Shopify officer plans $22M Class A share sale

Shopify officer Harley Finkelstein filed a Rule 144 notice for significant Class A share sales tied to equity vesting and a pre-established Rule 10b5-1 plan.

Rhea-AI Filing Summary

Shopify Inc. (SHOP) received a notice from officer Harley Finkelstein of a proposed sale of Class A Subordinate Voting Shares under Rule 144. The notice covers shares associated with vesting of RSUs and options, with certain sales intended to comply with Rule 10b5-1(c).

The filing lists proposed sales including 10,131 shares linked to RSU vesting and 172,050 shares linked to vesting of RSUs and options. Aggregate market values reported for the covered shares total $678,481.17 and $22,158,319.50, calculated using the September 11, 2026 closing price of $128.79 per share.

Key Figures

Proposed sale related to RSU vesting: 10,131 shares Proposed sale related to RSU and option vesting: 172,050 shares Aggregate market value of covered shares: $678,481.17 +4 more

7 metrics

Proposed sale related to RSU vesting 10,131 shares Class A Subordinate Voting Shares to be sold in connection with RSU vesting starting September 19, 2026

Proposed sale related to RSU and option vesting 172,050 shares Class A Subordinate Voting Shares to be sold in connection with vesting of RSUs and options starting September 19, 2026

Aggregate market value of covered shares $678,481.17 Class A Subordinate Voting Shares, calculated using September 11, 2026 closing price

Aggregate market value of additional covered shares $22,158,319.50 Class A Subordinate Voting Shares, calculated using September 11, 2026 closing price

Reference closing price $128.79 per share Shopify Class A Subordinate Voting Shares closing price on September 11, 2026

Notable prior sale 50,614 shares for $7,591,076.19 Class A Subordinate Voting Shares sold on August 5, 2026

Another prior sale 11,000 shares for $1,740,232 Class A Subordinate Voting Shares sold on August 14, 2026

Key Terms

Rule 144, Rule10b5-1(c), Class A Subordinate Voting Shares, vesting of RSUs

4 terms

Rule 144 regulatory

"See the definition of "person" in paragraph (a) of Rule 144"

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

Rule10b5-1(c) regulatory

"plan intended to comply with Rule10b5-1(c), entered into on November 14, 2025"

Class A Subordinate Voting Shares financial

"Class A Subordinate Voting Shares | Solium Capital Inc."

Class A subordinate voting shares are a type of common stock that carries limited voting power compared with a superior share class; holders own the economic interest in the company but usually have less influence over major decisions than holders of higher-vote shares. For investors this matters because these shares can trade at different prices and offer the same upside and dividend rights but less control—like owning a seat on a bus instead of the driver’s seat.

vesting of RSUs financial

"09/19/2026 | Vesting of RSUs | Issuer"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the Form 144 filing for SHOP by Harley Finkelstein disclose?

It discloses that officer Harley Finkelstein plans to sell Shopify Class A Subordinate Voting Shares under Rule 144, including shares from vesting RSUs and options, with certain sales under a Rule 10b5-1(c) trading plan entered on November 14, 2025.

How many Shopify (SHOP) shares are covered by the proposed sales in this Form 144?

The notice lists 10,131 shares of Class A Subordinate Voting Shares to be sold in connection with RSU vesting and 172,050 shares in connection with vesting of RSUs and options over the three-month period starting September 19, 2026.

What aggregate market values are reported for the Shopify (SHOP) shares in the Form 144?

The filing reports aggregate market values of $678,481.17 and $22,158,319.50 for the covered Shopify Class A shares, calculated using the September 11, 2026 closing price of $128.79 per share.

What is the pricing reference used in Harley Finkelstein’s Form 144 for SHOP?

Aggregate market value was calculated using the September 11, 2026 closing price of $128.79 per share for Shopify’s Class A Subordinate Voting Shares, as stated in the remarks section of the notice.

Does the Shopify (SHOP) Form 144 mention a Rule 10b5-1 trading plan?

