[Form 4] Snap Inc. Insider Trading Activity

Rhea-AI Filing Summary

Snap Inc. (SNAP) – Form 4 insider transaction

General Counsel Michael J. O’Sullivan reported the sale of 24,000 Class A shares on 30 June 2025 at a weighted-average price of $8.7074 per share. The disposition occurred under a pre-arranged Rule 10b5-1 trading plan adopted on 21 Nov 2024.

• Gross proceeds: ≈ $208.9 k.
• Shares sold represent roughly 1.1 % of the insider’s indirect holdings.
• Post-sale beneficial ownership: 2,084,329 Class A shares, held primarily through a trust; 160 shares are held by immediate family members for which beneficial ownership is disclaimed.

No derivative securities were involved, and no new options were exercised or granted.

The filing is routine, but investors often monitor insider activity as a sentiment gauge. The use of a 10b5-1 plan mitigates concerns about information asymmetry, suggesting the transaction was scheduled rather than opportunistic.

Positive

• Use of Rule 10b5-1 plan enhances transparency and reduces perception of opportunistic selling.
• Insider retains a sizable stake (≈2.08 million shares), maintaining alignment with shareholders.

Negative

• Insider selling, even if modest, can be interpreted as reduced confidence in near-term share appreciation by some investors.

Insights

Corporate Governance Expert

TL;DR: Small 10b5-1 sale; negligible governance impact.

The transaction is immaterial relative to O’Sullivan’s 2.08 million-share stake and represents standard liquidity diversification. Because it was executed under a 10b5-1 plan, the risk of information-driven trading is low. No red flags arise for governance or control: the insider retains substantial ownership, aligning interests with shareholders. Impact on valuation or voting control is effectively zero.

Securities Analyst

TL;DR: Insider sells ≈$209 k in stock; signals neutral.

Volume equates to roughly 0.02 % of Snap’s average daily trading volume—too small to affect market liquidity or price. While any insider sale can be perceived negatively, the planned nature, modest size, and continued 2 million-share holding point toward routine portfolio management. I view the filing as non-impactful for near-term stock performance.

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^*

O'Sullivan Michael J.

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

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	06/30/2025		S		24,000(1)	D	$8.7074(2)	510,984	I	By Trust(3)
Class A Common Stock								2,084,329	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. The sales reported were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 21, 2024.

2. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $8.595 to $8.845 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. Includes 160 shares held by certain immediate family members of the reporting person for which the reporting person disclaims beneficial ownership except as to the reporting person's indirect pecuniary interest therein, if any. The remaining shares are held by an entity or entities in which the reporting person retains investment power over such shares.

	/s/ Atul Porwal, Attorney-in-fact	07/02/2025
	** 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

How many Snap (SNAP) shares did Michael O’Sullivan sell?

He sold 24,000 Class A shares on 30 June 2025.

At what price were the SNAP shares sold?

The weighted-average sale price was $8.7074 per share, within a range of $8.595-$8.845.

Was the sale under a 10b5-1 trading plan?

Yes. The plan was adopted on 21 November 2024, indicating a pre-scheduled transaction.

What is Michael O’Sullivan’s remaining SNAP shareholding?

After the sale he beneficially owns 2,084,329 shares, primarily through a trust.

Does this insider sale materially affect Snap’s share count or control?

No. The sale represents only 1.1 % of his holdings and is immaterial to Snap’s overall float.