Were Alex Norström’s Spotify (SPOT) share sales pre-planned?

Yes. The sale of 5,436 Spotify ordinary shares was made under a Rule 10b-51 trading plan adopted by Alex Norström on December 11, 2025. Such pre-arranged plans are designed to execute trades automatically, reducing the significance of short-term market timing.

Spotify (SPOT) co-CEO sells 5,436 shares under 10b5-1 trading plan

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Spotify Technology S.A. Co-Chief Executive Officer Alex Norström exercised stock options for 5,436 ordinary shares at an exercise price of $151.25 per share and immediately sold 5,436 shares at a weighted average price of $479.5124 per share.

On the same date, 807.71 shares were withheld to cover tax obligations arising from restricted stock unit vesting. After these transactions, Norström directly holds 69,989.29 ordinary shares. The sale was made pursuant to a Rule 10b-51 trading plan adopted on December 11, 2025, indicating a pre-arranged, routine liquidity event rather than an opportunistic trade.

Insider Trade Summary 10b5-1

Net Seller: 5,436 shares ($2,606,629)

Net Sell 4 txns

Insider Norstrom Alex

Role Co-Chief Executive Officer

Sold 5,436 shs ($2.61M)

Type	Security	Shares	Price	Value
Exercise	Stock Option	5,436	$0.00	--
Tax Withholding	Ordinary Share	807.71	$484.91	$392K
Exercise	Ordinary Share	5,436	$151.25	$822K
Sale	Ordinary Share	5,436	$479.5124	$2.61M

Holdings After Transaction: Stock Option — 21,744 shares (Direct); Ordinary Share — 69,989.29 shares (Direct)

Footnotes (1)

Shares withheld to satisfy tax withholding obligation arising out of the vesting of restricted stock units ("RSUs") The fractional amount shown reflects the computational result of RSU vesting and tax withholding. No fractional ordinary shares are issued. Transaction made pursuant to a Rule 10b-51 trading plan adopted by the Reporting Person on December 11, 2025 The price reported in Column 4 is a weighted average price. These shares were sold in transactions at prices ranging from $477.0600 to $483.2200, 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. The stock option is fully vested and currently exercisable.

Key Figures

Options exercised: 5,436 shares Option exercise price: $151.25/share Shares sold: 5,436 shares +4 more

7 metrics

Options exercised 5,436 shares Stock option exercise into ordinary shares on April 1, 2026

Option exercise price $151.25/share Exercise price of stock option converted into ordinary shares

Shares sold 5,436 shares Open-market sale of ordinary shares on April 1, 2026

Weighted average sale price $479.5124/share Sale price range from $477.06 to $483.22

Tax withholding shares 807.71 shares Shares withheld for RSU-related tax obligations

Post-transaction holdings 69,989.29 shares Directly owned Spotify ordinary shares after all transactions

Options position after exercise 21,744.00 options Total shares following derivative transaction entry

Key Terms

restricted stock units ("RSUs"), Rule 10b-51 trading plan, weighted average price, tax withholding obligation, +1 more

5 terms

restricted stock units ("RSUs") financial

"tax withholding obligation arising out of the vesting of restricted stock units ("RSUs")"

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.

Rule 10b-51 trading plan regulatory

"Transaction made pursuant to a Rule 10b-51 trading plan adopted by the Reporting Person"

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.

tax withholding obligation financial

"Shares withheld to satisfy tax withholding obligation arising out of the vesting of restricted stock units"

stock option is fully vested and currently exercisable financial

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

Form 4 Insider Transactions: What Each Field Means →

04/03/2026 - 04:08 PM

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^*

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)
04/01/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Ordinary Share	04/01/2026		F		807.71⁽¹⁾	D	$484.91	69,989.29⁽²⁾	D
Ordinary Share	04/01/2026		M		5,436⁽³⁾	A	$151.25	75,425.29⁽²⁾	D
Ordinary Share	04/01/2026		S		5,436⁽³⁾	D	$479.5124⁽⁴⁾	69,989.29⁽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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option	$151.25	04/01/2026		M			5,436⁽³⁾	⁽⁵⁾	03/01/2027	Ordinary Share	5,436	$0	21,744	D

Explanation of Responses:

1. Shares withheld to satisfy tax withholding obligation arising out of the vesting of restricted stock units ("RSUs")

2. The fractional amount shown reflects the computational result of RSU vesting and tax withholding. No fractional ordinary shares are issued.

3. Transaction made pursuant to a Rule 10b-51 trading plan adopted by the Reporting Person on December 11, 2025

4. The price reported in Column 4 is a weighted average price. These shares were sold in transactions at prices ranging from $477.0600 to $483.2200, 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 stock option is fully vested and currently exercisable.

Remarks:

	/s/ Sung Lee, Attorney-in-fact	04/03/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What did Spotify (SPOT) co-CEO Alex Norström do in this Form 4 filing?

Alex Norström exercised options for 5,436 Spotify ordinary shares at $151.25 per share and sold 5,436 shares at a weighted average of $479.5124. The filing also shows shares withheld to cover taxes from restricted stock unit vesting.

How many Spotify (SPOT) shares does Alex Norström hold after these transactions?

After the reported transactions, Alex Norström directly holds 69,989.29 Spotify ordinary shares. This figure reflects the net position following the option exercise, the sale of 5,436 shares, and 807.71 shares withheld to satisfy tax obligations tied to restricted stock unit vesting.

What prices were involved in Alex Norström’s Spotify (SPOT) Form 4 transactions?

Norström exercised stock options at an exercise price of $151.25 per Spotify ordinary share. He then sold 5,436 shares at a weighted average price of $479.5124, with individual trades occurring between $477.06 and $483.22 per share, according to the filing footnotes.

What does the tax withholding entry mean in this Spotify (SPOT) Form 4?

The Form 4 shows 807.71 Spotify shares withheld to satisfy tax obligations from restricted stock unit vesting. This F-code transaction is not an open-market sale but a mechanistic disposition where shares are delivered to cover required taxes rather than sold for discretionary liquidity.

Did Alex Norström retain equity exposure to Spotify (SPOT) after exercising options?

Yes. Despite exercising options and selling 5,436 shares, Alex Norström still directly owns 69,989.29 Spotify ordinary shares. This remaining stake indicates he continues to have substantial equity exposure to the company following the pre-planned exercise-and-sell transaction and related tax withholding.