Form 4: Snap Director Poppy Thorpe Granted 33,157 RSUs

Snap Inc. Director Poppy Thorpe was granted 33,157 Restricted Stock Units, increasing her beneficial ownership to 95,312 Class A Common Stock.

Summary

• Poppy Thorpe, a Director at Snap Inc. (SNAP), was granted 33,157 Restricted Stock Units (RSUs) on August 7, 2025.
• These RSUs represent a contingent right to receive one share of Snap's Class A Common Stock per RSU, with a grant price of $0.00.
• Following this transaction, Ms. Thorpe's total beneficial ownership of Class A Common Stock will be 95,312 shares.
• The RSUs are scheduled to vest 100% after one year of continuous service from August 2, 2025, meaning they would vest after August 2, 2026.
• Vesting is subject to pro-rata acceleration upon discontinued service on the board, automatic full acceleration in the event of a change in control, and full vesting upon death while in continuous service.
• Settlement of the RSUs will be deferred until the earlier of 90 days following separation from service or a change in control.

Sentiment

Score: 7

Explanation: The RSU grant to a director is a positive sign of continued alignment between management and shareholder interests, reflecting standard compensation practices without indicating any negative operational or financial news.

Positives

• Granting RSUs to a director aligns their interests with shareholders, incentivizing long-term performance.
• The increase in beneficial ownership by a director demonstrates continued commitment to the company.

Risks

• The vesting of RSUs is contingent on continuous service, meaning the shares are not immediately owned and could be forfeited if service is discontinued before vesting, unless specific acceleration clauses apply.
• The value of the RSUs upon vesting is dependent on the future market price of Snap Inc.'s Class A Common Stock.

Future Outlook

The granted Restricted Stock Units (RSUs) are scheduled to vest 100% after one year of continuous service from August 2, 2025, implying a vesting date after August 2, 2026. The settlement of these RSUs will be deferred until the earlier of 90 days following the reporting person's separation from service or a change in control.

Industry Context

Granting Restricted Stock Units (RSUs) to directors is a common practice in the technology and broader corporate sectors to align executive and board member incentives with long-term shareholder value creation. This practice is prevalent among companies like Meta Platforms, Alphabet, and Amazon, which frequently use equity compensation to attract and retain top talent and leadership.

Comparison to Industry Standards

• The RSU grant structure, including vesting over one year of continuous service and acceleration clauses for change in control or death, aligns with typical equity compensation plans observed in major tech companies.
• Similar RSU vesting schedules are common at companies such as Meta Platforms (META) and Alphabet (GOOGL), where equity awards often vest over several years, sometimes with cliff vesting or pro-rata schedules.
• The $0.00 acquisition price is standard for RSU grants, as they represent a right to receive shares upon vesting, not a purchase.

Stakeholder Impact

• Shareholders: Aligns director's interests with long-term shareholder value through equity compensation.
• Employees: Standard compensation practices for board members may set a precedent or reflect overall compensation philosophy.

Next Steps

• Vesting of the 33,157 RSUs is scheduled to occur after August 2, 2026, contingent on continuous service.

Key Dates

Keywords

Snap Inc., SNAP, Poppy Thorpe, Restricted Stock Units, RSU, Director Compensation, Insider Ownership, SEC Form 4