsp;Stafman (the &#147;Indemnification Agreement&#148;). The Indemnification Agreement provides, among other things, that the Company will indemnify Mr.&nbsp;Stafman, under the circumstances and to the extent
provided therein, for certain expenses which he may be required to pay in connection with certain claims to which he may be made a party by reason of his position as a director of the Company, and otherwise to the fullest extent permitted under
Delaware law, the Company&#146;s certificate of incorporation and bylaws. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="11%" VALIGN="top" ALIGN="left"><B>Item&#8201;7.01</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Regulation FD Disclosure. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On April&nbsp;1, 2024, the Company issued a press release announcing the Cooperation Agreement and Mr.&nbsp;Stafman&#146;s appointment to the Board. A copy of
the press release is furnished as Exhibit 99.1 to this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and incorporated herein by reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information furnished pursuant to Item 7.01 of this Current Report on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> including Exhibit 99.1 hereto,
shall not be deemed to be &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that Section, and shall not be deemed to be incorporated by reference into any filing of
the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="11%" VALIGN="top" ALIGN="left"><B>Item&#8201;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements and Exhibits. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d)&#8195;<I>Exhibits</I>. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="92%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Cooperation Agreement, dated March&nbsp;30, 2024</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release, dated April&nbsp;1, 2024</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>104</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Cover Page Interactive Data File (formatted as inline XBRL)</TD></TR>
</TABLE>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><B>TWILIO INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Date: April&nbsp;1, 2024</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Dana R. Wagner</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Dana R. Wagner</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Legal Officer, Chief Compliance Officer and Secretary</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Twilio Appoints Andy Stafman to Board of Directors </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAN FRANCISCO, </B><B>April&nbsp;1, 2024</B> &#150; Twilio (NYSE: TWLO), the customer engagement platform that drives real-time, personalized experiences
for today&#146;s leading brands, today announced that it has appointed Andy Stafman, a partner at Sachem Head Capital Management LP (&#147;Sachem Head&#148;), to the company&#146;s Board of Directors, effective immediately. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Over the last year and a half, we have made important changes to accelerate our path to profitability and position Twilio to capitalize on the
opportunities we see ahead,&#148; said Jeff Epstein, Chair of the Board for Twilio. &#147;We look forward to benefiting from the addition of Andy&#146;s perspectives as an additional shareholder in the boardroom as we continue our strong oversight
of the company&#146;s strategy to enhance value for all our stakeholders.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Khozema Shipchandler, CEO of Twilio, added, &#147;We are operating Twilio
with greater focus, rigor, and discipline than ever before, and remain focused on our commitment to drive durable, profitable growth. As we look ahead, we are confident that Twilio is well positioned to unlock the power of AI by converging our data
capabilities with our powerful Communications solutions. The Board and I will partner with Andy as we continue to advance our strategy to realize the full potential of the business.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Twilio plans to hold an investor day within the next twelve months to discuss the company&#146;s strategy&nbsp;in&nbsp;greater&nbsp;detail and to share
medium-term financial targets. Twilio will provide more details on the investor day once a date for the event has been set. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;I am excited to join
the Twilio Board during an important time for the company,&#148; said Mr.&nbsp;Stafman. &#147;Sachem Head invested in Twilio because of its strong leadership position in the customer engagement market and the significant upside potential from the
application of AI. The company has already taken meaningful actions to strengthen Twilio&#146;s profitability and growth trajectory, and I look forward to working with the rest of the Board and management team to build upon that progress and enhance
value for shareholders.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Twilio has entered into a cooperation agreement with Sachem Head. Pursuant to the agreement, Sachem Head has agreed to
customary standstill, voting and confidentiality commitments, among other provisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With the appointment of Mr.&nbsp;Stafman, Twilio&#146;s Board will
increase to 10 directors, nine of whom are independent. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Andy Stafman </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Stafman is a partner at Sachem Head Capital Management LP, a value-oriented investment management firm based in New York. Prior to Sachem Head,
Mr.&nbsp;Stafman worked as an Associate at Silver Lake Partners, a global private equity firm focused on technology-enabled investments. He received a B.S. in Economics, with a concentration in Finance from The Wharton School at the University of
Pennsylvania. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Twilio Inc. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Today&#146;s leading companies trust Twilio&#146;s Customer Engagement Platform (CEP) to build direct, personalized relationships with their customers
everywhere in the world. Twilio enables companies to use communications and data to add intelligence and security to every step of the customer journey, from sales to marketing to growth, customer service and many more engagement use cases in a
flexible, programmatic way. Across 180 countries and territories, millions of developers and hundreds of thousands of businesses use Twilio to create magical experiences for their customers. For more information about Twilio (NYSE: TWLO) visit
www.twilio.com. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This
press release contains forward-looking statements within the meaning of the federal securities laws, which statements involve risks and uncertainties. Forward-looking statements generally relate to future events or Twilio&#146;s future financial or
operating performance. In some cases, you can identify forward-looking statements because they contain words such as &#147;may,&#148; &#147;can,&#148; &#147;will,&#148; &#147;would,&#148; &#147;should,&#148; &#147;expects,&#148; &#147;plans,&#148;
&#147;anticipates,&#148; &#147;could,&#148; &#147;intends,&#148; &#147;target,&#148; &#147;projects,&#148; &#147;contemplates,&#148; &#147;believes,&#148; &#147;estimates,&#148; &#147;predicts,&#148; &#147;forecasts,&#148; &#147;potential&#148; or
&#147;continue&#148; or the negative of these words or other similar terms or expressions that concern Twilio&#146;s expectations, strategy, plans or intentions. Forward-looking statements contained in this press release include, but are not limited
to, statements about: Twilio&#146;s future financial performance and its expectations regarding profitability and growth; Twilio&#146;s anticipated strategies and business plans; Twilio&#146;s ability to develop products related to AI and to execute
on its AI strategy; and Twilio&#146;s plans to hold an investor day and to share medium-term financial targets. You should not rely upon forward-looking statements as predictions of future events. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties, and other factors that may cause
Twilio&#146;s actual results, performance, or achievements to differ materially from those described in the forward-looking statements, including, among other things: Twilio&#146;s ability to successfully implement its cost-saving initiatives and to
capture expected efficiencies; Twilio&#146;s ability to realize the anticipated benefits of changes to its operating model and organizational structure; the impact of macroeconomic uncertainties and market volatility; Twilio&#146;s financial
