Spotify (NYSE: SPOT) Co-CEO exercises options, sells 20,833 shares under plan

Q: Was Gustav Soderstrom’s Spotify share sale under a Rule 10b5-1 trading plan?

Yes, the sale of 20,833 ordinary shares at a weighted average price of $473.5183 was made under a Rule 10b-51 trading plan adopted on December 11, 2025. Such pre-arranged plans typically automate trades independent of day-to-day market conditions.

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Spotify Technology S.A. Co-Chief Executive Officer Gustav Soderstrom fully exercised a stock option for 20,833 ordinary shares at $151.2500 per share and converted it into stock. He then sold 20,833 ordinary shares in an open-market transaction at a weighted average price of $473.5183 per share pursuant to a Rule 10b-51 trading plan adopted on December 11, 2025. In a separate step, 117.18 shares were withheld at $484.9100 per share to satisfy tax obligations arising from the vesting of restricted stock units. Following these transactions, he directly holds 20,608.82 ordinary shares.

Insider Trade Summary 10b5-1

Net Seller: 20,833 shares ($9,864,807)

Net Sell 4 txns

Insider Soderstrom Gustav

Role Co-Chief Executive Officer

Sold 20,833 shs ($9.86M)

Type	Security	Shares	Price	Value
Exercise	Stock Option	20,833	$0.00	--
Tax Withholding	Ordinary Share	117.18	$484.91	$57K
Exercise	Ordinary Share	20,833	$151.25	$3.15M
Sale	Ordinary Share	20,833	$473.5183	$9.86M

Holdings After Transaction: Stock Option — 208,795 shares (Direct); Ordinary Share — 20,608.82 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 $464.6000 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: 20,833 shares Exercise price: $151.2500 per share Shares sold: 20,833 shares +3 more

6 metrics

Options exercised 20,833 shares Stock option exercise at $151.2500 per share on 2026-04-01

Exercise price $151.2500 per share Conversion price for 20,833 stock option shares

Shares sold 20,833 shares Open-market sale at $473.5183 weighted average price

Sale price (weighted average) $473.5183 per share Ordinary share sale with trades from $464.6000 to $483.2200

Tax withholding shares 117.18 shares Shares withheld at $484.9100 to cover RSU tax obligations

Shares held after transactions 20,608.82 shares Direct ordinary share ownership following Form 4 transactions

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

"Shares withheld to satisfy 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 financial

"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"

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^*

Soderstrom Gustav

(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		117.18⁽¹⁾	D	$484.91	20,608.82⁽²⁾	D
Ordinary Share	04/01/2026		M		20,833⁽³⁾	A	$151.25	41,441.82⁽²⁾	D
Ordinary Share	04/01/2026		S		20,833⁽³⁾	D	$473.5183⁽⁴⁾	20,608.82⁽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			20,833⁽³⁾	⁽⁵⁾	03/01/2027	Ordinary Share	20,833	$0	208,795	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 $464.6000 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 Gustav Soderstrom do in this Form 4 filing?

Gustav Soderstrom exercised a stock option for 20,833 ordinary shares at $151.2500 and then sold 20,833 shares at a weighted average price of $473.5183. He also had 117.18 shares withheld to cover taxes on restricted stock unit vesting.

How many Spotify (SPOT) shares does Gustav Soderstrom hold after these transactions?

After the reported transactions, Gustav Soderstrom directly holds 20,608.82 ordinary shares of Spotify Technology S.A. This reflects the option exercise, the open-market sale of 20,833 shares, and 117.18 shares withheld to satisfy tax obligations tied to restricted stock unit vesting.

What is the significance of the 117.18 Spotify shares withheld in this Form 4?

The 117.18 ordinary shares were withheld at $484.9100 per share to satisfy tax withholding obligations from the vesting of restricted stock units. This disposition covers tax liabilities and is not an open-market sale, so it does not represent a voluntary trade decision.

At what prices did Gustav Soderstrom exercise and sell his Spotify shares?

He exercised a stock option for 20,833 ordinary shares at $151.2500 per share, then sold 20,833 ordinary shares at a weighted average price of $473.5183. The sale occurred in multiple trades between $464.6000 and $483.2200, as disclosed in the price range footnote.