[Form 4] BlackSky Technology Inc. Insider Trading Activity

Rhea-AI Filing Summary

James R. Tolonen, a director of BlackSky Technology Inc. (BKSY), was awarded 8,625 restricted stock units (RSUs) on 09/11/2025 under the company's Outside Director Compensation Policy. Each RSU represents a contingent right to one share of Class A common stock and was granted at a $0 price. After the award, Mr. Tolonen beneficially owns 73,081 shares. The RSUs vest in full on the earlier of the one-year anniversary of the award or the company's next annual stockholders meeting, subject to continued board service. The Form 4 was signed by an attorney-in-fact, Christiana L. Lin, on behalf of Mr. Tolonen on 09/11/2025.

Positive

• Alignment with shareholders: RSUs align the director's compensation with shareholder interests by creating equity ownership upon vesting
• Transparency: Timely Form 4 filing provides clear disclosure of the grant amount and vesting conditions

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director compensation via RSUs; standard service-based vesting alignment with governance practice.

The grant of 8,625 RSUs to a director as part of an Outside Director Compensation Policy is a common governance practice to align non-employee directors with shareholder interests. The service-based vesting — full vesting at the earlier of one year or the next annual meeting, conditioned on continued board service — is typical for annual equity retainer awards. The transaction is reported as required on Form 4 and was executed through an attorney-in-fact, which is a standard administrative step.

Securities Analyst

TL;DR: Non-cash RSU grant increases director's equity stake but contains no immediate cash flow or sale activity.

The RSU award increases Mr. Tolonen's beneficial ownership to 73,081 shares upon vesting conversion, but the grant price is $0 and there is no exercise or sale. This is a non-derivative equity grant reported under Section 16. Because the award vests based on continued service and not performance milestones, its near-term market impact is likely limited and disclosure meets reporting obligations.

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

OMB APPROVAL

OMB Number:			3235-0287
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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^*

TOLONEN JAMES R

(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	73,081	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 James R. Tolonen	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 BKSY director James R. Tolonen receive on 09/11/2025?

He was awarded 8,625 restricted stock units (RSUs), each representing the right to one share of Class A common stock, at a $0 grant price.

How many BKSY shares will James R. Tolonen own after the RSU award?

The Form 4 reports 73,081 shares beneficially owned following the reported transaction(s).

When do the RSUs awarded to Mr. Tolonen vest?

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

Was there any cash paid for the RSU grant?

No. The grant price is reported as $0 on the Form 4.

Who filed the Form 4 and when was it signed?

The Form 4 disclosing the award was signed by an attorney-in-fact, Christiana L. Lin, on behalf of James R. Tolonen on 09/11/2025.