performance, including expectations regarding its results of operations and the assumptions underlying such expectations, and ability to achieve and sustain profitability; Twilio&#146;s ability to attract and retain customers; Twilio&#146;s ability
to compete effectively in an intensely competitive market; Twilio&#146;s ability to comply with modified or new industry standards, laws and regulations applying to its business, and increased costs associated with regulatory compliance;
Twilio&#146;s ability to manage changes in network service provider fees and optimize its network service provider coverage and connectivity; Twilio&#146;s ability to form and expand partnerships; and Twilio&#146;s ability to successfully enter into
new markets and manage its international expansion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The forward-looking statements contained in this press release are also subject to additional risks,
uncertainties, and factors, including those more fully described in Twilio&#146;s most recent filings with the Securities and Exchange Commission, including its Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-K</FONT> and subsequent
Quarterly Reports on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q.</FONT> Twilio operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking
statements contained in this press release. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Forward-looking statements represent Twilio&#146;s management&#146;s beliefs and assumptions only as of the
date such statements are made. Twilio undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances occurring after the date of this press release or to reflect new information or the
occurrence of unanticipated events, except as required by law. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Important Additional Information Regarding Proxy Solicitation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Twilio intends to file a proxy statement and WHITE proxy card with the U.S. Securities and Exchange Commission (the &#147;SEC&#148;) in connection with its
solicitation of proxies for Twilio&#146;s 2024 annual meeting of shareholders (the &#147;Proxy Statement&#148; and such meeting the &#147;2024 Annual Meeting&#148;). Twilio, its directors, director nominees, certain of its executive officers and
other employees may be deemed participants in the solicitation of proxies from shareholders in respect of the 2024 Annual Meeting. Information regarding the names of Twilio&#146;s directors and executive officers and their respective interests in
Twilio by security holdings or otherwise is set forth in the Company&#146;s proxy statement for the 2023 Annual Meeting of stockholders, filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1447669/000114036123020583/ny20007281x1_def14a.htm">April
<U></U>&nbsp;26, 2023</A> (the &#147;2023 Proxy Statement&#148;). Please refer to the sections captioned &#147;Security Ownership of Certain Beneficial Owners and Management,&#148; <FONT STYLE="white-space:nowrap">&#147;Non-Employee</FONT> Director
Compensation&#148; and &#147;Executive Compensation&#148; in the 2023 Proxy Statement. To the extent holdings of such participants in Twilio&#146;s securities have changed since the amounts described in the 2023 Proxy Statement, such changes have
been reflected on Initial Statements of Beneficial Ownership on Form&nbsp;3 or Statements of Change in Ownership on Form&nbsp;4 filed with the SEC:&nbsp;Form&nbsp;
4, filed by Aidan Viggiano on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000105/xslF345X04/wf-form4_168435757062005.xml">May<U></U>&nbsp;17, 2023</A>; Form&nbsp;
4, filed by Dana Wagner on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000107/xslF345X04/wf-form4_168435779209810.xml">May<U></U>&nbsp;17, 2023</A>; Form&nbsp;
4, filed by Aidan Viggiano on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000111/xslF345X04/wk-form4_1686689145.xml">June<U></U>&nbsp;13, 2023</A>; Form&nbsp;
4, filed by Miyuki Suzuki on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000113/xslF345X04/wk-form4_1686689400.xml">June<U></U>&nbsp;13, 2023</A>; Form&nbsp;
4, filed by Charles Bell on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000119/xslF345X04/wk-form4_1686775882.xml">June<U></U>&nbsp;14, 2023</A>; Form&nbsp;
4, filed by Donna Dubinsky on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000123/xslF345X04/wk-form4_1686776470.xml">June<U></U>&nbsp;
14, 2023</A>; Form 4, filed by Jeff Epstein on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000125/xslF345X04/wk-form4_1686776943.xml">June<U></U>&nbsp;14, 2023</A>; Form&nbsp;
4, filed by Jeffrey Immelt on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000127/xslF345X04/wk-form4_1686777080.xml">June<U></U>&nbsp;14, 2023</A>; Form&nbsp;
4, filed by Deval Patrick on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000129/xslF345X04/wk-form4_1686777245.xml">June<U></U>&nbsp;14, 2023</A>; Form&nbsp;
4, filed by Erika Rottenberg on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000131/xslF345X04/wk-form4_1686777370.xml">June<U></U>&nbsp;14, 2023</A>; Form&nbsp;
4, filed by Miyuki Suzuki on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000133/xslF345X04/wk-form4_1686777549.xml">June<U></U>&nbsp;14, 2023</A>; Form&nbsp;
4, filed by Byron Deeter on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000089924323015573/xslF345X04/doc4.xml">June<U></U>&nbsp;14, 2023</A>; Form&nbsp;
4, filed by Erika Rottenberg on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000145/xslF345X04/wk-form4_1688158789.xml">June<U></U>&nbsp;30, 2023</A>; Form&nbsp;
4, filed by Khozema Shipchandler on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000149/xslF345X04/wk-form4_1688591045.xml">July<U></U>&nbsp;5, 2023</A>; Form&nbsp;
4, filed by Aidan Viggiano on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000151/xslF345X04/wk-form4_1688591393.xml">July<U></U>&nbsp;5, 2023</A>; Form&nbsp;
4, filed by Dana Wagner on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000153/xslF345X04/wk-form4_1688591683.xml">July<U></U>&nbsp;5, 2023</A>; Form&nbsp;
4, filed by Aidan Viggiano on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000157/xslF345X04/wk-form4_1689023861.xml">July<U></U>&nbsp;10, 2023</A>; Form&nbsp;
4, filed by Dana Wagner on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000173/xslF345X05/wk-form4_1692222646.xml">August<U></U>&nbsp;16, 2023</A>; Form&nbsp;
4, filed by Aidan Viggiano on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000175/xslF345X05/wk-form4_1692223152.xml">August<U></U>&nbsp;16, 2023</A>; Form&nbsp;
4, filed by Aidan Viggiano on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000175/xslF345X05/wk-form4_1692223152.xml">August<U></U>&nbsp;22, 2023</A>; Form&nbsp;
4, filed by Dana Wagner on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000183/xslF345X05/wk-form4_1694121378.xml">September<U></U>&nbsp;7, 2023</A>; Form&nbsp;4, filed by Charles Bell on September<U></U>&nbsp;19, 2023;
Form&nbsp;4, filed by Donna Dubinsky on September<U></U>&nbsp;19, 2023; Form&nbsp;4, filed by Jeff Epstein on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000189/xslF345X05/wk-form4_1695162007.xml">September<U></U>&nbsp;
19, 2023</A>; Form&nbsp;4, filed by Jeffrey Immelt on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000189/xslF345X05/wk-form4_1695162007.xml">September<U></U>&nbsp;19, 2023</A>; Form&nbsp;
4, filed by Deval Patrick on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000193/xslF345X05/wk-form4_1695162776.xml">September<U></U>&nbsp;19, 2023</A>; Form&nbsp;
4, filed by Erika Rottenberg on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000195/xslF345X05/wk-form4_1695163122.xml">September<U></U>&nbsp;19, 2023</A>; Form&nbsp;
4, filed by Miyuki Suzuki on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000197/xslF345X05/wk-form4_1695163460.xml">September<U></U>&nbsp;19, 2023;</A> Form&nbsp;
4, filed by Byron Deeter on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000095017023048890/xslF345X05/ownership.xml">September<U></U>&nbsp;20, 2023</A>; Form&nbsp;
4, filed by Khozema Shipchandler on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000201/xslF345X05/wk-form4_1696461408.xml">October<U></U>&nbsp;4, 2023</A>; Form&nbsp;
4, filed by Aidan Viggiano on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000203/xslF345X05/wk-form4_1696461567.xml">October<U></U>&nbsp;4, 2023</A>; Form&nbsp;
4, filed by Dana Wagner on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000205/xslF345X05/wk-form4_1696461718.xml">October<U></U>&nbsp;4, 2023</A>; Form&nbsp;
4, filed by Aidan Viggiano on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000209/xslF345X05/wk-form4_1696969175.xml">October<U></U>&nbsp;10, 2023</A>; Form&nbsp;
4, filed by Dana Wagner on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000211/xslF345X05/wk-form4_1696969346.xml">October<U></U>&nbsp;10, 2023</A>; Form&nbsp;
