Were Michael L. Speiser’s Snowflake (SNOW) share sales pre-planned under a 10b5-1 plan?

Yes. The filing states the sales were made under a Rule 10b5-1 trading plan adopted on December 27, 2024. Such plans schedule trades in advance, which can make the timing of sales less indicative of the insider’s current view of Snowflake’s prospects.

Snowflake (NYSE: SNOW) director sells 50,741 shares via 10b5-1 plan

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Snowflake Inc. director Michael L. Speiser reported net open‑market sales of 50,741 shares of Common Stock on May 1, 2026, executed across multiple entities associated with him. The Form 4 shows sales by several trusts and a limited partnership, as well as smaller sales from his direct holdings.

The reported sale prices range from about $140.51 to $142.07 per share, with columns showing weighted-average prices for each trade. According to a footnote, these transactions were carried out under a pre-arranged Rule 10b5-1 trading plan adopted on December 27, 2024.

After these trades, Speiser’s direct account holds 22,687 shares, and the filing lists substantial additional indirect positions through trusts, a revocable trust, a limited partnership, SHM Investments, LLC, and Sutter Hill Ventures, where he disclaims beneficial ownership beyond his pecuniary interest.

Insider Trade Summary 10b5-1

Net Seller: 50,741 shares ($7,184,690)

Net Sell 25 txns

Insider Speiser Michael L

Role null

Sold 50,741 shs ($7.18M)

Type	Security	Shares	Price	Value
Sale	Common Stock	225	$142.074	$32K
Sale	Common Stock	148	$141.086	$21K
Sale	Common Stock	30	$140.505	$4K
Sale	Common Stock	7,245	$142.074	$1.03M
Sale	Common Stock	4,780	$141.086	$674K
Sale	Common Stock	948	$140.505	$133K
Sale	Common Stock	18,993	$142.074	$2.70M
Sale	Common Stock	12,528	$141.086	$1.77M
Sale	Common Stock	2,484	$140.505	$349K
Sale	Common Stock	469	$142.074	$67K
Sale	Common Stock	310	$141.086	$44K
Sale	Common Stock	61	$140.505	$9K
Sale	Common Stock	469	$142.074	$67K
Sale	Common Stock	310	$141.086	$44K
Sale	Common Stock	61	$140.505	$9K
Sale	Common Stock	469	$142.074	$67K
Sale	Common Stock	310	$141.086	$44K
Sale	Common Stock	61	$140.505	$9K
Sale	Common Stock	469	$142.074	$67K
Sale	Common Stock	310	$141.086	$44K
Sale	Common Stock	61	$140.505	$9K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 22,687 shares (Direct, null); Common Stock — 446,794 shares (Indirect, By Ltd Partnership)

Footnotes (1)

The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person on December 27, 2024. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $141.570 to $142.560, 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 range set forth in this footnote. 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. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $140.570 to $141.560, inclusive. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $140.400 to $140.560, inclusive. 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. 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. 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. 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.

Key Figures

Shares sold (net): 50,741 shares Sale price tranche: $140.5050/share Sale price tranche: $141.0860/share +5 more

8 metrics

Shares sold (net) 50,741 shares Net open-market sales on May 1, 2026 by associated entities

Sale price tranche $140.5050/share One weighted-average sale price reported for multiple trades

Sale price tranche $141.0860/share One weighted-average sale price reported for multiple trades

Sale price tranche $142.0740/share One weighted-average sale price reported for multiple trades

Direct holdings after trades 22,687 shares Common Stock directly held by Michael L. Speiser after May 1, 2026 sales

Revocable trust holdings 1,248,286 shares Common Stock held by revocable trust after reported sales

Limited partnership holdings 446,794 shares Common Stock held by limited partnership after reported sales

Sutter Hill Ventures holdings 790,158 shares Common Stock held by Sutter Hill Ventures as reported in Form 4

Key Terms

Rule 10b5-1 trading plan, weighted-average price, restricted stock units, pecuniary interest, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted..."

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted-average price financial

"The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions..."

restricted stock units financial

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

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

pecuniary interest financial

"The Reporting Person disclaims beneficial ownership in these shares except as to the Reporting Person's pecuniary interest..."

beneficial ownership regulatory

"The Reporting Person disclaims beneficial ownership in these shares except as to the Reporting Person's pecuniary interest therein."

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Form 4 Insider Transactions: What Each Field Means →

05/04/2026 - 07:42 PM

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).

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.

