A utility knife includes a blade holder slidably connected to the handle. A blade lock pivotally connects to the blade holder for movement relative to the blade holder about a blade lock axis between a locked position and a released position. The blade lock axis forms an acute angle α with a lateral direction of the knife so that a surface of the blade lock that is configured to engage the utility blade moves both laterally and vertically as the blade lock moves between its locked and released positions. A blade release trigger is conveniently disposed well rearwardly of a front of the handle. The knife includes a sealed blade storage compartment with a manually openable cover. A seal disposed between the compartment and cover discourages water and/or debris from getting into the compartment when the cover is closed.