[Form 4] SPS COMMERCE INC Insider Trading Activity

Rhea-AI Filing Summary

SPS Commerce (SPSC) executive Jamie Thingelstad (EVP, Chief Technology Officer) reported insider transactions on 11/04/2025. He exercised 8,118 stock options at $54.54 (code M) and had 6,621 shares withheld to cover taxes at $82.53 (code F). Following these transactions, he beneficially owns 35,467 shares directly and 438.1 shares indirectly via a 401(k) plan. The exercised option related to 8,118 underlying shares, was fully vested, and showed 0 derivative securities remaining after the transaction; the listed expiration date was 02/19/2026.

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
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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^*

THINGELSTAD JAMIE

(Last) (First) (Middle)

333 SOUTH SEVENTH STREET

SUITE 1000

(Street)

MINNEAPOLIS MN 55402

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SPS COMMERCE INC [ SPSC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Chief Technology Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/04/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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
Common Stock	11/04/2025		M		8,118	A	$54.54	42,088	D
Common Stock	11/04/2025		F		6,621	D	$82.53	35,467	D
Common Stock								438.1	I	By 401(k) Plan

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 (right to buy)	$54.54	11/04/2025		M			8,118	(1)	02/19/2026	Common Stock	8,118	$0	0	D

Explanation of Responses:

1. Fully vested.

Remarks:

	/s/ Jonathan Zimmerman, Attorney-in-Fact for Jamie Thingelstad	11/06/2025
	** 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.

FAQ

What did SPSC’s EVP/CTO report on Form 4?

An option exercise of 8,118 shares at $54.54 and tax withholding of 6,621 shares at $82.53 on 11/04/2025.

How many SPSC shares does the insider own after the transactions?

He beneficially owns 35,467 shares directly and 438.1 shares indirectly via a 401(k) plan.

What were the SEC transaction codes on the Form 4?

Code M for the option exercise and code F for shares withheld to cover taxes.

What was the exercise price and option status?

The option was exercised at $54.54, covered 8,118 shares, and was noted as fully vested with 0 remaining after.

What was the expiration date listed for the exercised option?

The expiration date shown was 02/19/2026.

Was the filing made by one reporting person?

Yes. It was filed by one reporting person and identifies the filer as an officer (EVP, CTO).