Snowflake director sells 50,741 shares at $353.87
Snowflake director Michael L. Speiser sold pre-planned shares under a Rule 10b5-1 trading plan while retaining significant direct and indirect holdings.
Rhea-AI Filing Summary
Snowflake Inc. (SNOW) director Michael L. Speiser reported net sales of 50,741 shares of common stock on September 4, 2026, in open-market transactions at about $353.87 per share, executed under a Rule 10b5-1 trading plan adopted on December 27, 2024. After these trades, he holds 22,170 shares directly, with additional indirect holdings through a limited partnership and several trusts, for which he disclaims beneficial ownership except to his pecuniary interest and which include shares tied to vesting restricted stock units.
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Insights
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Insider Trade Summary 10b5-1
Net Seller: 50,741 shares
Net Sell
11 txns
Insider
Speiser Michael L
Role
Director
Sold
50,741 shs ($17.96M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock F1, F2 | 403 | $353.871 | $143K |
| Sale | Common Stock F1, F3 | 12,973 | $353.871 | $4.59M |
| Sale | Common Stock F1, F4 | 840 | $353.871 | $297K |
| Sale | Common Stock F1, F4 | 840 | $353.871 | $297K |
| Sale | Common Stock F1, F4 | 840 | $353.871 | $297K |
| Sale | Common Stock F1, F4 | 840 | $353.871 | $297K |
| Sale | Common Stock F1, F5, F4 | 34,005 | $353.871 | $12.03M |
| holding | Common Stock F6 | -- | -- | -- |
| holding | Common Stock F5, F7 | -- | -- | -- |
| holding | Common Stock F4 | -- | -- | -- |
| holding | Common Stock F4 | -- | -- | -- |
Holdings After Transaction:
Common Stock — 22,170 shares (Direct);
Common Stock — 389,174 shares (Indirect, By Ltd Partnership);
Common Stock — 25,196 shares (Indirect, By Trust (AMS-21));
Common Stock — 25,196 shares (Indirect, By Trust (WWS-21));
Common Stock — 25,196 shares (Indirect, By Trust (LES-21));
Common Stock — 25,196 shares (Indirect, By Trust (ESS-21));
Common Stock — 1,171,746 shares (Indirect, By Trust (Rev Tr));
Common Stock — 2,288 shares (Indirect, By SHM Investments, LLC);
Common Stock — 2,463 shares (Indirect, By SHM);
Common Stock — 2,500 shares (Indirect, By Trust (SCT));
Common Stock — 402 shares (Indirect, By Trust (SRT))
Footnotes (7)
- F1. Shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 27, 2024.
- F2. 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.
- F3. 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.
- F4. 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.
- F5. Shares held prior to the transactions reported herein reflect the receipt of shares pursuant to the pro rata distribution in kind, effected by Sutter Hill Ventures, a California Limited Partnership ("SHV") of all shares previously held by SHV to its limited partners, including the Trust, and its general partner, in each case for no additional consideration, and the further pro rata distribution in kind by the general partner of the shares received from SHV for no additional consideration to its members, including the Trust and Sutter Hill Management Company, L.L.C. ("SHM"). The receipt of such shares constituted a change in form of ownership, which was exempt from reporting pursuant to Rule 16a-13.
- F6. 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.
- F7. Shares held by SHM. The Reporting Person is a managing member of SHM. The Reporting Person disclaims beneficial ownership of these shares except as to the Reporting Person's pecuniary interest therein.
Key Figures
Shares sold: 50,741 shares
Sale price per share: $353.871 per share
Direct holdings after transaction: 22,170 shares
+4 more
7 metrics
Shares sold
50,741 shares
Total Snowflake common shares sold by Michael L. Speiser on September 4, 2026
Sale price per share
$353.871 per share
Reported price for each Snowflake common share sold on September 4, 2026
Direct holdings after transaction
22,170 shares
Snowflake common shares held directly by Speiser following the reported sales
Limited partnership indirect holdings
389,174 shares
Snowflake shares held by a limited partnership associated with Speiser after the sale
Revocable trust indirect holdings
1,171,746 shares
Snowflake shares held by a revocable trust associated with Speiser after the sale
Rule 10b5-1 plan adoption date
December 27, 2024
Date Speiser adopted the trading plan used for these Snowflake share sales
Number of sale transactions
7 transactions
Count of separate open-market sale entries reported for September 4, 2026
Key Terms
Rule 10b5-1 trading plan, restricted stock units, pecuniary interest, pro rata distribution in kind, +1 more
5 terms
Rule 10b5-1 trading plan regulatory
"Shares were sold pursuant to a Rule 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.
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"
pro rata distribution in kind financial
"reflect the receipt of shares pursuant to the pro rata distribution in kind, effected by Sutter Hill Ventures"
beneficial ownership regulatory
"The Reporting Person disclaims beneficial ownership in these shares except"
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.
FAQ
What did Snowflake (SNOW) director Michael L. Speiser report in this Form 4?
He reported selling 50,741 shares of Snowflake common stock on September 4, 2026, in open-market transactions at about $353.87 per share, under a pre-adopted Rule 10b5-1 trading plan, while retaining substantial direct and indirect holdings.
Was the Snowflake (SNOW) insider sale made under a Rule 10b5-1 plan?
Yes. The filing states that the shares were sold pursuant to a Rule 10b5-1 trading plan adopted by Michael L. Speiser on December 27, 2024, indicating the trades were pre-arranged under that plan.
What indirect Snowflake (SNOW) holdings are associated with Speiser after the sale?
Post-transaction, indirect holdings include 389,174 shares held by a limited partnership and 1,171,746 shares held by a revocable trust, among other trusts and LLCs. He disclaims beneficial ownership of these shares except to his pecuniary interest.
Do the Snowflake (SNOW) Form 4 footnotes mention restricted stock units or restructurings?
Yes. One footnote explains that reported direct holdings include shares to be issued upon vesting of restricted stock units. Another describes a pro rata distribution in kind of shares among Sutter Hill entities that changed the form of ownership but was exempt from reporting.
AI-generated analysis. How Rhea-AI works. Not financial advice.
