Spotify Co-CEO sells shares after option exercise

Spotify Technology S.A.

Rhea-AI Filing Summary

Spotify Technology S.A. Co-CEO Alex Norstrom exercised stock options and sold shares in a coordinated transaction. On May 5, 2026, he exercised options covering 5,436 Ordinary Shares at $151.25 per share, then completed an open-market sale of 5,436 Ordinary Shares at a weighted average price of $433.0743 per share, with individual sale prices ranging from $431.06 to $436.505. The sale was made under a Rule 10b-51 trading plan adopted on December 11, 2025. After these transactions, Norstrom directly owns 69,197.526 Ordinary Shares and holds 16,308 fully vested stock options that remain exercisable.

Insider Trade Summary 10b5-1

Exercise and Sale: 5,436 shares ($1.53M approx. pre-tax spread)

Exercise and Sale 3 txns

Insider Norstrom Alex

Role Co-Chief Executive Officer

Sold 5,436 shs ($2.35M)

Approx. gross sale proceeds $2.35M

Approx. exercise cost $822K

Approx. pre-tax spread $1.53M

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	5,436	$433.0743	$2.35M

Holdings After Transaction: Stock Option — 16,308 contracts (Direct); Ordinary Share — 69,197.526 shares (Direct)

Footnotes (4)

1. F1. Transaction made pursuant to a Rule 10b-51 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 $431.0600 to $436.5050, 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 stock option is fully vested and currently exercisable.

Key Figures

Shares sold: 5,436 shares Sale price (weighted average): $433.0743 per share Options exercised: 5,436 shares at $151.25 +2 more

5 metrics

Shares sold 5,436 shares Ordinary Shares sold in open-market transaction on May 5, 2026

Sale price (weighted average) $433.0743 per share Weighted average sale price; individual trades from $431.06 to $436.505

Options exercised 5,436 shares at $151.25 Exercise of stock options into Ordinary Shares on May 5, 2026

Shares owned after transactions 69,197.526 shares Direct ownership of Spotify Ordinary Shares following Form 4 transactions

Remaining stock options 16,308 options at $151.25 Fully vested, currently exercisable options expiring March 1, 2027

Key Terms

Rule 10b-51 trading plan, weighted average price, restricted stock units, stock option

4 terms

Rule 10b-51 trading plan regulatory

"Transaction made pursuant to a Rule 10b-51 trading plan adopted by the reporting person on December 11, 2025"

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.

FAQ

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

What insider transaction did Spotify (SPOT) Co-CEO Alex Norstrom report?

Alex Norstrom reported exercising stock options for 5,436 Spotify Ordinary Shares and selling 5,436 shares in the open market. These transactions occurred on May 5, 2026, and are detailed as an exercise-and-sell sequence in the Form 4 filing.

How many Spotify (SPOT) shares did Alex Norstrom sell and at what price?

Alex Norstrom sold 5,436 Spotify Ordinary Shares at a weighted average price of $433.0743 per share. Individual sale prices ranged from $431.06 to $436.505, as disclosed in the Form 4 footnotes for this open-market transaction.

Did Spotify Co-CEO Alex Norstrom exercise stock options in this Form 4?

Yes. Alex Norstrom exercised stock options covering 5,436 Ordinary Shares at an exercise price of $151.25 per share. The options were fully vested and currently exercisable, and the exercise preceded the same-day sale of an equal number of shares.

How many Spotify (SPOT) shares does Alex Norstrom own after these transactions?

Following the May 5, 2026 transactions, Alex Norstrom directly owns 69,197.526 Spotify Ordinary Shares. This figure reflects his position after exercising options for 5,436 shares and selling 5,436 shares in the open market, as reported in the Form 4.

Were Alex Norstrom’s Spotify share sales pre-planned under a Rule 10b5-1 plan?

Yes. The Form 4 footnotes state the transaction was made pursuant to a Rule 10b-51 trading plan adopted on December 11, 2025. Such plans pre-schedule trades, indicating the timing was set in advance rather than chosen opportunistically.

Does Alex Norstrom still hold Spotify stock options after this exercise?

Yes. After exercising options for 5,436 shares, Alex Norstrom still holds 16,308 Spotify stock options. These options are fully vested, currently exercisable, and relate to Ordinary Shares, with an expiration date of March 1, 2027.

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

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Accepted by SEC EDGAR 05/07/2026 - 04:15 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).

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)

STOCKHOLM 111 53

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Co-Chief Executive Officer

2a. Foreign Trading Symbol

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

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	05/05/2026		M		5,436(1)	A	$151.25	74,633.526(2)	D
Ordinary Share	05/05/2026		S		5,436(1)	D	$433.0743(3)	69,197.526(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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option	$151.25	05/05/2026		M			5,436(1)	(4)	03/01/2027	Ordinary Share	5,436	$0	16,308	D

Explanation of Responses:

1. Transaction made pursuant to a Rule 10b-51 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 $431.0600 to $436.5050, 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 stock option is fully vested and currently exercisable.

Remarks:

	/s/ Sung Lee, Attorney-in-fact	05/07/2026
	** 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)