The Trade Desk repriced options to $12.26 after cutting 575 jobs; 232.5 million votes opposed
The company repriced underwater employee options to $12.26 with an April 2027 clawback, stockholders approved it with 232.5 million votes against, and Apple confirmed its Safari blocking regime. The filing tells you what the board expects before the November 5 earnings print.
Vincent Jiang · 2 min read
The board repriced every underwater option to a $12.26 floor
The Trade Desk+2.98% — The Trade Desk, up 2.98 percent today filed an 8-K on October 20, 2026, that gives away the company's own forecast of its stock. On October 19, shareholders approved repricing employee stock options struck above the market down to $12.26, the closing price that day 1. A board that just cut 15% of its workforce, 575 people 3, has now told every employee, in writing, that it expects the shares to live near twelve dollars through the next retention cycle.
A third of the votes cast said no
The vote was closer than most repricings: 441,097,211 for, 232,477,009 against 1. Class B shares controlled by insiders carry ten votes each, so the arithmetic tilted; dissent among outside holders ran deeper than the headline. The company filed supplemental proxy materials on October 8 to get it over the line 1.
The handcuff nobody is quoting
Any option holder who leaves, or simply exercises, before April 19, 2027, reverts to the original, higher strike 1. That is a retention clawback aimed straight at a workforce watching Apple block the company's identity system and ad-serving domains on iOS 27 2. The repricing excludes non-employee directors and Jeff Green's market-based performance options, including a fresh set granted to the CEO in September 2026 1. The rank and file got repriced strikes; the chief executive got new grants.
The bulls and the filing disagree by $0.77
Value buyers bid the stock to $13.03 on October 15, drawn to $1.1 billion of net cash, zero debt and 7.1 times trailing EBITDA 3. The board's repricing price sits below that rally. Meanwhile revenue growth has decayed for four straight quarters, and Q3 guidance of at least $650 million implies a 12% decline, the first actual shrinkage 3.
TTD revenue growth has swung 30 points negative in a year
- Estimate
Data
| Value | |
|---|---|
| Q3 2025 | 17.7% |
| Q1 2026 | 12% |
| Q2 2026 | 3% |
| Q3 2026 guide (estimate) | -12% |
The counterpoint is real: retention above 95%, CTV growing double digits, and a balance sheet that removes any insolvency risk 3. The test lands in early November, when Q3 results arrive against the $650 million floor. If revenue misses and Apple's−0.85% — Apple, down 0.85 percent today blocklist bites harder, the filing was honest. If it beats, the board simply priced retention cheaply.
Tell readers to deep dive below to learn more.
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AI-generated from this story and its cited sources. Not investment advice.