4, filed by Aidan Viggiano on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000230/xslF345X05/wk-form4_1700256899.xml">November<U></U>&nbsp;17, 2023</A>; Form&nbsp;
4, filed by Dana Wagner on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000232/xslF345X05/wk-form4_1700257126.xml">November<U></U>&nbsp;17, 2023</A>; Form&nbsp;
4, filed by Aidan Viggiano on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000236/xslF345X05/wk-form4_1700687738.xml">November<U></U>&nbsp;22, 2023</A>; Form&nbsp;
4, filed by Dana Wagner on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000238/xslF345X05/wk-form4_1700687927.xml">November<U></U>&nbsp;22, 2023</A>; Form&nbsp;
4, filed by Charles Bell on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000243/xslF345X05/wk-form4_1703021947.xml">December<U></U>&nbsp;19, 2023</A>; Form&nbsp;
4, filed by Byron Deeter on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000089924323020662/xslF345X05/doc4.xml">December<U></U>&nbsp;19, 2023</A>; Form&nbsp;
4, filed by Donna Dubinsky on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000245/xslF345X05/wk-form4_1703022225.xml">December<U></U>&nbsp;19, 2023</A>; Form&nbsp;
4, filed by Jeff Epstein on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000247/xslF345X05/wk-form4_1703022436.xml">December<U></U>&nbsp;19, 2023</A>; Form&nbsp;
4, filed by Jeffrey Immelt on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000249/xslF345X05/wk-form4_1703022838.xml">December<U></U>&nbsp;19, 2023</A>; Form&nbsp;
4, filed by Deval Patrick on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000251/xslF345X05/wk-form4_1703023177.xml">December<U></U>&nbsp;19, 2023</A>; Form&nbsp;
4, filed by Erika Rottenberg on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000253/xslF345X05/wk-form4_1703023441.xml">December<U></U>&nbsp;19, 2023</A>; Form&nbsp;
4, filed by Miyuki Suzuki on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766923000255/xslF345X05/wk-form4_1703023676.xml">December<U></U>&nbsp;19, 2023</A>; Form&nbsp;4, filed by Dana Wagner on&nbsp;January<U></U>&nbsp;4, 2024; Form
4, filed by Khozema Shipchandler on&nbsp;January<U></U>&nbsp;4, 2024; Form&nbsp;4, filed by Aidan Viggiano on&nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766924000006/xslF345X05/wk-form4_1704406347.xml">January<U></U>&nbsp;
4, 2024</A>; Form 4, filed by Aidan Viggiano on&nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766924000008/xslF345X05/wk-form4_1704840378.xml">January<U></U>&nbsp;9, 2024</A>; Form&nbsp;
4, filed by Dana Wagner on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766924000010/xslF345X05/wk-form4_1704840539.xml">January<U></U>&nbsp;9, 2024</A>; Form&nbsp;
4, filed by Aidan Viggiano on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766924000017/xslF345X05/wk-form4_1708466569.xml">February<U></U>&nbsp;20, 2024</A>; Form&nbsp;
4, filed by Dana Wagner on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766924000019/xslF345X05/wk-form4_1708466876.xml">February<U></U>&nbsp;20, 2024</A>; Form&nbsp;4, filed by Aidan Viggiano on&nbsp;
<A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766924000021/xslF345X05/wk-form4_1708561760.xml">February<U></U>&nbsp;21, 2024</A>; Form 4, filed by Dana Wagner on&nbsp;
<A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766924000023/xslF345X05/wk-form4_1708561983.xml">February<U></U>&nbsp;21, 2024</A>; Form&nbsp;4, filed by Khozema Shipchandler on&nbsp;
<A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766924000025/xslF345X05/wk-form4_1708645995.xml">February<U></U>&nbsp;22, 2024</A>; Form 4, filed by Aidan Viggiano on&nbsp;
<A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766924000028/xslF345X05/wk-form4_1708732325.xml">February<U></U>&nbsp;23, 2024</A>; Form&nbsp;4, filed by Dana Wagner on&nbsp;
<A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766924000030/xslF345X05/wk-form4_1708732503.xml">February<U></U>&nbsp;23, 2024</A>; Form 4, filed by Byron Deeter on&nbsp;March<U></U>&nbsp;19, 2024; Form 4/A, filed by Miyuki Suzuki
on&nbsp;March<U></U>&nbsp;19, 2024; Form&nbsp;4, filed by Charles Bell on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766924000038/xslF345X05/wk-form4_1710882698.xml">March<U></U>&nbsp;19, 2024</A>; Form 4, filed by Donna Dubinsky
on <A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766924000040/xslF345X05/wk-form4_1710882934.xml">March<U></U>&nbsp;19, 2024</A>; Form&nbsp;4, filed by Jeff Epstein on&nbsp;
<A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766924000042/xslF345X05/wk-form4_1710883157.xml">March<U></U>&nbsp;19, 2024</A>; Form 4, filed by Jeffrey Immelt on&nbsp;
<A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766924000044/xslF345X05/wk-form4_1710883386.xml">March<U></U>&nbsp;19, 2024</A>; Form 4, filed by Deval Patrick on&nbsp;
<A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766924000046/xslF345X05/wk-form4_1710883661.xml">March<U></U>&nbsp;19, 2024</A>; Form&nbsp;4, filed by Erika Rottenberg on&nbsp;
<A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766924000048/xslF345X05/wk-form4_1710883900.xml">March<U></U>&nbsp;19, 2024</A>; and Form 4, filed by Miyuki Suzuki on&nbsp;
<A HREF="http://www.sec.gov/Archives/edgar/data/1447669/000144766924000050/xslF345X05/wk-form4_1710885209.xml">March<U></U>&nbsp;19, 2024</A>. Additional information can also be found in Twilio&#146;s Annual Report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2023, filed with the SEC on&nbsp;
<A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001447669/000144766924000034/twlo-20231231.htm">February<U></U>&nbsp;27, 2024</A>. Details concerning potential participants in the solicitation, including
Twilio&#146;s director nominees for election at the 2024 Annual Meeting, will also be included in the Proxy Statement in the sections captioned &#147;Security Ownership of Certain Beneficial Owners and Management,&#148; <FONT
STYLE="white-space:nowrap">&#147;Non-Employee</FONT> Director Compensation&#148; and &#147;Executive Compensation.&#148; BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF TWILIO ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR
FURNISHED TO THE SEC, INCLUDING TWILIO&#146;S DEFINITIVE PROXY STATEMENT AND ANY AMENDMENTS AND SUPPLEMENTS THERETO BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. These documents, including the definitive Proxy Statement (and any amendments or
supplements thereto) and other documents filed by Twilio with the SEC, are available for no charge at the SEC&#146;s website at&nbsp;<U>http://www.sec.gov</U>&nbsp;and at the company&#146;s investor relations website
at&nbsp;<U>https://investors.twilio.com/overview/default.aspx</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investor Contact: </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bryan Vaniman </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ir@Twilio.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Or </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Media Contact: </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Caitlin Epstein </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">press@Twilio.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Source: Twilio </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><U>EXECUTION VERSION<B> </B></U> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Cooperation Agreement </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;30,
2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sachem Head LP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Sachem Head Capital Management LP
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">250 West 55th Street, 34th Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10019
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Twilio Inc. (the
&#147;<U>Company</U>&#148;), on the one hand, and Sachem Head Capital Management LP, together with each of the parties listed on <U>Schedule A</U> and their respective affiliates (collectively, &#147;<U>Sachem Head</U>&#148;), on the other hand,
have mutually agreed to the terms contained in this letter agreement (this &#147;<U>Letter Agreement</U>&#148;). For purposes of this Letter Agreement, we refer to each of the Company and Sachem Head as a &#147;<U>Party</U>&#148; and, collectively,
as the &#147;<U>Parties</U>.&#148; </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Board Matters</U>. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(a) Concurrently with and effective upon the execution of this Letter Agreement, Sachem Head hereby agrees that it will be deemed to have
irrevocably withdrawn the notice of shareholder proposals and nomination of candidates for election to the board of directors of the Company (the &#147;<U>Board of Directors</U>&#148; or the &#147;<U>Board</U>&#148;) at the Company&#146;s 2024
