[Form 4] Snowflake Inc. Insider Trading Activity

Rhea-AI Filing Summary

Amendment No. 3 to Schedule 13D reports that Hannover Holdings S.A., Baitcon Investments Ltd., Ellipse Global Holding Ltd. and Tanhill Management Ltd. (the “Reporting Persons”) collectively beneficially own 5,194,043 Class A shares of Satellogic Inc. (SATL). The shares are held directly by Hannover and equal 5.7 % of the 90,526,937 Class A shares outstanding as of 2 May 2025. The event triggering the filing occurred on 23 Jul 2025.

This filing updates the initial 13D submitted on 2 Feb 2023 and subsequent amendments on 3 Jun 2025 and 6 Jun 2025. Each Reporting Person claims sole voting and dispositive power over the disclosed shares; no shared power is reported. Exhibit 99.1 (not included in the excerpt) details open-market transactions executed within the past 60 days. The amendment does not announce new agreements, activist intentions or changes to Satellogic’s capital structure; it solely refreshes ownership data now that the stake remains above the 5 % reporting threshold.

Insights

Securities Analyst

TL;DR: 5.7 % stake disclosed; routine ownership update, limited immediate impact.

The amendment confirms that Hannover-linked entities continue to hold just over the 5 % reporting threshold, giving them some influence but not a controlling position. Voting and dispositive power remain sole, signaling no joint control arrangement. Because the filing lacks proposals or strategic commentary, market impact should be neutral unless future filings reveal activist activity. Investors may view the consistent holding as a sign of ongoing interest, yet the size alone is insufficient to drive board changes or strategic shifts.

Corporate Governance Expert

TL;DR: Ownership disclosure meets Section 13D duties; no governance moves declared.

From a governance perspective, the Reporting Persons comply with SEC rules by updating beneficial ownership after prior amendments in June. All four entities are deemed beneficial owners through Hannover’s direct holdings, but the absence of shared voting rights suggests centralized decision-making. The filing contains no Item 4 plans or proposals, meaning no stated intent to influence management, pursue mergers or request board seats. Consequently, the amendment is informational rather than strategic and should be viewed as not impactful to Satellogic’s control structure at this time.

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).

1. Name and Address of Reporting Person^*

Dageville Benoit

(Last) (First) (Middle)

C/O SNOWFLAKE INC.

106 EAST BABCOCK STREET, SUITE 3A

(Street)

BOZEMAN MT 59715

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Snowflake Inc. [ SNOW ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/24/2025

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
Common Stock	07/24/2025		G(1)		5,625	D	$0	3,170,930	I	Trust(2)
Common Stock	07/24/2025		M(1)		17,927	A	$0.74	76,252(3)	D
Common Stock	07/24/2025		M(1)		7,073	A	$13.48	83,325(3)	D
Common Stock	07/24/2025		S(1)		25,000	D	$214.633(4)	58,325(3)	D
Common Stock								750,000	I	Trust(5)
Common Stock								750,000	I	Trust(6)

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
Stock Option (Right to Buy)	$0.74	07/24/2025		M			17,927	(7)	02/07/2027	Common Stock	17,927	$0	376,936	D
Stock Option (Right to Buy)	$13.48	07/24/2025		M			7,073	(7)	12/10/2029	Common Stock	7,073	$0	392,927	D

Explanation of Responses:

1. The exercises, sales, and gift were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person on March 28, 2025.

2. The shares are held by The Snow Trust UTA dated 9/10/19 for which the Reporting Person is a trustee.

3. Includes shares to be issued in connection with the vesting of one or more restricted stock units.

4. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $214.510 to $215.500, inclusive. The Reporting Person undertakes to provide 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 ranges set forth in these footnotes.

5. The shares are held by The Thira GRAT No. 1 dated 3/13/2025 for which the Reporting Person's spouse is the trustee. The Reporting Person has no right to or interest in these shares and disclaims beneficial ownership of these shares.

6. The shares are held by The Selene GRAT No. 1 dated 3/13/2025 for which the Reporting Person is the trustee.

7. The stock option is fully vested.

Remarks:

	/s/ Marie Reider, Attorney-in-Fact	07/25/2025
	** 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 percentage of Satellogic (SATL) shares do the reporting persons own?

They beneficially own 5,194,043 Class A shares, representing approximately 5.7 % of outstanding shares.

Who are the reporting persons in the July 2025 Schedule 13D/A for SATL?

Hannover Holdings S.A., Baitcon Investments Ltd., Ellipse Global Holding Ltd., and Tanhill Management Ltd. are the reporting persons.

What is the event date for this Schedule 13D amendment?

The event requiring the filing occurred on 23 July 2025.

Do the reporting persons share voting or dispositive power over the SATL shares?

No; each reports sole voting and sole dispositive power over the 5,194,043 shares.

How many Class A shares outstanding was the 5.7 % ownership calculated against?

The percentage is based on 90,526,937 Class A shares outstanding as of 2 May 2025.

Where can details of recent trades by the reporting persons be found?

Transaction details are provided in Exhibit 99.1 to the filing, covering open-market trades in the past 60 days.