Spotify (NYSE: SPOT) director sells 2,650 shares after exercising 5,630 options
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Spotify Technology S.A. director Christopher P. Marshall reported a mix of option exercises and share sales in Ordinary Shares. He exercised 5,630 non-qualified stock options at a conversion price of $241.57 per share, receiving the same number of Ordinary Shares.
On the same date, he completed an open‑market sale of 2,650 Ordinary Shares at $519.86 per share. After these transactions, he held 4,039 Ordinary Shares directly, which includes 1,059 shares underlying Restricted Stock Units (RSUs) that vest between February 2027 and February 2029.
Additional Ordinary Shares are held indirectly through entities such as TCV XI Spotify, L.P., related TCV funds and the Marshall Carroll 2000 Trust. Footnotes state that these entities, including TCV VIII Management, L.L.C. and TCV XI Management, L.L.C., have the economic interest in many of the options and shares, and Marshall disclaims beneficial ownership except to the extent of his pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 2,650 shares ($1,377,629)
Net Sell
11 txns
Insider
Marshall Christopher P
Role
null
Sold
2,650 shs ($1.38M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Non-qualified stock option (right to buy) | 5,630 | $0.00 | -- |
| Exercise | Ordinary Share | 5,630 | $241.57 | $1.36M |
| Sale | Ordinary Share | 2,650 | $519.86 | $1.38M |
| holding | Ordinary Share | -- | -- | -- |
| holding | Ordinary Share | -- | -- | -- |
| holding | Ordinary Share | -- | -- | -- |
| holding | Ordinary Share | -- | -- | -- |
| holding | Ordinary Share | -- | -- | -- |
| holding | Ordinary Share | -- | -- | -- |
| holding | Ordinary Share | -- | -- | -- |
| holding | Ordinary Share | -- | -- | -- |
Holdings After Transaction:
Non-qualified stock option (right to buy) — 0 shares (Direct, null);
Ordinary Share — 6,689 shares (Direct, null);
Ordinary Share — 70,344 shares (Indirect, Marshall Carroll 2000 Trust)
Footnotes (1)
- 1,059 of these shares are held via Restricted Stock Unit ("RSU"). Each RSU represents a contingent right to receive one (1) Ordinary Share of the Issuer upon settlement for no consideration. 138 RSUs were granted on 6/1/23 and will fully vest on 2/15/27. 542 RSUs were granted on 6/3/24; 50% will vest on 2/15/27 and the remaining 50% will vest on 2/15/28. 379 RSUs were granted on 6/2/25; 1/3 will vest on each of 2/15/27, 2/15/28 and 2/15/29. Christopher P. Marshall has sole dispositive power over the options and shares he holds directly. However, TCV VIII Management, L.L.C. ("Management VIII LLC") and TCV XI Management, L.L.C. ("Management XI LLC") have a right to 100% of the pecuniary interest in such options. Mr. Marshall is a Member of Management VIII LLC and an owner of Management XI LLC. Mr. Marshall disclaims beneficial ownership of such shares and options, along with the shares to be received upon the exercise of such options, except to the extent of his pecuniary interest therein. These shares are directly held by Marshall Carroll 2000 Trust ("MC Trust"). Christopher P. Marshall is a Trustee of MC Trust. Mr. Marshall disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. These shares are directly held by TCV XI Spotify, L.P. ("TCV XI Spotify"). Christopher P. Marshall is a Class A Member and Class A Director of Technology Crossover Management XI, Ltd. ("Management XI"). Management XI is the general partner of Technology Crossover Management XI, L.P. ("TCM XI") which is the general partner of TCV XI, L.P. ("TCV XI"). TCV XI owns 100% of TCV XI Spotify. Mr. Marshall disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. These shares are directly held by TCV XI Spotify (A), L.P. ("TCV XI A Spotify"). Christopher P. Marshall is a Class A Member and Class A Director of Management XI. Management XI is the general partner of TCM XI which is the general partner of TCV XI (A), L.P. ("TCV XI (A)"). TCV XI (A) owns 100% of TCV XI A Spotify. Mr. Marshall disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. These shares are directly held by TCV XI Spotify (B), L.P. ("TCV XI B Spotify"). Christopher P. Marshall is a Class A Member and Class A Director of Management XI. Management XI is the general partner of TCM XI which is the general partner of TCV XI (B), L.P. ("TCV XI (B)"). TCV XI (B) owns 100% of TCV XI B Spotify. Mr. Marshall disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. These shares are directly held by TCV XI (Lux), SCSp ("TCV XI Lux"). Christopher P. Marshall is a Class A Member and Class A Director of Management XI. Management XI is sole shareholder of Technology Crossover Management XI, S.a r.l. which is the general partner of TCV XI Lux. Mr. Marshall disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. These shares are directly held by TCV XI Spotify (MF), L.P. ("TCV XI MF Spotify"). Christopher P. Marshall is a Class A Member and Class A Director of Management XI and a limited partner of TCV XI Member Fund, L.P. ("Member Fund XI"). Management XI is the general partner of Member Fund XI which owns 100% of TCV XI MF Spotify. Mr. Marshall disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. These shares are directly held by Management VIII LLC. Christopher P. Marshall is a Member of Management VIII LLC and disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. These shares are directly held by Management XI LLC. Christopher P. Marshall is an owner of Management XI LLC and disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. The option vested ratably in four installments on February 15, 2022, 2023, 2024, and 2025.