annual meeting of shareholders (the &#147;<U>2024 Annual Meeting</U>&#148;), submitted to the Company on March&nbsp;11, 2024. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(b)
Concurrently with and effective upon the execution of this Letter Agreement, the Board shall have increased the size of the Board to ten (10)&nbsp;directors and, subject to the completion of a satisfactory customary background check, appointed
Andrew J. Stafman (the &#147;<U>New Director</U>&#148;) as a Class&nbsp;II director of the Company with a term expiring at the 2024 Annual Meeting. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(c) The Company will include the New Director on the slate of nominees recommended by the Board in the Company&#146;s proxy materials for the
2024 Annual Meeting, subject to the New Director (i)&nbsp;agreeing to serve and providing to the Company all customary materials and information as are provided by all other director candidates and as are required to be or customarily included in a
proxy statement filed pursuant to the proxy rules of the Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;), including the New Director&#146;s consent to being named in the proxy statement for the 2024 Annual Meeting and to serving as a
director of the Company if elected and (ii)&nbsp;executing all documents required to be executed by all other directors nominated for election at the 2024 Annual Meeting prior to such annual meeting, provided that the Company provides the New
Director with such documents concurrently with providing them to each other such director (such conditions, the &#147;<U>Director Nomination Conditions</U>&#148;). Subject to the Director Nomination Conditions, the Company shall recommend and
solicit proxies for the election of the New Director at the 2024 Annual Meeting in a manner no less rigorous and favorable than the manner in which the Company supports its other director nominees. Subject to the terms of this Letter Agreement,
Sachem Head and the New Director acknowledge and agree that the policies and procedures applicable to other directors (collectively, &#147;<U>Company Policies</U>&#148;) will be applicable to the New Director during his or her term of service. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(d) Sachem Head represents and warrants that, as of the date hereof, Sachem Head
beneficially owns such number of shares of Class&nbsp;A common stock, par value $0.001 per share, of the Company (&#147;<U>Common Stock</U>&#148;) as set forth in the disclosure letter delivered to the Company immediately prior to the execution of
this Letter Agreement. Sachem Head acknowledges and agrees that if Sachem Head&#146;s aggregate Net Long Position falls below 50% of its current beneficial ownership of outstanding Common Stock (as adjusted for any combinations, splits,
recapitalizations or similar actions by the Company) (the &#147;<U>Minimum Ownership Requirement</U>&#148;), Sachem Head shall (i)&nbsp;promptly notify the Company that Sachem Head ceases to satisfy the Minimum Ownership Requirement and
(ii)&nbsp;cause the New Director to tender his resignation from the Board of Directors to the Board, effective immediately. Concurrently with the execution and delivery of this Letter Agreement, the New Director shall execute and deliver an
irrevocable resignation in the form attached hereto as <U>Exhibit A</U>. For the avoidance of doubt, the Company&#146;s obligations under Sections 1(b), 1(c), 1(f) and 1(g) of this Letter Agreement shall cease once Sachem Head ceases to meet the
Minimum Ownership Requirement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(e) Until the Standstill Termination Date<I>, </I>each member of Sachem Head will (i)&nbsp;cause, in the
case of all shares of Common Stock owned of record, and (ii)&nbsp;cause the record owner, in the case of all shares of Common Stock beneficially owned but not owned of record, in each case directly or indirectly, by it or by any of its controlled
affiliates, as of the record date for the applicable annual meeting, by proxy or in person, to be (x)&nbsp;present for quorum purposes and (y)&nbsp;voted (A) in accordance with the Board&#146;s recommendations, as such recommendations are set forth
in the applicable definitive proxy statement filed in respect thereof, including with respect to nominees of the Company for election to the Board of Directors, any advisory vote on executive compensation, and the ratification of the appointment of
the Company&#146;s independent registered public accounting firm and (B)&nbsp;in Sachem Head&#146;s sole discretion with respect to other matters, including any Extraordinary Transaction that results in a change in control of the Company or the sale
of substantially all of the assets of the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(f) Until the Standstill Termination Date and as long as Sachem Head&#146;s Net Long
Position remains at or above the Minimum Ownership Requirement, in the event the New Director is no longer able to serve as a director of the Company for any reason, Sachem Head shall be entitled to designate a candidate for replacement for such New
Director on the Board (such replacement, a &#147;<U>Replacement Director</U>&#148;), subject to the approval of the Board (which approval shall not be unreasonably withheld, conditioned or delayed), provided, however, that if the Board does not
approve such Replacement Director to the Board pursuant to this paragraph 1(f), the parties shall continue to follow the procedures set forth in this paragraph 1(f) until a Replacement Director is appointed to the Board. Upon a Replacement
Director&#146;s appointment to the Board, the Board and all applicable committees of the Board shall take all necessary actions to appoint such Replacement Director to any applicable committee of the Board of which the replaced director was a member
immediately prior to such replaced director&#146;s resignation or removal. The Parties agree that a Replacement Director appointed to the Board under this Section&nbsp;1(f) shall be considered the New Director for purposes of this Letter Agreement.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(g) The Company agrees that the New Director shall receive (i)&nbsp;the same benefits of
director and officer insurance, and any indemnity and exculpation arrangements available generally to the directors of the Board and (ii)&nbsp;such other benefits on the same basis as all other <FONT STYLE="white-space:nowrap">non-management</FONT>
directors on the Board. The Company agrees that the New Director shall receive all Board notices and other Board materials that the other directors of the Company receive from the Company in the same manner and form and at the same time as the other
directors on the Board. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(h) Until 12:00 a.m., Pacific time, on the later of (a)&nbsp;the date that is thirty (30)&nbsp;calendar days after
the date on which neither the New Director nor any Replacement Director continues to serve on the Board of Directors and (b)&nbsp;the calendar day after the date of the conclusion of the Company&#146;s 2025 annual meeting of shareholders (such date,
the &#147;<U>Standstill Termination Date</U>&#148;), Sachem Head will not (including without limitation through other persons) and shall cause its affiliates, managing members, principals, partners (other than partners who are solely limited
partners), directors, officers and employees not to, and will direct its agents and representatives not to (at Sachem Head&#146;s direction or on Sachem Head&#146;s behalf), directly or indirectly, absent prior written consent by the Board or the
Company or otherwise expressly permitted by this Letter Agreement: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) acquire, or offer or agree to acquire, by purchase
or otherwise, or direct any third party in the acquisition of record or beneficial ownership of any Common Stock, or engage in any swap or hedging transaction or other derivative agreements of any nature with respect to any Common Stock, in each
case, if such acquisition, offer, agreement or transaction would result in Sachem Head having beneficial ownership of more than 4.9% of then outstanding Common Stock; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;(A) nominate, recommend for nomination or give notice of an intent to nominate or recommend for nomination a person
for election at any meeting of shareholders of the Company at which the Company&#146;s directors are to be elected; (B)&nbsp;knowingly initiate, encourage or participate in any solicitation of proxies in respect of any election contest or removal
contest with respect to the Company&#146;s directors; (C)&nbsp;submit, initiate, make or be a proponent of any shareholder proposal for consideration at, or bring any other business before, any meeting of shareholders of the Company;
