[Form 4] BlackSky Technology Inc. Insider Trading Activity

Rhea-AI Filing Summary

Susan M. Gordon, a director of BlackSky Technology Inc. (BKSY), received an award of 8,625 restricted stock units (RSUs) on 09/11/2025 under the companys Outside Director Compensation Policy. Each RSU represents a contingent right to one share of Class A Common Stock and was granted at a price of $0. Following the award, Ms. Gordon beneficially owns 73,264 shares. The RSUs vest in full on the earlier of the one-year anniversary of the award or the date of the issuers next annual meeting, subject to her continued board service.

This filing is a non-derivative equity grant reported on Form 4 and executed by an attorney-in-fact on behalf of the reporting person.

Insights

Securities Analyst

TL;DR: Director received a routine RSU grant of 8,625 shares; issuance is a standard compensation event with limited immediate market impact.

The transaction is a non-cash grant of restricted stock units issued under the Outside Director Compensation Policy and recorded as an acquisition at $0. The RSUs convert to common shares upon vesting subject to continued service, increasing potential future dilution by up to 8,625 shares if vested and settled in stock. The filing shows beneficial ownership of 73,264 shares after the grant, which helps quantify the directors stake but does not indicate sale or purchase activity that would change liquidity. Given the information provided, this appears to be routine director compensation rather than a signal of material corporate change.

Corporate Governance Expert

TL;DR: This is a standard outside director compensation grant with time-based vesting; governance implications are routine and disclosure-compliant.

The award follows common governance practice of awarding RSUs to outside directors with simple time-based vesting tied to continued service or the next annual meeting. The disclosure includes required details: grant amount, unit nature, vesting conditions, and resulting beneficial ownership. No additional compensatory terms, acceleration triggers, or related-party transactions are disclosed, and the filing was signed by an attorney-in-fact, meeting procedural formalities. From a governance perspective the filing satisfies Section 16 transparency requirements and raises no immediate concerns based on the provided text.

09/11/2025 - 04:44 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Gordon Susan M.

(Last) (First) (Middle)

C/O BLACKSKY TECHNOLOGY INC.,

2411 DULLES CORNER PARK, SUITE 300

(Street)

HERNDON VA 20171

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BlackSky Technology Inc. [ BKSY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/11/2025		A		8,625(1)	A	$0	73,264	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These securities are restricted stock units (RSUs). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. The RSUs are awarded in connection with the Company's Outside Director Compensation Policy and will vest in full upon the earlier of the one-year anniversary of the award date or the date of the Issuer's next annual meeting of the stockholders, in each case subject to the Reporting Person's continued service on the Issuer's board of directors through the applicable vesting date.

Remarks:

	/s/ Christiana L. Lin, attorney-in-fact on behalf of Susan M. Gordon	09/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Susan M. Gordon receive according to the Form 4 for BKSY?

She was awarded 8,625 restricted stock units (RSUs) on 09/11/2025, each representing one share of Class A Common Stock.

How many shares does Susan M. Gordon beneficially own after the reported transaction?

The Form 4 reports 73,264 shares beneficially owned following the RSU award.

What are the vesting terms for the RSUs granted to the director?

The RSUs vest in full on the earlier of the one-year anniversary of the award or the issuers next annual meeting, subject to her continued service on the board.

Was there any cash consideration paid for the RSU award?

No. The transaction is reported with a price of $0, indicating a grant of units rather than a cash purchase.

Does the Form 4 show any derivative transactions or dispositions by the reporting person?

No. The filing only reports a non-derivative acquisition of RSUs and does not disclose derivative transactions or disposals.