Form 4: Snowflake Inc. Chief Revenue Officer Christopher Degnan Reports Changes in Beneficial Ownership

Christopher Degnan, Chief Revenue Officer of Snowflake Inc., reports a transaction involving the withholding of shares to cover tax obligations and updates to his beneficial ownership, including holdings in various trusts.

Summary

• On September 20, 2024, Christopher William Degnan, the Chief Revenue Officer of Snowflake Inc., filed a Form 4 to report changes in his beneficial ownership of the company's stock.
• The reported transaction involved the withholding of 848 shares of Class A Common Stock at a price of $114.02 to satisfy tax withholding obligations related to the vesting of restricted stock units.
• Following the transaction, Degnan directly owns 346,741 shares of Class A Common Stock, which includes shares to be issued in connection with the vesting of restricted stock units.
• Degnan also indirectly owns shares through several trusts, including The Degnan Family Trust (139,563 shares), Degnan Gift Trust (120,000 shares), Fairbanks GRAT No. I (50,000 shares), Sherborne GRAT No. I (50,000 shares), and The Sudbury Trust (100,589 shares).

Sentiment

Score: 5

Explanation: This is a neutral regulatory filing. It reports a routine transaction related to executive compensation and does not contain information that would significantly impact investor sentiment.

Industry Context

This filing is a routine disclosure related to executive compensation and stock ownership, and it doesn't necessarily indicate a significant shift in the company's performance or outlook. It is standard practice for executives to have shares withheld to cover tax obligations when restricted stock units vest.

Comparison to Industry Standards

• Form 4 filings are standard practice for corporate insiders and are comparable across all publicly traded companies.
• The details provided, such as the number of shares and transaction price, are consistent with the level of information typically disclosed in these filings.
• Executive compensation structures involving restricted stock units and tax withholding are common across the tech industry, including companies like Microsoft, Amazon, and Google.

Stakeholder Impact

• The transaction has a minimal direct impact on shareholders, as it primarily reflects internal stock management for tax purposes.
• Employees who hold restricted stock units may be interested in the details of tax withholding practices.

Key Dates