Spotify director exercises options, gets new awards

Spotify Technology S.A. director Theodore A. Sarandos reported equity compensation activity.

Rhea-AI Filing Summary

Spotify Technology S.A. director Theodore A. Sarandos reported equity compensation activity. He received an award of 494 restricted stock units that vest in equal annual installments through February 15, 2030, each representing one Ordinary Share. He also exercised stock options covering 5,630 Ordinary Shares at $241.57 per share and received a new stock option for 494 shares with a $516.71 exercise price, vesting annually through February 15, 2030. The filing shows only acquisitions and option exercises, with no share sales.

Insider Trade Summary

5,630 shares exercised/converted

Exercise 4 txns

Insider SARANDOS THEODORE A

Role Director

Type	Security	Shares	Price	Value
Exercise	Stock Option	5,630	$0.00	$0.00
Grant/Award	Stock Option	494	$0.00	$0.00
Exercise	Ordinary Share	5,630	$241.57	$1.36M
Grant/Award	Ordinary Share	494	$0.00	$0.00

Holdings After Transaction: Stock Option — 494 contracts (Direct); Ordinary Share — 19,907 shares (Direct)

Footnotes (3)

1. F1. Represents an award of restricted stock units ("RSUs"), which vest in equal annual installments through February 15, 2030. Each RSU represents a contingent right to receive one Ordinary Share.
2. F2. The stock option is fully vested and currently exercisable.
3. F3. Represents an award of stock option, which vests in equal annual installments through February 15, 2030.

Key Figures

Options exercised: 5,630 shares at $241.57 RSU award size: 494 RSUs New option grant: 494 shares at $516.71 +1 more

4 metrics

Options exercised 5,630 shares at $241.57 Stock options exercised into Ordinary Shares

RSU award size 494 RSUs Vest annually through February 15, 2030

New option grant 494 shares at $516.71 Stock option expiring May 28, 2031

Derivative exercises count 1 exercise, 5,630 shares From transaction summary in Form 4

Key Terms

restricted stock units ("RSUs"), stock option, Exercise or conversion of derivative security, Ordinary Share

4 terms

restricted stock units ("RSUs") financial

"Represents an award of restricted stock units ("RSUs"), which vest in equal annual installments"

Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.

stock option financial

"Represents an award of stock option, which vests in equal annual installments"

A stock option is a contract that gives you the right to buy or sell a company's stock at a specific price within a certain time frame. People use them to potentially make money if the stock's price moves favorably or to protect against losses. It's like holding a coupon that can be used to buy or sell stock at a set price later on.

Exercise or conversion of derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

Ordinary Share financial

"Each RSU represents a contingent right to receive one Ordinary Share."

An ordinary share is a unit of ownership in a company that gives the holder a stake in its profits and usually the right to vote on key decisions. Think of it like a slice of a pizza where each slice entitles you to a portion of what’s left after bills are paid; value can rise or fall with the business and may pay dividends, so it matters to investors for income, growth and control.

FAQ

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

What equity awards did Theodore Sarandos report for Spotify (SPOT)?

Theodore Sarandos reported a grant of 494 restricted stock units and a new stock option for 494 shares. Both awards vest in equal annual installments through February 15, 2030, providing additional equity-based compensation linked to Spotify’s Ordinary Shares.

Did Theodore Sarandos sell any Spotify (SPOT) shares in this Form 4?

No, the Form 4 shows only equity awards and option exercises, with no reported share sales. Transactions include RSU and stock option grants plus exercising options into Ordinary Shares, indicating compensation and position adjustments rather than open-market selling activity.

How many Spotify stock options did Theodore Sarandos exercise?

He exercised stock options covering 5,630 Ordinary Shares at an exercise price of $241.57 per share. These options were fully vested and currently exercisable, converting his derivative position into additional direct ownership of Spotify Ordinary Shares according to the Form 4.

What are the vesting terms of Theodore Sarandos’s new Spotify RSUs?

The 494 restricted stock units vest in equal annual installments through February 15, 2030. Each RSU represents a contingent right to receive one Spotify Ordinary Share, meaning his ownership will increase gradually as the units vest over time.

What are the terms of Theodore Sarandos’s new Spotify stock option grant?

The new stock option grant covers 494 shares with a $516.71 exercise price and expires on May 28, 2031. It vests in equal annual installments through February 15, 2030, aligning long-term incentives with Spotify’s share performance over several years.

How many option exercises did this Spotify (SPOT) Form 4 report?

The filing reports one derivative exercise involving 5,630 shares, categorized as an exercise or conversion of a derivative security. This reflects the use of fully vested stock options to acquire Spotify Ordinary Shares rather than a purchase in the open market.

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

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Accepted by SEC EDGAR 05/29/2026 - 04:20 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SARANDOS THEODORE A

(Last) (First) (Middle)

33 BOULEVARD PRINCE HENRI

(Street)

LUXEMBOURG L-1724

(City) (State) (Zip)

LUXEMBOURG

(Country)

2. Issuer Name and Ticker or Trading Symbol
Spotify Technology S.A. [ SPOT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/28/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Ordinary Share	05/28/2026		M		5,630	A	$241.57	19,413	D
Ordinary Share	05/28/2026		A		494	A(1)	$0	19,907	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option	$241.57	05/28/2026		M			5,630	(2)	05/31/2026	Ordinary Share	5,630	$0	0	D
Stock Option	$516.71	05/28/2026		A		494		(3)	05/28/2031	Ordinary Share	494	$0	494	D

Explanation of Responses:

1. Represents an award of restricted stock units ("RSUs"), which vest in equal annual installments through February 15, 2030. Each RSU represents a contingent right to receive one Ordinary Share.

2. The stock option is fully vested and currently exercisable.

3. Represents an award of stock option, which vests in equal annual installments through February 15, 2030.

Remarks:

	/s/ Sung Lee, Attorney-in-fact	05/29/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)