Shopify (SHOP) Form 144 Discloses RSU Vesting and Planned Sale

Rhea-AI Filing Summary

Form 144 filing for Shopify Inc. (SHOP) reports a proposed sale of 11,340 Class A Subordinate Voting Shares through broker Solium Capital in Calgary with an aggregate market value of $1,625,931.64 and an approximate sale date of 09/22/2025. The shares were acquired on 09/22/2025 by vesting of restricted stock units (RSUs); the filing also discloses the filer sold smaller blocks totaling 11,260 shares across four transactions from 06/30/2025 to 09/09/2025 generating listed gross proceeds. Several identifying fields for the filer and issuer (CIK, addresses, contact) appear blank in the provided content. The notice includes the required representation and signature language.

Positive

• Clear disclosure of the proposed sale amount (11,340 shares) and aggregate market value ($1,625,931.64)
• Acquisition source disclosed as vesting of RSUs, which clarifies why the shares are available to sell
• Recent prior sales listed with dates, amounts, and gross proceeds, providing transaction history

Negative

• Missing filer and issuer identifiers (CIK, contact name/phone/email) in the provided content, reducing traceability
• No explicit statement in the content about whether a Rule 10b5-1 trading plan applies or its adoption date
• Key issuer details such as full issuer name and address fields are blank in the provided text

Insights

Financial Analyst

TL;DR: Routine insider sale notice disclosing RSU vesting and planned sale; likely neutral for valuation absent other material disclosures.

The filing documents a standard Rule 144 notice for an insider or associated person selling vested RSUs. The shares to be sold (11,340) and recent small dispositions (totaling 11,260 shares) are explicitly listed with gross proceeds per trade, which provides transparency on insider liquidity but does not include any performance metrics or new material developments about the issuer. Because key identification fields are missing in the provided content, it's not possible to link this directly to specific insider holdings or to assess percentage impact on outstanding shares. On face value this is a compliance disclosure rather than a material operational event.

Corporate Governance Expert

TL;DR: Filing reflects compliance with disclosure obligations for insider sales; incomplete contact/CIK details reduce traceability.

The document contains the standard attestations required under Rule 144 and notes that the securities were acquired via RSU vesting. The series of recent small sales and the planned sale are consistent with routine insider liquidity or scheduled disposals. However, missing filer/issuer identification and contact fields in the provided content hinder verification of the filer’s relationship to the issuer and whether any trading plan (e.g., Rule 10b5-1) applies, which is an important governance detail for interpreting insider transactions.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Class A Subordinate Voting Shares	Solium Capital Inc. Suite 1500 600-3rd Ave., SW Calgary A0 T2P 0G5	11340	1625931.64	1220418767	09/22/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Class A Subordinate Voting Shares	09/22/2025	Vesting of RSUs	Issuer			22956	09/22/2025	Vesting of RSUs

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Jessica Hertz 151 O'Connor St. Ground Floor Ottawa A6 K2P 2L8	Class A Subordinate Voting Shares	06/30/2025	1818	210124.62
Jessica Hertz 151 O'Connor St. Ground Floor Ottawa A6 K2P 2L8	Class A Subordinate Voting Shares	07/28/2025	1809	231022.32
Jessica Hertz 151 O'Connor St. Ground Floor Ottawa A6 K2P 2L8	Class A Subordinate Voting Shares	08/28/2025	1856	263611.76
Jessica Hertz 151 O'Connor St. Ground Floor Ottawa A6 K2P 2L8	Class A Subordinate Voting Shares	09/09/2025	5777	835459.92

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does the SHOP Form 144 disclose about shares to be sold?

The filing discloses a proposed sale of 11,340 Class A Subordinate Voting Shares with an aggregate market value of $1,625,931.64, approximate sale date 09/22/2025.

How were the securities acquired according to the filing?

The securities were acquired on 09/22/2025 through the vesting of RSUs, and payment/consideration is listed as vesting of RSUs.

What recent sales by the person are listed in the filing?

The filing lists four prior sales by the person between 06/30/2025 and 09/09/2025 totaling 11,260 shares and showing gross proceeds for each trade.

Who is the broker handling the proposed sale?

The broker named in the filing is Solium Capital Inc. located at Suite 1500 600-3rd Ave., SW Calgary.

Are there missing or unclear details in the provided Form 144?

Yes. The provided content lacks explicit CIK, complete filer contact details, and full issuer identification, which limits verification.