(D)&nbsp;knowingly initiate, encourage or participate in any solicitation of proxies in respect of any shareholder proposal for consideration at, or other business brought before any meeting of shareholders of the Company; or (E)&nbsp;knowingly
initiate, encourage or participate in any &#147;withhold&#148; or similar campaign with respect to any meeting of shareholders of the Company, in each case, other than in a manner consistent with the Board&#146;s recommendation in connection with
such matter; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) form, join or in any way participate in any group or agreement of any
kind with respect to Common Stock, including in connection with any election or removal contest with respect to the Company&#146;s directors or any shareholder proposal or other business brought before any meeting of shareholders of the Company
(other than a group that includes all or some of the members of Sachem Head, but does not include any other entities or persons that are not members of Sachem Head as of the date hereof), provided that nothing herein shall limit the ability of an
affiliate of Sachem Head to join such group following the execution of this Letter Agreement, so long as any such affiliate agrees in writing to be bound by the terms and conditions of this Letter Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) seek publicly, alone or in concert with others, to amend any provisions of the Company&#146;s organizational documents;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) engage in any &#147;solicitation&#148; (as such term is defined under the Securities Exchange Act of 1934, as amended
(the &#147;<U>Exchange Act</U>&#148;)) of proxies or consents with respect to the election or removal of directors of the Company or any other matter or proposal or become a &#147;participant&#148; (as such term is defined in Instruction 3 to Item 4
of Schedule 14A promulgated under the Exchange Act) in any such solicitation of proxies or consents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi)&nbsp;(A)
institute any litigation against the Company, its directors or its officers; (B)&nbsp;make any &#147;books and records&#148; demands or stocklist requests regarding the Company; or (C)&nbsp;make application or demand to a court or other person for
an inspection, investigation or examination of the Company or its subsidiaries or affiliates; provided that nothing herein shall prevent the New Director from exercising any rights under &#167; 220(d) of the Delaware General Corporate Law, or any
successor provision thereto, or Sachem Head from (w)&nbsp;bringing litigation to enforce the provisions of this Letter Agreement, (x)&nbsp;making counterclaims with respect to any proceeding initiated by, or on behalf of, the Company against Sachem
Head, (y)&nbsp;exercising statutory appraisal rights, or (z)&nbsp;receiving damages or settlement proceeds like any other shareholder in connection with any class action proceeding brought by a named plaintiff other than Sachem Head; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) make or in any way knowingly participate, directly or indirectly, in any tender offer, exchange offer, merger,
consolidation, acquisition, business combination, sale of a division, sale of substantially all assets, recapitalization, restructuring, liquidation, dissolution or extraordinary transaction involving the Company or any of its subsidiaries or its or
their securities or assets (each, an &#147;<U>Extraordinary Transaction</U>&#148;) (it being understood that the foregoing shall not restrict Sachem Head from tendering shares, receiving payment for shares, voting shares or otherwise participating
in any such transaction (that has not been initiated by Sachem Head) on the same basis as other shareholders of the Company, or from participating in any such transaction that has been approved by the Board); or make, directly or indirectly, any
proposal, either alone or in concert with others, to the Company or the Board that would reasonably be expected to require or result in a public announcement regarding any of the types of matters set forth above in this paragraph; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) make any proposal, announcement, statement or request that is public
or is reasonably likely to become public regarding: (A)&nbsp;controlling, changing or influencing the Board or management of the Company, including proposals to change the number or term of directors or to fill any vacancies on the Board;
(B)&nbsp;any Extraordinary Transaction or exploration thereof including any of the transactions referred to in clause (i)(vii) above (it being understood that this clause (i)(viii)(B) shall not restrict Sachem Head from tendering shares, receiving
payment for shares, voting shares or otherwise participating in any such transaction on the same basis as other shareholders of the Company, or from participating in any such transaction that has been approved by the Board); (C) any other change in
the Company&#146;s or any of its subsidiaries&#146; operations, business, corporate strategy, corporate structure, capital structure or allocation, or share repurchase or dividend policies; (D)&nbsp;causing the Company&#146;s Common Stock to be
delisted from, or to cease to be authorized to be quoted on, any securities exchange or (E)&nbsp;causing the Company&#146;s Common Stock to become eligible for termination of registration pursuant to Section&nbsp;12(g)(4) of the Exchange Act; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix)&nbsp;(A) grant any proxy, consent or other authority to act as to any shares of Common Stock with respect to any matters
(other than to the Company&#146;s named proxies using the Company&#146;s proxy card) or (B)&nbsp;deposit any shares of Common Stock in a voting trust or subject any shares of Common Stock to a voting agreement or other arrangement of similar effect
(excluding customary brokerage accounts, margin accounts, prime brokerage accounts and the like); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) knowingly encourage
or advise any third party or knowingly assist any third party in encouraging or advising any other person (A)&nbsp;with respect to the giving or withholding of any proxy or consent relating to, or other authority to vote any Common Stock, or
(B)&nbsp;in conducting any type of referendum relating to the Company (including for the avoidance of doubt with respect to the Company&#146;s management or the Board) (other than such encouragement or advice that is consistent with the Board&#146;s
recommendation in connection with such matter, or as otherwise specifically permitted under this Letter Agreement); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi)
engage in any short sale or any purchase, sale or grant of any option, warrant, convertible security, stock appreciation right or other similar right (including any put or call option or &#147;swap&#148; transaction) with respect to any security
(other than in connection with a broad-based market basket or index) that relates to or derives any part of its value from any decline in the market price or value of any securities of the Company, or would result in Sachem Head (together with its
affiliates) failing to have an aggregate net long position (as defined in Rule <FONT STYLE="white-space:nowrap">14e-4</FONT> under the Exchange Act) in the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xii) other than in sale transactions on the New York Stock Exchange or through a broker or dealer where the identity of the
purchaser is not known, sell or agree to sell directly or indirectly, through swap or hedging transactions or otherwise, Common Stock or any derivatives relating to Common Stock to any third party that either (x)&nbsp;has filed a Schedule 13D with
respect to the Company or (y)&nbsp;has run (or publicly announced an intention to run) or an affiliate of which has run (or has publicly announced an intention to run) a proxy contest or submitted shareholder nominations or proposals with respect to
another company within the past five years; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-5- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xiii) enter into any negotiations, agreements or understandings with any
third party to take any action that Sachem Head is prohibited from taking pursuant to this Section&nbsp;1(h); or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xiv)
seek or request an amendment, waiver or release of any of the provisions of this Letter Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, the
restrictions in this Section&nbsp;1(h) shall not (A)&nbsp;prevent Sachem Head or its representatives from making (i)&nbsp;any factual statement as required by applicable subpoena, legal process or other legal requirement from any governmental