Yes. The notice states that certain sales are to be made pursuant to a plan intended to comply with Rule 10b5-1(c), which was entered into on November 14, 2025, when Harley Finkelstein was not aware of material non-public information.

What past Shopify (SHOP) share sales by Harley Finkelstein are listed in the Form 144?

The filing lists multiple sales of Class A shares in the prior three months, including, for example, 50,614 shares sold on August 5, 2026 for $7,591,076.19 and 11,000 shares sold on August 14, 2026 for $1,740,232.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/18/2026 - 04:11 PM Accepted by SEC EDGAR 09/18/2026 - 04:10 PM Learn about SEC filing dates

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	0001962730
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	Shopify Inc.
SEC File Number
Address of Issuer	151 O'Connor St. Ground Floor Ottawa ONTARIO, CANADA K2P 2L8
Phone	6133412828
Name of Person for Whose Account the Securities are To Be Sold	Harley Finkelstein
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	Officer

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	5268	678481.17	1208570347	09/19/2026	NASDAQ
Class A Subordinate Voting Shares	Solium Capital Inc. Suite 1500 600-3rd Ave., SW Calgary A0 T2P 0G5	172050	22158319.5	1208570347	09/19/2026	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	09/19/2026	Vesting of RSUs	Issuer			10131	09/19/2026	Vesting of RSUs
Class A Subordinate Voting Shares	09/19/2026	Vesting of RSUs and Options	Issuer			172050	09/19/2026	Vesting of RSUs and Options

* 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
Harley Finkelstein 151 O'Connor St. Ground Floor Ottawa A6 K2P 2L8	Class A Subordinate Voting Shares	06/29/2026	1704	198124.08
Harley Finkelstein 151 O'Connor St. Ground Floor Ottawa A6 K2P 2L8	Class A Subordinate Voting Shares	07/02/2026	675	80466.75
Harley Finkelstein 151 O'Connor St. Ground Floor Ottawa A6 K2P 2L8	Class A Subordinate Voting Shares	07/07/2026	7350	918780.9
Harley Finkelstein 151 O'Connor St. Ground Floor Ottawa A6 K2P 2L8	Class A Subordinate Voting Shares	07/15/2026	6000	759120
Harley Finkelstein 151 O'Connor St. Ground Floor Ottawa A6 K2P 2L8	Class A Subordinate Voting Shares	07/28/2026	1633	216416.59
Harley Finkelstein 151 O'Connor St. Ground Floor Ottawa A6 K2P 2L8	Class A Subordinate Voting Shares	08/04/2026	675	79391.95
Harley Finkelstein 151 O'Connor St. Ground Floor Ottawa A6 K2P 2L8	Class A Subordinate Voting Shares	08/05/2026	50614	7591076.19
Harley Finkelstein 151 O'Connor St. Ground Floor Ottawa A6 K2P 2L8	Class A Subordinate Voting Shares	08/14/2026	11000	1740232
Harley Finkelstein 151 O'Connor St. Ground Floor Ottawa A6 K2P 2L8	Class A Subordinate Voting Shares	08/28/2026	1689	262220.12
Harley Finkelstein 151 O'Connor St. Ground Floor Ottawa A6 K2P 2L8	Class A Subordinate Voting Shares	09/02/2026	1350	187693.34
Harley Finkelstein 151 O'Connor St. Ground Floor Ottawa A6 K2P 2L8	Class A Subordinate Voting Shares	09/15/2026	6000	793026

144: Remarks and Signature

Remarks	Aggregate market value calculated using September 11, 2026 closing price of $128.79 per share. Number of shares outstanding as of July 31, 2026. Certain sales to be made pursuant to a plan intended to comply with Rule10b5-1(c), entered into on November 14, 2025, at which times Harley Finkelstein was not aware of material non-public information, as well as shares to be sold to cover taxes and fees resulting from the vesting of RSUs. Dates of sales reflect a three month period starting on September 19, 2026.
Date of Notice	09/18/2026
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	11/14/2025
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	Harley Finkelstein
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)