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  4. [Form 4] Spotify Technology S.A. Insider Trading Activity

Spotify co-CEO sells shares after option exercise

Spotify Technology S.A. co-CEO Alex Norström reported an exercise-and-sell transaction in company shares.

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Spotify Technology S.A. co-CEO Alex Norström reported an exercise-and-sell transaction in company shares. On July 6, 2026, he exercised stock options for 5,436 ordinary shares at an exercise price of $151.25 per share and acquired the underlying shares.

That same day, he sold 5,436 ordinary shares in multiple open-market trades at weighted average prices within ranges generally between about $476.00 and $486.00 per share, as detailed in the price-range footnotes. The filing states the transactions were made under a pre-arranged Rule 10b5-1 trading plan adopted on December 11, 2025. After these transactions, Norström directly holds 67,581.726 ordinary shares of Spotify, indicating he maintains a substantial equity stake.

Positive

  • None.

Negative

  • None.
Insider Norstrom Alex
Role Co-Chief Executive Officer
Sold 5,436 shs ($2.61M)
Approx. gross sale proceeds $2.61M
Approx. exercise cost $822K
Approx. pre-tax spread $1.79M
Type Security Shares Price Value
Exercise Stock Option 5,436 $0.00 $0.00
Exercise Ordinary Share 5,436 $151.25 $822K
Sale Ordinary Share 509 $476.3098 $242K
Sale Ordinary Share 324 $477.327 $155K
Sale Ordinary Share 385 $478.453 $184K
Sale Ordinary Share 1,224 $480.3751 $588K
Sale Ordinary Share 1,409 $481.2312 $678K
Sale Ordinary Share 635 $482.3694 $306K
Sale Ordinary Share 150 $483.6351 $73K
Sale Ordinary Share 625 $484.4841 $303K
Sale Ordinary Share 135 $485.4714 $66K
Sale Ordinary Share 40 $486.00 $19K
Holdings After Transaction: Stock Option — 5,436 contracts (Direct); Ordinary Share — 67,581.726 shares (Direct)
Footnotes (12)
  1. F1. Transaction made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 11, 2025.
  2. F2. The fractional amount shown reflects the computational result of restricted stock units vesting and tax withholding. No fractional ordinary shares are issued.
  3. F3. The price reported in Column 4 is a weighted average price. These shares were sold in transactions at prices ranging from $476.00 to $476.96, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
  4. F4. The price reported in Column 4 is a weighted average price. These shares were sold in transactions at prices ranging from $477.08 to $477.67, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
  5. F5. The price reported in Column 4 is a weighted average price. These shares were sold in transactions at prices ranging from $478.04 to $478.72, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
  6. F6. The price reported in Column 4 is a weighted average price. These shares were sold in transactions at prices ranging from $480.00 to $480.88, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
  7. F7. The price reported in Column 4 is a weighted average price. These shares were sold in transactions at prices ranging from $481.00 to $481.98, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
  8. F8. The price reported in Column 4 is a weighted average price. These shares were sold in transactions at prices ranging from $482.12 to $482.46, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
  9. F9. The price reported in Column 4 is a weighted average price. These shares were sold in transactions at prices ranging from $483.58 to $483.69, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
  10. F10. The price reported in Column 4 is a weighted average price. These shares were sold in transactions at prices ranging from $484.08 to $484.85, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
  11. F11. The price reported in Column 4 is a weighted average price. These shares were sold in transactions at prices ranging from $485.09 to $485.66, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
  12. F12. The stock option is fully vested and currently exercisable.
Shares sold 5,436 ordinary shares Open-market sales on July 6, 2026
Sale price range $476.00–$486.00 per share Weighted average price ranges from multiple footnotes
Options exercised 5,436 shares Stock option exercise on July 6, 2026
Option exercise price $151.25 per share Exercise price of stock option converted into ordinary shares
Post-transaction holdings 67,581.726 ordinary shares Direct ownership after reported transactions
Rule 10b5-1 plan adoption date December 11, 2025 Date Norström adopted pre-arranged trading plan
Option expiration March 1, 2027 Expiration date for the stock option derivative security
Rule 10b5-1 trading plan regulatory
"Transaction made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 11, 2025."
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
weighted average price financial
"The price reported in Column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
restricted stock units financial
"The fractional amount shown reflects the computational result of restricted stock units vesting and tax withholding."
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
stock option financial
"The stock option is fully vested and currently exercisable."
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.
derivative security financial
"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.

FAQ

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

What did Spotify (SPOT) co-CEO Alex Norström report in this Form 4?
Alex Norström reported exercising stock options and selling Spotify ordinary shares on July 6, 2026. He exercised 5,436 options at $151.25 per share, then sold 5,436 shares in multiple open-market trades at weighted average prices in the high-$470s to mid-$480s.

