SPS Commerce (SPSC) director trades: option exercise and share sales

Rhea-AI Filing Summary

SPS Commerce director Marty M. Reaume reported an automatic option exercise and related stock sales. On January 7, 2026, Reaume exercised a stock option for 1,732 shares of common stock at an exercise price of $51.80 per share, increasing direct holdings to 10,890 common shares and 4,000 option shares. On the same day, Reaume sold 400 shares at a weighted average price of $91.3958 and 1,332 shares at a weighted average price of $92.5194, both through multiple transactions, reducing direct common stock ownership to 9,158 shares. The filing notes that the transactions were carried out under a Rule 10b5-1 trading plan adopted on September 10, 2025 and that the exercised option is fully vested.

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

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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).

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^*

Reaume Marty M

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/07/2026

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	01/07/2026		M(1)		1,732(2)(3)	A	$51.8(2)(3)	10,890	D
Common Stock	01/07/2026		S(1)		400	D	$91.3958(4)	10,490	D
Common Stock	01/07/2026		S(1)		1,332	D	$92.5194(5)	9,158	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 (right to buy)	$51.8(3)	01/07/2026		M(1)			1,732(3)	(6)	05/14/2026	Common Stock	1,732(3)	$0	4,000(3)	D

Explanation of Responses:

1. Stock option exercise and sales effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on September 10, 2025.

2. On July 25, 2019, the Issuer announced that its board of directors declared a two-for-one stock split of the Common Stock of the Issuer, effected in the form of a 100 percent stock dividend as of the record date on August 8, 2019. The stock split dividend was distributed on August 22, 2019, and at that time pursuant to anti-dilution provisions of the Issuer's 2010 Equity Incentive Plan, an option for 2,866 shares of Common Stock held by the reporting person on August 22, 2019 became an option for 5,732 shares of Common Stock.

3. This option was previously reported as an option for 2,866 shares of Common stock at an exercise price of $103.60 per share but was adjusted to reflect the stock dividend declared by the Issuer on July 25, 2019.

4. Reflects the weighted average price of 400 shares of Common Stock of the Issuer sold by the reporting person in multiple transactions on January 7, 2026 with sales prices ranging from $90.98 to $91.83 per share. The reporting person undertakes to provide upon request by the U.S. Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares purchased or sold at each separate price.

5. Reflects the weighted average price of 1,332 shares of Common Stock of the Issuer sold by the reporting person in multiple transactions on January 7, 2026 with sales prices ranging from $92.23 to $92.85 per share. The reporting person undertakes to provide upon request by the U.S. Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares purchased or sold at each separate price.

6. Fully vested.

Remarks:

	/s/ Jonathan R. Zimmerman, Attorney-in-Fact for Marty M. Reaume	01/09/2026
	** 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.
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FAQ

What insider transactions did SPS Commerce (SPSC) report for Marty M. Reaume?

The filing shows that director Marty M. Reaume exercised a stock option for 1,732 shares of common stock at $51.80 per share and then sold 400 shares at a weighted average price of $91.3958 and 1,332 shares at a weighted average price of $92.5194 on January 7, 2026.

How many SPS Commerce shares does Marty M. Reaume own after these trades?

After the reported transactions, Marty M. Reaume directly owns 9,158 shares of SPS Commerce common stock and 4,000 stock options as reflected in the filing.

Were the SPS Commerce insider trades made under a Rule 10b5-1 plan?

Yes. The filing states that the stock option exercise and related sales were effected under a Rule 10b5-1 trading plan adopted by Marty M. Reaume on September 10, 2025.

What prices were received in the SPS Commerce share sales by Marty M. Reaume?

The filing reports weighted average prices of $91.3958 per share for 400 shares and $92.5194 per share for 1,332 shares, with individual trades executed in price ranges disclosed in the footnotes.

What type of derivative security did Marty M. Reaume exercise at SPS Commerce?

Marty M. Reaume exercised a stock option (right to buy) covering 1,732 shares of common stock at an exercise price of $51.80 per share, and the option is described as fully vested.

Does the SPS Commerce filing explain any prior adjustment to Reaume's option?

Yes. A footnote explains that the option was previously reported for 2,866 shares at $103.60 per share and was adjusted to reflect a two-for-one stock split announced on July 25, 2019.