Form 4: Snowflake Executive Christian Kleinerman Reports Stock Sales and Tax Withholdings
SEC Form 4 Filing
EVP of Product Management at Snowflake, Christian Kleinerman, reports the sale of shares to cover tax obligations and pursuant to a pre-arranged trading plan.
Summary
- Christian Kleinerman, EVP of Product Management at Snowflake Inc., filed a Form 4 detailing changes in beneficial ownership.
- On September 20, 2024, 848 shares of Class A Common Stock were disposed of to cover tax withholding obligations at a price of $114.02 per share.
- On September 23, 2024, 861 shares of Class A Common Stock were sold at a price of $111.41 per share, pursuant to a 10b5-1 trading plan.
- Following these transactions, Kleinerman directly owns 751,755 shares of Class A Common Stock.
- Kleinerman also indirectly owns 100,000 shares through the Christian Kleinerman 2023 Grantor Retained Annuity Trust, 33,499 shares through the Christian Kleinerman 2022 Grantor Retained Annuity Trust, and 58,568 shares through Kleinerman 2020 Dynasty LLC.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing detailing stock transactions by an executive. It doesn't inherently convey positive or negative sentiment.
Industry Context
Executive stock transactions are common and closely monitored, especially in high-growth tech companies like Snowflake. Sales under 10b5-1 plans are generally viewed as less impactful since they are pre-arranged.
Comparison to Industry Standards
- Executive stock sales are a normal part of compensation packages in publicly traded companies.
- The use of 10b5-1 trading plans is a common practice among executives to avoid accusations of insider trading.
- Comparable companies like Datadog, CrowdStrike, and Okta also see regular Form 4 filings from their executives.
Stakeholder Impact
- The stock sales could have a minor impact on shareholders, but the use of a 10b5-1 plan mitigates concerns about insider trading.
- The transactions do not directly impact employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| September 1, 2023 | Date of The Christian Kleinerman 2023 Grantor Retained Annuity Trust. |
| December 22, 2023 | Date the Reporting Person adopted 10b5-1 trading plans. |
| June 24, 2022 | Date of The Christian Kleinerman 2022 Grantor Retained Annuity Trust. |
| September 20, 2024 | Date of tax withholding related stock disposal. |
| September 23, 2024 | Date of stock sale pursuant to 10b5-1 trading plan. |
| September 24, 2024 | Date of Form 4 filing. |
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