authority with competent jurisdiction over the party from whom information is sought (so long as such requirement did not arise as a result of action by Sachem Head) or (ii)&nbsp;any private communication to the Company regarding any matter that
would not reasonably be expected to trigger public disclosure obligations for any persons or result in any public disclosure of such communications and (B)&nbsp;restrict Sachem Head from tendering shares, receiving payment for shares, voting shares
or otherwise participating in any transaction on the same basis as the other shareholders of the Company or from participating in any transaction that has been approved by the Board, subject to the other terms of this Letter Agreement. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Confidentiality</U>. Notwithstanding any applicable Company Policies or anything in this Letter Agreement,
the New Director may share confidential information regarding the Company to the persons described in and solely in accordance with and subject to the confidentiality agreement, which Sachem Head Capital Management LP has entered into with the
Company concurrently herewith (the &#147;<U>Confidentiality Agreement</U>&#148;). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Trading in Company Securities</U>. Except as the Parties may otherwise agree, with it being understood that
Sachem Head would be generally free to trade in the Company&#146;s securities in accordance with federal and state securities laws during open window trading periods to the same extent that other directors of the Company would be free to trade with
respect to any particular open window trading period, for so long as the New Director remains a director of the Company, Sachem Head will not, other than through an approved Rule <FONT STYLE="white-space:nowrap">10b5-1</FONT> compliant trading plan
in accordance with Company Policies, trade in Company securities (including Common Stock) during trading blackout periods generally applicable to directors under the blackout calendar as currently in effect (as it may reasonably be modified for all
directors from time to time on a good faith basis). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Mutual <FONT STYLE="white-space:nowrap">Non-Disparagement</FONT></U>. Until the Standstill Termination Date,
the Company, on the one hand, and Sachem Head, on the other hand, shall each refrain from making, and shall cause their affiliates and representatives not to make, any statement, whether written or oral and including any statements to shareholders,
analysts or representatives of the media, that constitutes an ad hominem attack on, or that otherwise disparages, defames, slanders, impugns or is reasonably likely to damage the reputation of Sachem Head or the Company, respectively, or any of
their respective affiliates and representatives. The foregoing shall not prevent the making </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-6- </P>

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<TD ALIGN="left" VALIGN="top">
of any factual statement in the event that the Company or any of its representatives or Sachem Head or any of its representatives is required to make that statement by applicable subpoena, legal
process or other legal requirement or from privately communicating such statement to the other Party, any directors or executive officers of the other Party, or any of Sachem Head&#146;s limited partner investors or potential limited partner
investors so long as such communications would not reasonably be expected to require or result in any public disclosure of such communications and, with respect to such private communications to Sachem Head&#146;s current or potential limited
partner investors, they are consistent with prior practice, are understood to be private communications and not undertaken with the intent to circumvent the restrictions in this Letter Agreement. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Press Release</U>. The Parties agree that the Company will issue a mutually agreed press release (the
&#147;<U>Press Release</U>&#148;), attached to this Letter Agreement as <U>Exhibit B</U>, promptly following the execution and delivery of this Letter Agreement by the Parties (and in any event within one (1)&nbsp;business days after the date
hereof). Prior to the issuance of the Press Release, neither the Company nor Sachem Head shall issue any press release or public announcement regarding this Letter Agreement or the matters discussed herein or take any action that would require
public disclosure thereof without the prior written consent of the other party. Sachem Head acknowledges that the Company may file this Letter Agreement and the Press Release as exhibits to its Form <FONT STYLE="white-space:nowrap">8-K</FONT> and
the Company agrees that Sachem Head will have a reasonable opportunity (but no less than twenty-four hours) to review such Form <FONT STYLE="white-space:nowrap">8-K</FONT> in advance of filing and that the Company will consider in good faith any
changes requested by Sachem Head to the foregoing filing. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Power and Authority of the Company</U>. The Company represents and warrants to Sachem Head that (a)&nbsp;the
Company has the corporate power and authority to execute this Letter Agreement and to bind it thereto, (b)&nbsp;this Letter Agreement has been duly and validly authorized, executed and delivered by the Company, constitutes a valid and binding
obligation and agreement of the Company, and is enforceable against the Company in accordance with its terms, and (c)&nbsp;the execution, delivery and performance of this Letter Agreement by the Company does not and will not violate or conflict with
(i)&nbsp;any law, rule, regulation, order, judgment or decree applicable to the Company, or (ii)&nbsp;result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could constitute such a
breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment,
understanding or arrangement to which the Company is a party or by which it is bound. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Power and Authority of Sachem Head</U>. Sachem Head represents and warrants to the Company that
(a)&nbsp;Sachem Head Capital Management LP has the power and authority to execute this Letter Agreement on behalf of itself and to bind each member of Sachem Head thereto, (b)&nbsp;this Letter Agreement has been duly authorized, executed and
delivered by such member of Sachem Head, constitutes a valid and binding obligation of such member of Sachem Head, and is enforceable </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-7- </P>

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<TD ALIGN="left" VALIGN="top">
against each such member of Sachem Head in accordance with its terms, and (c)&nbsp;the execution of this Letter Agreement by such member of Sachem Head does not and will not violate or conflict
with (i)&nbsp;any law, rule, regulation, order, judgment or decree applicable to such member of Sachem Head, or (ii)&nbsp;result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could
constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract,
commitment, understanding or arrangement to which such member is a party or by which it is bound. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Termination</U>. This Letter Agreement will terminate upon the expiration of the Standstill Termination
Date. Upon such termination, this Letter Agreement shall have no further force and effect. Notwithstanding the foregoing, (i)&nbsp;the Company&#146;s obligations under Sections 1(b), 1(c), 1(f) and 1(g) shall terminate upon any material breach of
this Letter Agreement by Sachem Head upon ten (10)&nbsp;calendar days&#146; written notice by the Company to Sachem Head if such breach has not been cured within such notice period, provided that the Company is not in material breach of this Letter
Agreement at the time such notice is given or prior to the end of the notice period; (ii)&nbsp;Sachem Head&#146;s obligations under Section&nbsp;1(h) shall terminate upon any material breach of this Letter Agreement by the Company upon ten
(10)&nbsp;calendar days&#146; written notice by Sachem Head to the Company if such breach has not been cured within such notice period, provided that Sachem Head is not in material breach of this Letter Agreement at the time such notice is given or
prior to the end of the notice period; and (iii)&nbsp;Sections 8 to 20 shall survive termination of this Letter Agreement, and no termination of this Agreement shall relieve any party of liability for any breach of this Agreement arising prior to
such termination. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Fiduciary Duties</U>. Nothing in this Letter Agreement will be deemed to require the violation of the
