Snowflake Director Frank Slootman Exercises & Sells $100M+ in Stock

Overview & Summary

On September 22, 2026, Frank Slootman, Director and former CEO of Snowflake Inc. (NYSE: SNOW), filed Form 4 detailing the exercise of stock options and subsequent sale of 300,000 shares of common stock on September 18 and September 21, 2026. The gross proceeds from the open market sales totaled approximately $100.35 million at a weighted-average price of ~$334.49 per share.

Transaction Breakdown

1. Option Exercises (Code M):

   • 2026-09-18: Exercised 197,209 options with an exercise price of $8.88 per share.
   • 2026-09-21: Exercised 102,791 options with an exercise price of $8.88 per share.
   • Total Options Exercised: 300,000 shares (Exercise cost: ~$2.66M).

2. Open Market Sales (Code S):

   • 2026-09-18: Sold 197,209 shares in multiple tranches ranging between $330.75 and $338.61, yielding ~$65.89M.
   • 2026-09-21: Sold 102,791 shares in multiple tranches ranging between $329.54 and $339.34, yielding ~$34.46M.
   • Combined Sales Total: 300,000 shares for ~$100,345,531.19.

Plan and Holdings Context

• Rule 10b5-1 Trading Plan: All transactions were conducted pursuant to a pre-arranged Rule 10b5-1 trading plan adopted on September 19, 2025.
• Remaining Holdings:
  • Direct: 19,024 shares of Common Stock (includes shares underlying vesting RSUs).
  • Indirect: 210,029 shares held across various family trusts (Living Trust, Grandchildren's Trust, 2023 Children's Trust, and 2024 GRATs).
  • Derivative: 4,136,655 vested stock options remaining with an exercise price of $8.88 and expiration on May 28, 2029.

Market & Strategic Impact

While the transaction represents a substantial dollar outflow ($100M+), it was executed under a Rule 10b5-1 plan adopted one year prior and was entirely driven by option exercises at an $8.88 strike price against options expiring in May 2029. Slootman retains over 4.13 million stock options and over 229,000 common shares across direct and indirect holdings.