Form 4: Trade Desk CLO Sells Shares for Tax Obligations

The Trade Desk's Chief Legal Officer, Jay R. Grant, disposed of 9,343 Class A Common Stock shares to cover tax withholding obligations from vested restricted stock awards.

Summary

• Jay R. Grant, Chief Legal Officer of The Trade Desk, Inc. (TTD), reported the disposition of Class A Common Stock.
• A total of 9,343 shares were disposed of on November 15, 2025, at a price of $41.93 per share.
• The total value of the disposed shares amounts to approximately $391,699.99.
• These dispositions were made to satisfy tax withholding obligations related to the partial vesting of Restricted Stock Awards (RSAs).
• The RSAs were granted on April 26, 2022 (1,767 shares), April 24, 2023 (2,652 shares), April 23, 2024 (2,076 shares), and April 15, 2025 (2,848 shares).
• Following these transactions, Jay R. Grant directly beneficially owns 199,561 Class A Common Stock shares.

Sentiment

Score: 5

Explanation: The transaction is a routine disposition of shares to cover tax withholding obligations upon the vesting of restricted stock awards. It is not a discretionary sale and therefore does not indicate a change in management's sentiment regarding the company's future prospects.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This is a routine insider transaction related to compensation and tax obligations, which is common across all industries for executives receiving equity awards. It does not reflect specific industry trends or competitive positioning.

Stakeholder Impact

• Shareholders: Minimal impact as this is a routine, non-discretionary transaction for tax purposes, not indicative of a change in the executive's confidence or the company's fundamentals.

Key Dates

Recommendation

This Form 4 filing details a routine, non-discretionary sale of shares by an executive to cover tax obligations associated with vested restricted stock awards. Such transactions are common and do not typically reflect a change in the executive's outlook on the company's performance or fundamental value. Therefore, it provides no new information that would warrant a change in an investment recommendation; a 'hold' stance is appropriate based solely on this filing.

Keywords

Trade Desk, TTD, SEC Form 4, Insider Transaction, Stock Sale, Restricted Stock Award, Tax Withholding, Jay R. Grant, Officer