fiduciary duties of any director of the Company (including any New Director) under Delaware law in the director&#146;s capacity as such. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Expenses</U>. All fees, costs, and expenses incurred in connection with this Letter Agreement and matters
related to this Letter Agreement will be paid by the Party incurring such fees, costs or expenses. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Counterparts</U>. This Letter Agreement may be executed in two or more counterparts, each of which will be
considered one and the same agreement and will become effective when counterparts have been signed by each of the Parties and delivered to the other Party (including by means of electronic delivery or facsimile). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Specific Performance</U>. Each Party acknowledges and agrees that irreparable injury to the other Party
hereto would occur in the event that any of the provisions of this Letter Agreement were not performed in accordance with their specific terms or were otherwise breached and that money damages would not be an adequate remedy for such a breach. It is
accordingly agreed that each Party shall be entitled to enforcement of, and injunctive relief to prevent any violation of, the terms hereof. Each Party agrees to waive any bonding requirement under any applicable law, in the event that any other
party seeks to enforce the terms by way of equitable relief. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-8- </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">13.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Applicable Law and Jurisdiction</U>. Each of the Company and Sachem Head (i)&nbsp;irrevocably and
unconditionally submits to the personal jurisdiction of the Delaware Court of Chancery in and for New Castle County, Delaware, or in the event (but only in the event) that such Delaware Court of Chancery does not have subject matter jurisdiction
over such matter, the federal, or other state courts located in Delaware, (ii)&nbsp;agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such courts, (iii)&nbsp;agrees that any
actions or proceedings arising from this Letter Agreement shall be brought, tried, and determined only in such courts, (iv)&nbsp;waives any claim of improper venue or any claim that those courts are an inconvenient forum and (v)&nbsp;agrees that it
will not bring any action arising from this Letter Agreement in any court other than the aforesaid courts. The parties to this Letter Agreement agree that mailing of process or other papers in connection with any such action or proceeding in the
manner provided in Section&nbsp;14 or in such other manner as may be permitted by applicable law as sufficient service of process, shall be valid and sufficient service thereof. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">14.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Notice</U>. All notices, consents, requests, instructions, approvals and other communications provided for
herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or served, (a)&nbsp;if given email, when sent to the email address set forth below, as applicable, and the appropriate confirmation is received
or (b)&nbsp;if given by any other means, when actually received during normal business hours at the address specified in this section: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">If to the Company: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Twilio Inc.
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">101 Spear Street, Fifth Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">San Francisco, CA 94105 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;Dana Wagner </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Email: dwagner@twilio.com </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">With a
copy to (which shall not constitute notice): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Wachtell, Lipton, Rosen&nbsp;&amp; Katz </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">51 West 52nd Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">New York, NY
10019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Attention: David C. Karp </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8195;&#8194;&#8194;Ronald C. Chen </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8195;&#8194;&#8194;Carmen X.W. Lu </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Email: DCKarp@wlrk.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8201;&#8199;RCChen@wlrk.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8194;CXWLu@wlrk.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">If to Sachem Head: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-9- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Sachem Head Capital Management LP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">250 West 55th Street, 34th Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">New York, NY 10019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Attention:
Michael D. Adamski </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Email: michael@sachemhead.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">With a copy to (which shall not constitute notice): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Cadwalader, Wickersham&nbsp;&amp; Taft LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">200 Liberty Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">New York, New
York 10281 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Attention: Richard M. Brand </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8195;&#8201;Richard R. Rowe </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Email: richard.brand@cwt.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;richard.rowe@cwt.com </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">15.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Severability</U>. If at any time subsequent to the date hereof, any provision of this Letter Agreement is
held by any court of competent jurisdiction to be illegal, void, or unenforceable, such provision will be of no force and effect, but the illegality or unenforceability of such provision will have no effect upon the legality or enforceability of any
other provision of this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">16.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>No Third-Party Beneficiaries</U>. This Letter Agreement is solely for the benefit of the Company and Sachem
Head and is not enforceable by any other persons. No Party to this Letter Agreement may assign its rights or delegate its obligations under this Letter Agreement, whether by operation of law or otherwise, without the prior written consent of the
other parties, and any assignment in contravention hereof will be null and void. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">17.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>No Waiver</U>. No failure or delay by any Party in exercising any right or remedy hereunder will operate as
a waiver thereof, nor will any single or partial waiver thereof preclude any other or further exercise thereof or the exercise of any other right or remedy hereunder. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">18.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Certain Definitions</U>. As used in this Agreement: (a)&nbsp;the term &#147;<U>affiliate</U>&#148; (and any
plurals thereof) have the meanings ascribed to such terms under Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> promulgated by the SEC under the Exchange Act and shall include all persons or entities that at any time prior to the Standstill
Termination Date become affiliate(s) of any applicable person or entity referred to in this Agreement; provided, however, that for purposes of this Letter Agreement, Sachem Head and the Company shall not be affiliates of one another; provided,
further, that with respect to Sachem Head, the term affiliate shall not include any portfolio company of Sachem Head; (b)&nbsp;the terms &#147;<U>beneficial ownership</U>,&#148; &#147;<U>group</U>,&#148; &#147;<U>participant</U>,&#148;
&#147;<U>person</U>,&#148; &#147;<U>proxy</U>&#148; and &#147;<U>solicitation</U>&#148; (and any plurals thereof) have the meanings ascribed to such terms under the Exchange Act and the rules and regulations promulgated thereunder, provided that the
meaning of &#147;solicitation&#148; shall be without regard to the exclusions set forth in Rules <FONT STYLE="white-space:nowrap">14a-1(l)(2)(iv)</FONT> and <FONT STYLE="white-space:nowrap">14a-2</FONT> under the Exchange Act; (d)&nbsp;the term
&#147;<U>Net Long Position</U>&#148; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-10- </P>

