Director-linked entities gain Snowflake (SNOW) shares via Observe acquisition

Rhea-AI Filing Summary

Snowflake Inc. director Michael L. Speiser reported indirect acquisitions of Snowflake common stock through affiliated entities in connection with Snowflake’s acquisition of Observe, Inc. On February 2, 2026, Sutter Hill Ventures received 790,158 shares, SHM Investments, LLC received 2,288 shares, and a revocable trust received 77,119 shares, all at a stated price of $0.00 per share in an exchange for Observe securities. Additional indirect holdings are reported for various trusts and a limited partnership, and a separate line shows 24,121 shares held directly, which includes shares to be issued upon vesting of restricted stock units. The filing notes that Speiser disclaims beneficial ownership in these positions except to the extent of his pecuniary interest.

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^*

Speiser Michael L

(Last) (First) (Middle)

C/O SNOWFLAKE INC.

106 EAST BABCOCK STREET

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/02/2026

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	02/02/2026		A		790,158	A	(1)	790,158	I	By Sutter Hill Ventures(2)
Common Stock	02/02/2026		A		2,288	A	(1)	2,288	I	By SHM Investments, LLC(3)
Common Stock	02/02/2026		A		77,119	A	(1)	1,369,294	I	By Trust (Rev Tr)(4)
Common Stock	02/02/2026		A		2,500	A	(1)	2,500	I	By Trust (SCT)(4)
Common Stock	02/02/2026		A		402	A	(1)	402	I	By Trust (SRT)(4)
Common Stock								492,958	I	By Ltd Partnership(5)
Common Stock								31,916	I	By Trust (AMS-21)(4)
Common Stock								31,916	I	By Trust (ESS-21)(4)
Common Stock								31,916	I	By Trust (LES-21)(4)
Common Stock								31,916	I	By Trust (WWS-21)(4)
Common Stock								24,121(6)	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. Received in exchange for securities of Observe, Inc. ("Observe") in connection with the acquisition of Observe by the Issuer.

2. Shares held by Sutter Hill Ventures, a California Limited Partnership ("SHV"). The Reporting Person is a managing director and member of the management committee of the general partner of SHV. The Reporting Person disclaims beneficial ownership in these shares except as to the Reporting Person's pecuniary interest therein.

3. Shares held by SHM Investments, LLC ("SHMI"). The Reporting Person is a managing member of SHMI. The Reporting Person disclaims beneficial ownership in these shares except as to the Reporting Person's pecuniary interest therein.

4. Shares held by a trust of which the Reporting Person is a Trustee. The Reporting Person disclaims beneficial ownership in these shares except as to the Reporting Person's pecuniary interest therein.

5. Shares held by a limited partnership of which the Reporting Person is a trustee of a trust which is the general partner. The Reporting Person disclaims beneficial ownership in these shares except as to the Reporting Person's pecuniary interest therein.

6. Includes shares to be issued in connection with the vesting of one or more restricted stock units. The Reporting Person shares pecuniary interest in these shares with other parties pursuant to contractual relationships. The Reporting Person disclaims beneficial ownership in these shares except as to the Reporting Person's pecuniary interest in these shares.

	/s/ Kanwalpreet S. Kalra, by power of attorney	02/04/2026
	** 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.
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FAQ

What insider transaction did Snowflake (SNOW) report for Michael L. Speiser?

Snowflake director Michael L. Speiser reported indirect acquisitions of common stock on February 2, 2026. Affiliated entities received Snowflake shares in exchange for securities of Observe, Inc. as part of Snowflake’s acquisition of Observe, with no cash price per share stated.

How many Snowflake shares did Sutter Hill Ventures receive in this Form 4 filing?

Sutter Hill Ventures received 790,158 Snowflake common shares as reported in the Form 4. These shares were obtained in exchange for Observe, Inc. securities in connection with Snowflake’s acquisition of Observe, and Speiser reports them as indirectly owned through the partnership.

Which entities associated with Michael L. Speiser hold Snowflake (SNOW) shares?

Reported indirect holders include Sutter Hill Ventures, SHM Investments, LLC, a revocable trust, multiple family trusts, and a limited partnership. The filing states that Michael L. Speiser is a managing member or trustee and disclaims beneficial ownership except for his pecuniary interest.

What is the reported price per share for the Snowflake stock acquired on February 2, 2026?

The reported price per share for the Snowflake common stock acquired on February 2, 2026 is shown as $0.00. The filing explains the shares were received in exchange for securities of Observe, Inc. as part of Snowflake’s acquisition of Observe, rather than a cash purchase.

Does Michael L. Speiser directly own any Snowflake shares in this Form 4?

Yes. One line in the filing lists 24,121 Snowflake common shares as directly owned. This figure includes shares to be issued upon vesting of restricted stock units, and the filing notes that Speiser shares pecuniary interest in these shares under certain contractual relationships.

How are beneficial ownership and control over Snowflake shares described for Michael L. Speiser?

The filing states that various Snowflake share positions are held by partnerships, LLCs, and trusts. Michael L. Speiser is a managing member or trustee but disclaims beneficial ownership of those shares, except to the extent of his pecuniary interest in each entity or arrangement.