How many Spotify (SPOT) shares did Alex Norström sell and at what prices?
Norström sold 5,436 Spotify ordinary shares in a series of open-market transactions. The weighted average sale prices for the different trade blocks ranged from about $476.00 to $486.00 per share, with detailed price ranges disclosed in multiple footnotes in the filing.

What stock options did Alex Norström exercise in the latest Spotify (SPOT) filing?
He exercised stock options covering 5,436 Spotify ordinary shares at an exercise price of $151.25 per share. The Form 4 notes that this stock option is fully vested and currently exercisable, with an expiration date of March 1, 2027, for the derivative security.

Was Alex Norström’s Spotify (SPOT) share sale under a Rule 10b5-1 plan?
Yes. A footnote explains the transactions were made pursuant to a Rule 10b5-1 trading plan. That plan was adopted by the reporting person on December 11, 2025, indicating the timing of these sales was pre-arranged rather than decided spontaneously around the trade date.

How many Spotify (SPOT) shares does Alex Norström hold after these transactions?
After the reported exercise and sale activity, Norström directly holds 67,581.726 Spotify ordinary shares. The fractional component reflects calculations tied to restricted stock unit vesting and tax withholding; the filing clarifies that no fractional ordinary shares are actually issued to the reporting person.

What do the weighted average price footnotes in the Spotify (SPOT) Form 4 mean?
Each sale line shows a weighted average price, with footnotes listing specific price ranges for those trades. The filing states Norström will provide full information on the number of shares sold at each separate price within those ranges to the issuer, security holders, or SEC staff upon request.

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

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SEC Form 4
FORM 4UNITED 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).
X
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*
Norstrom Alex
(Last)(First)(Middle)
C/O SPOTIFY AB
REGERINGSGATAN 19
(Street)
STOCKHOLM11153
(City)(State)(Zip)
SWEDEN
(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)
XDirector10% Owner
XOfficer (give title below)Other (specify below)
Co-Chief Executive Officer
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
07/06/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Ordinary Share07/06/2026M5,436(1)A$151.2573,017.726(2)D
Ordinary Share07/06/2026S509(1)D$476.3098(3)72,508.726(2)D
Ordinary Share07/06/2026S324(1)D$477.327(4)72,184.726(2)D
Ordinary Share07/06/2026S385(1)D$478.453(5)71,799.726(2)D
Ordinary Share07/06/2026S1,224(1)D$480.3751(6)70,575.726(2)D
Ordinary Share07/06/2026S1,409(1)D$481.2312(7)69,166.726(2)D
Ordinary Share07/06/2026S635(1)D$482.3694(8)68,531.726(2)D
Ordinary Share07/06/2026S150(1)D$483.6351(9)68,381.726(2)D
Ordinary Share07/06/2026S625(1)D$484.4841(10)67,756.726(2)D
Ordinary Share07/06/2026S135(1)D$485.4714(11)67,621.726(2)D
Ordinary Share07/06/2026S40(1)D$48667,581.726(2)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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Stock Option$151.2507/06/2026M5,436(1) (12)03/01/2027Ordinary Share5,436$05,436D
Explanation of Responses:
1. Transaction made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 11, 2025.
2. The fractional amount shown reflects the computational result of restricted stock units vesting and tax withholding. No fractional ordinary shares are issued.
3. The price reported in Column 4 is a weighted average price. These shares were sold in transactions at prices ranging from $476.00 to $476.96, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
4. The price reported in Column 4 is a weighted average price. These shares were sold in transactions at prices ranging from $477.08 to $477.67, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
5. The price reported in Column 4 is a weighted average price. These shares were sold in transactions at prices ranging from $478.04 to $478.72, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
6. The price reported in Column 4 is a weighted average price. These shares were sold in transactions at prices ranging from $480.00 to $480.88, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
7. The price reported in Column 4 is a weighted average price. These shares were sold in transactions at prices ranging from $481.00 to $481.98, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
8. The price reported in Column 4 is a weighted average price. These shares were sold in transactions at prices ranging from $482.12 to $482.46, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
9. The price reported in Column 4 is a weighted average price. These shares were sold in transactions at prices ranging from $483.58 to $483.69, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
10. The price reported in Column 4 is a weighted average price. These shares were sold in transactions at prices ranging from $484.08 to $484.85, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
11. The price reported in Column 4 is a weighted average price. These shares were sold in transactions at prices ranging from $485.09 to $485.66, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
12. The stock option is fully vested and currently exercisable.
/s/ Sung Lee, Attorney-in-Fact07/08/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

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