Key Figures
Shares sold: 2,650 shares
Sale price: $519.86 per share
Options exercised: 5,630 options
+4 more
7 metrics
Shares sold
2,650 shares
Ordinary Shares sold in open-market transaction on 2026-05-26
Sale price
$519.86 per share
Price for 2,650 Ordinary Shares sold
Options exercised
5,630 options
Non-qualified stock options exercised into Ordinary Shares
Option exercise price
$241.57 per share
Conversion price for 5,630 non-qualified stock options
Direct holdings after
4,039 shares
Ordinary Shares held directly following transactions
RSUs outstanding
1,059 RSUs
Each RSU represents one Ordinary Share upon settlement
Largest indirect holding
652,521 shares
Ordinary Shares held by TCV XI Spotify, L.P.
Key Terms
Restricted Stock Unit ("RSU"), Non-qualified stock option, pecuniary interest, beneficial ownership, +2 more
6 terms
Restricted Stock Unit ("RSU") financial
"1,059 of these shares are held via Restricted Stock Unit ("RSU")."
Non-qualified stock option financial
"security_title": "Non-qualified stock option (right to buy)""
A non-qualified stock option (NSO) is a contract that lets an employee or service provider buy company shares at a fixed price for a set period, like a voucher to purchase stock later at today’s price. It matters to investors because exercising NSOs creates ordinary income for the holder and can increase share count, affecting a company’s earnings and ownership mix; think of it as a future sale that can dilute existing shareholders and has immediate tax consequences for the recipient.
pecuniary interest financial
"have a right to 100% of the pecuniary interest in such options."
beneficial ownership financial
"Mr. Marshall disclaims beneficial ownership of such shares and options"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
derivative security financial
"transaction_code_description": "Exercise or conversion of derivative security""
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
vesting financial
"The option vested ratably in four installments on February 15, 2022, 2023, 2024, and 2025."
Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.
FAQ
What insider transactions did Christopher P. Marshall report at Spotify (SPOT)?
Christopher P. Marshall reported exercising 5,630 non-qualified stock options and selling 2,650 Ordinary Shares. The transactions involved Ordinary Shares of Spotify Technology S.A. and were recorded as a mix of derivative exercises and an open-market sale on the same date.
What stock options did Christopher P. Marshall exercise in this Spotify Form 4?
He exercised 5,630 non-qualified stock options, converting them into 5,630 Ordinary Shares at a conversion or exercise price of $241.57 per share. Following this exercise, the reported remaining balance for that option grant was zero, indicating those particular options were fully exercised.
What Restricted Stock Units (RSUs) are reported for Christopher P. Marshall at Spotify?
He has 1,059 RSUs, each representing one future Ordinary Share upon settlement for no consideration. The RSUs come from grants on June 1, 2023, June 3, 2024, and June 2, 2025, with vesting scheduled across February 2027, 2028, and 2029.
Does Christopher P. Marshall still hold Spotify options after this Form 4 filing?
For the specific non-qualified stock option reported, he exercised 5,630 options, leaving a reported balance of zero for that grant. The derivative summary shows no remaining derivative positions in this filing, indicating that particular option award has been fully exercised.