[144] SHOPIFY INC. SEC Filing

Rhea-AI Filing Summary

Form 144 notice by an insider of Shopify Inc. (SHOP) reports a proposed sale of 408 Class A subordinate voting shares on the Nasdaq with an aggregate market value of $58,527.72. The filer indicates these 408 shares arise from the vesting of 785 RSUs acquired from the issuer, with acquisition and proposed sale activity shown on 09/22/2025. The filing also discloses a recent sale of 400 shares on 09/09/2025 for $57,847.32. The notice includes the standard insider representation that the seller is not aware of undisclosed material adverse information about the issuer.

Positive

• Clear disclosure of number of shares to be sold (408) and aggregate market value ($58,527.72).
• Source of shares identified as vesting of 785 RSUs from the issuer.
• Recent transaction history provided showing a 400-share sale for $57,847.32 on 09/09/2025.
• Insider representation included that no undisclosed material adverse information is known.

Negative

• None.

Insights

Financial Analyst

TL;DR: Small insider sale relative to outstanding shares; transparent disclosure of RSU vesting and recent sales.

The filing details a proposed sale of 408 Class A subordinate voting shares valued at $58,527.72 and notes these shares stem from the vesting of 785 RSUs. Compared with the issuer's outstanding share count of 1,220,418,767, the transaction is immaterial to market capitalization. The disclosure of a prior 400-share sale on 09/09/2025 provides short-term transaction history. Overall, this is routine insider liquidity activity with limited investor impact based solely on the filing contents.

Corporate Governance Expert

TL;DR: Form 144 properly documents insider sale mechanics and includes required representations.

The notice documents source of securities as RSU vesting and shows acquisition and payment dates, satisfying Rule 144 disclosure elements included in the form. The signer affirms lack of undisclosed material adverse information, aligning with required certifications. Based on the numbers provided, this disclosure appears to be a routine compliance filing rather than a material governance event.

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 Avenue SW Calgary A0 T2P 0G5	408	58527.72	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			785	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
Tobyn Shannan 151 O'Connor St. Ground Floor Ottawa A6 K2P 2L8	Class A Subordinate Voting Shares	09/09/2025	400	57847.32

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 Form 144 filed for SHOP disclose?

The form discloses a proposed sale of 408 Class A subordinate voting shares valued at $58,527.72, sourced from the vesting of 785 RSUs.

When are the shares approximately scheduled to be sold?

The filing lists an approximate sale date of 09/22/2025 for the 408 shares.

Did the filer recently sell other Shopify shares?

Yes. The filing shows a prior sale of 400 shares on 09/09/2025 for gross proceeds of $57,847.32.

How many shares of Shopify are outstanding per this filing?

The filing reports 1,220,418,767 shares outstanding for the issuer.

Does the filer state any undisclosed material information?

By signing the notice, the person represents they do not know any material adverse information about the issuer that has not been publicly disclosed.