Snowflake Affiliate Michael Speiser Files Form 144 to Sell $17.96M in Common Stock

Executive Summary

On September 4, 2026, Snowflake Inc. ($SNOW) affiliate Michael L. Speiser filed a Form 144 notice proposing the sale of 50,741 shares of common stock with an aggregate market value of approximately $17,955,783.63 (~$353.87 per share). The proposed transaction is scheduled through broker Stifel Nicolaus & Company Inc.

Key Transaction Details

• Filer: Michael L Speiser (Affiliate / Trustee / GP)
• Shares to be Sold: 50,741 shares
• Estimated Gross Proceeds: $17.96M
• Shares Outstanding: 346,600,000 (~0.015% of total shares outstanding)
• Trading Plan: Pre-arranged Rule 10b5-1 trading plan adopted on December 27, 2024.
• Ownership Structure:
  • 37,365 shares sold by trusts of which Mr. Speiser is a trustee
  • 403 shares sold by an IRA for Mr. Speiser
  • 12,973 shares sold by a limited partnership affiliated with Mr. Speiser's trust

Recent Historical Activity (Past 3 Months)

This filing follows a consistent monthly liquidation schedule under the established 10b5-1 plan:

1. July 6, 2026: Sold 50,741 shares for $13,086,427.00
2. August 7, 2026: Sold 50,741 shares for $16,443,118.00
3. September 4, 2026 (Current): Notice to sell 50,741 shares for $17,955,783.63

Significance Assessment

The trading significance is rated Medium. While the transaction represents a sizable dollar value (~$18M), it represents a negligible percentage of Snowflake's total outstanding shares (~0.015%) and is part of an orderly, recurring monthly divestment schedule under a pre-established Rule 10b5-1 plan.