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means such shares of Common Stock beneficially owned, directly or indirectly, that constitute such person&#146;s net long position as defined in Rule <FONT STYLE="white-space:nowrap">14e-4</FONT>
under the Exchange Act <I>mutatis</I> <I>mutandis</I>, provided that &#147;Net Long Position&#148; shall not include any shares as to which such person does not have the right to vote or direct the vote other than as a result of being in a margin
account, or as to which such person has entered into a derivative or other agreement, arrangement or understanding that hedges or transfers, in whole or in part, directly or indirectly, any of the economic consequences of ownership of such shares;
and the terms &#147;person&#148; or &#147;persons,&#148; for purposes of the meaning of the term &#147;Net Long Position,&#148; shall mean any individual, corporation (including
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">not-for-profit),</FONT></FONT> general or limited partnership, limited liability or unlimited liability company, joint venture, estate, trust, associate, organization or other entity
of any kind or nature; (e)&nbsp;the term &#147;<U>Short Interests</U>&#148; means any agreement, arrangement, understanding or relationship, including any repurchase or similar <FONT STYLE="white-space:nowrap">so-called</FONT> &#147;stock
borrowing&#148; agreement or arrangement, engaged in, directly or indirectly, by such person, the purpose or effect of which is to mitigate loss to, reduce the economic risk (of ownership or otherwise) of shares of any class or series of the
Company&#146;s equity securities by, manage the risk of share price changes for, or increase or decrease the voting power of, such person with respect to the shares of any class or series of the Company&#146;s equity securities, or that provides,
directly or indirectly, the opportunity to profit from any decrease in the price or value of the shares of any class or series of the Company&#146;s equity securities; (f)&nbsp;the term &#147;<U>Synthetic Equity Interests</U>&#148; means any
derivative, swap or other transaction or series of transactions engaged in, directly or indirectly, by such person, the purpose or effect of which is to give such person economic risk similar to ownership of equity securities of any class or series
of the Company, including due to the fact that the value of such derivative, swap or other transactions are determined by reference to the price, value or volatility of any shares of any class or series of the Company&#146;s equity securities, or
which derivative, swap or other transactions provide the opportunity to profit from any increase in the price or value of shares of any class or series of the Company&#146;s equity securities, without regard to whether (i)&nbsp;the derivative, swap
or other transactions convey any voting rights in such equity securities to such person, (ii)&nbsp;the derivative, swap or other transactions are required to be, or are capable of being, settled through delivery of such equity securities, or
(iii)&nbsp;such person may have entered into other transactions that hedge or mitigate the economic effect of such derivative, swap or other transactions; and (g)&nbsp;the term &#147;<U>representatives</U>&#148; means (i)&nbsp;a person&#146;s
affiliates and (ii)&nbsp;its and their respective directors, officers, employees, partners, members, managers, consultants, legal or other advisors, agents and other representatives acting in a capacity on behalf of, in concert with or at the
direction of such person or its affiliates. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">19.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Interpretation and Construction</U>. The Company and Sachem Head acknowledge that each Party has been
represented by counsel of its choice throughout all negotiations that have preceded the execution of this Letter Agreement, and that it has executed the same with the advice of said counsel. Each party and its counsel cooperated and participated in
the drafting and preparation of this Letter Agreement and the documents referred to herein, and any and all drafts relating thereto exchanged among the parties will be deemed the work product of all of the parties and may not be
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-11- </P>

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construed against any party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Letter
Agreement against any party that drafted or prepared it is of no application and is hereby expressly waived by the Company and Sachem Head, and any controversy over interpretations of this Letter Agreement will be decided without regard to events of
drafting or preparation. Whenever the words &#147;include,&#148; &#147;includes,&#148; or &#147;including&#148; are used in this Letter Agreement, they shall be deemed to be followed by the words &#147;without limitation.&#148; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">20.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Entire Agreement</U>. This Letter Agreement, including Schedule A and Exhibits A and B attached to this
Letter Agreement and the Confidentiality Agreement, contain the entire understanding of the Parties with respect to the subject matter hereof. This Letter Agreement may be amended only by an agreement in writing executed by the Company and Sachem
Head. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page Follows] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-12- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If the terms of this Letter Agreement are in accordance with your understanding, please sign
below and this Letter Agreement will constitute a binding agreement among us. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>TWILIO INC.</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Khozema Shipchandler</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Khozema Shipchandler</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="5">Acknowledged and agreed to as of the date first written above:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
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<TD VALIGN="top" COLSPAN="5"><B>SACHEM HEAD CAPITAL MANAGEMENT LP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Uncas GP LLC, its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott D. Ferguson</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Scott D. Ferguson</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Partner</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Letter Agreement] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LIST OF SACHEM HEAD PARTIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Sachem Head Capital Management LP </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Sachem Head LP </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Uncas GP LLC </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Sachem Head GP LLC </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Scott D.
Ferguson </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SH Stony Creek Master Ltd. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Sachem Head Master LP </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF IRREVOCABLE RESIGNATION LETTER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[_], 20[_] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Board of Directors </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Twilio Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">101 Spear Street, Fifth Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">San Francisco, California 94105 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Re: Irrevocable
Resignation </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
letter is delivered pursuant to Section&nbsp;1(d) of the Cooperation Agreement, dated as of March [_], 2024 (the &#147;<U>Letter Agreement</U>&#148;), by and between the Company and Sachem Head. Capitalized terms used herein but not defined shall
have the meaning set forth in the Letter Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">I hereby irrevocably resign from my position as a director of the Company and from
any and all committees of the Board on which I serve, subject to the Board&#146;s acceptance of this resignation, effective upon the date on which Sachem Head fails to meet the Minimum Ownership Requirement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This resignation is irrevocable and may not be withdrawn by me at any time. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Name: Andrew J.
Stafman</P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRESS RELEASE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Filed
separately as Exhibit 99.1 to the Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> </P>
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