135 CONSTITUTION DRIVE

(Street)

MENLO PARK

CALIFORNIA

94025

(City)

(State)

(Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/01/2026		S⁽¹⁾		225	D	$142.074⁽²⁾	22,687⁽³⁾	D
Common Stock	05/01/2026		S⁽¹⁾		148	D	$141.086⁽⁴⁾	22,539⁽³⁾	D
Common Stock	05/01/2026		S⁽¹⁾		30	D	$140.505⁽⁵⁾	22,509⁽³⁾	D
Common Stock	05/01/2026		S⁽¹⁾		7,245	D	$142.074⁽²⁾	446,794	I	By Ltd Partnership⁽⁶⁾
Common Stock	05/01/2026		S⁽¹⁾		4,780	D	$141.086⁽⁴⁾	442,014	I	By Ltd Partnership⁽⁶⁾
Common Stock	05/01/2026		S⁽¹⁾		948	D	$140.505⁽⁵⁾	441,066	I	By Ltd Partnership⁽⁶⁾
Common Stock	05/01/2026		S⁽¹⁾		18,993	D	$142.074⁽²⁾	1,248,286	I	By Trust (Rev Tr)⁽⁷⁾
Common Stock	05/01/2026		S⁽¹⁾		12,528	D	$141.086⁽⁴⁾	1,235,758	I	By Trust (Rev Tr)⁽⁷⁾
Common Stock	05/01/2026		S⁽¹⁾		2,484	D	$140.505⁽⁵⁾	1,233,274	I	By Trust (Rev Tr)⁽⁷⁾
Common Stock	05/01/2026		S⁽¹⁾		469	D	$142.074⁽²⁾	28,927	I	By Trust (AMS-21)⁽⁷⁾
Common Stock	05/01/2026		S⁽¹⁾		310	D	$141.086⁽⁴⁾	28,617	I	By Trust (AMS-21)⁽⁷⁾
Common Stock	05/01/2026		S⁽¹⁾		61	D	$140.505⁽⁵⁾	28,556	I	By Trust (AMS-21)⁽⁷⁾
Common Stock	05/01/2026		S⁽¹⁾		469	D	$142.074⁽²⁾	28,927	I	By Trust (ESS-21)⁽⁷⁾
Common Stock	05/01/2026		S⁽¹⁾		310	D	$141.086⁽⁴⁾	28,617	I	By Trust (ESS-21)⁽⁷⁾
Common Stock	05/01/2026		S⁽¹⁾		61	D	$140.505⁽⁵⁾	28,556	I	By Trust (ESS-21)⁽⁷⁾
Common Stock	05/01/2026		S⁽¹⁾		469	D	$142.074⁽²⁾	28,927	I	By Trust (LES-21)⁽⁷⁾
Common Stock	05/01/2026		S⁽¹⁾		310	D	$141.086⁽⁴⁾	28,617	I	By Trust (LES-21)⁽⁷⁾
Common Stock	05/01/2026		S⁽¹⁾		61	D	$140.505⁽⁵⁾	28,556	I	By Trust (LES-21)⁽⁷⁾
Common Stock	05/01/2026		S⁽¹⁾		469	D	$142.074⁽²⁾	28,927	I	By Trust (WWS-21)⁽⁷⁾
Common Stock	05/01/2026		S⁽¹⁾		310	D	$141.086⁽⁴⁾	28,617	I	By Trust (WWS-21)⁽⁷⁾
Common Stock	05/01/2026		S⁽¹⁾		61	D	$140.505⁽⁵⁾	28,556	I	By Trust (WWS-21)⁽⁷⁾
Common Stock								790,158	I	By Sutter Hill Ventures⁽⁸⁾
Common Stock								2,288	I	By SHM Investments, LLC⁽⁹⁾
Common Stock								2,500	I	By Trust (SCT)⁽⁷⁾
Common Stock								402	I	By Trust (SRT)⁽⁷⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person on December 27, 2024.

2. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $141.570 to $142.560, 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 range set forth in this footnote.

3. 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.

4. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $140.570 to $141.560, inclusive.

5. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $140.400 to $140.560, inclusive.

6. 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.

7. 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.

8. 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.

9. 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.

Remarks:

	/s/ Marie Reider, Attorney-in-Fact	05/04/2026
	** 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.
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider activity did Snowflake (SNOW) disclose for Michael L. Speiser?

Snowflake disclosed that director Michael L. Speiser reported net sales of 50,741 shares of Common Stock. The trades occurred on May 1, 2026 across multiple trusts, a limited partnership, and his direct holdings, primarily as open-market sales at prices around $140–$142 per share.

At what prices did entities associated with Michael L. Speiser sell Snowflake (SNOW) shares?

The reported weighted-average sale prices range from about $140.51 to $142.07 per share. Footnotes explain that each reported price reflects multiple trades within narrow ranges, and Speiser undertakes to provide detailed breakdowns of the number of shares sold at each price if requested.

How many Snowflake (SNOW) shares does Michael L. Speiser hold directly after these transactions?

After the reported sales, Michael L. Speiser’s direct account holds 22,687 Snowflake shares. In addition, the Form 4 lists large indirect positions through several trusts and investment entities, where he disclaims beneficial ownership beyond his pecuniary interest in those shares.

Which entities associated with Michael L. Speiser sold Snowflake (SNOW) shares in this Form 4?

The sales involve multiple trusts, a revocable trust, a limited partnership, SHM Investments, LLC, and Sutter Hill Ventures. The filing attributes holdings to these entities, and Speiser disclaims beneficial ownership in many of the shares except to the extent of his pecuniary interest.

What does the weighted-average price disclosure mean in the Snowflake (SNOW) Form 4?

Weighted-average prices indicate each reported price aggregates several trades executed within a stated range. The filing notes ranges such as $141.570 to $142.560, and Speiser agrees to provide the exact number of shares sold at each specific price upon request to interested parties.