[Form 4] Snap Inc. Insider Trading Activity

Rhea-AI Filing Summary

Snap Inc. insider filing reports two scheduled sales by Evan Spiegel under a Rule 10b5-1 plan. The filing shows Spiegel, identified as Director, Chief Executive Officer and a 10% owner, sold 1,347,500 shares on 08/11/2025 and 1,389,650 shares on 08/12/2025. The first block was sold at a weighted average price of $7.4176 (individual trade prices ranged $7.365–$7.465) and the second at a weighted average of $7.196 (individual trade prices ranged $7.125–$7.255). Following these transactions the filing reports 33,148,546 shares beneficially owned. An irrevocable trust holds 3,027,844 shares for which Spiegel is trustee with voting power but no financial interest. The sales were executed pursuant to a 10b5-1 plan adopted 09/10/2024 and modified 05/02/2025.

Insights

Securities Analyst

TL;DR: Insider sold ~2.74M SNAP shares under a pre-established 10b5-1 plan at mid-$7 prices; beneficial ownership remains substantial.

The transactions are explicit: 1,347,500 shares sold on 08/11/2025 at a weighted average of $7.4176 (trade range $7.365–$7.465) and 1,389,650 shares sold on 08/12/2025 at a weighted average of $7.196 (trade range $7.125–$7.255). These sales were executed under a Rule 10b5-1 plan adopted 09/10/2024 and modified 05/02/2025, which reduces the appearance of opportunistic timing. Reported beneficial ownership after the transactions is 33,148,546 shares. For investors, this is a material-sized insider sale by the CEO but conducted under an approved trading plan; market impact depends on liquidity and context outside this filing.

Corporate Governance Expert

TL;DR: Pre-planned 10b5-1 sales indicate governance compliance; trustee voting power over an irrevocable trust is a notable governance detail.

The filing documents compliance with Rule 10b5-1 procedures, noting the plan adoption and modification dates, which is important from a disclosure and insider trading policy perspective. Separately, 3,027,844 shares are held in an irrevocable trust where Spiegel serves as trustee with voting power but no financial interest, and beneficiaries are not immediate family members, which is an explicit governance disclosure. These facts help clarify how voting and economic interests are separated but do not, by themselves, create new governance risks based on the filing alone.

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
Estimated average burden
hours per response:			0.5

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

X

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^*

Spiegel Evan

(Last) (First) (Middle)

C/O SNAP INC.

3000 31ST STREET

(Street)

SANTA MONICA CA 90405

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Snap Inc [ SNAP ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/11/2025

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	08/11/2025		S		1,347,500(1)	D	$7.4176(2)	34,538,196	D
Class A Common Stock	08/12/2025		S		1,389,650(1)	D	$7.196(3)	33,148,546	D
Class A Common Stock								3,027,844	I	By Trust(4)

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. The sales reported were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on September 10, 2024, as modified on May 2, 2025.

2. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $7.365 to $7.465 per share, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $7.125 to $7.255 per share, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

4. Shares held by an irrevocable trust over which the reporting person acts as trustee and has voting power, but has no financial interest. The beneficiaries of the irrevocable trust are not immediate family members of the reporting person.

	/s/ Atul Porwal, Attorney-in-fact	08/13/2025
	** 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).
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