Snowflake Director Michael Speiser Sells $17.5M in Stock Under Rule 10b5-1 Plan

Executive Summary

On October 2, 2026, Snowflake Inc. (NYSE: SNOW) director Michael L. Speiser executed sales totaling 50,741 shares of Class A Common Stock at a price of $344.00 per share, generating aggregate proceeds of approximately $17.45 million. The transactions were conducted across both direct holdings and multiple affiliated indirect vehicles (including Sutter Hill-affiliated partnerships and family trusts). All sales were completed pursuant to a pre-arranged Rule 10b5-1 trading plan.

Transaction Details

• Filing Date: October 3, 2026
• Transaction Date: October 2, 2026
• Total Shares Sold: 50,741 shares
  • Direct: 403 shares
  • Indirect (Limited Partnership): 12,973 shares
  • Indirect (AMS-21, WWS-21, LES-21, ESS-21 Trusts): 3,360 shares (840 shares each)
  • Indirect (Revocable Trust): 34,005 shares
• Sale Price: $344.00 per share
• Gross Value: $17,454,904.00
• Post-Transaction Holdings: The reporting person continues to beneficially own 21,767 shares directly and over 1.61 million shares across affiliated trusts and entities.

Governance and Market Impact Assessment

Although the aggregate disposition value of $17.45 million is substantial, the market significance is classified as Medium due to the structured nature of the divestment:

1. Pre-Established Plan: Footnotes indicate the transactions were executed in accordance with a Rule 10b5-1 trading plan adopted on December 27, 2024, eliminating discretionary market timing.
2. Venture Capital Context: Michael Speiser is a managing director at Sutter Hill Ventures and an early backer/former founding CEO of Snowflake. Long-term phased liquidations are standard portfolio rebalancing activities for institutional venture directors.
3. Substantial Retained Stake: The insider maintains an indirect and direct economic interest in over 1.6 million shares, indicating meaningful ongoing alignment with Snowflake shareholders.