SPS Commerce director receives 3,451-share RSU grant

SPS Commerce director Michael J. McConnell reported an equity award of company stock.

Rhea-AI Filing Summary

SPS Commerce director Michael J. McConnell reported an equity award of company stock. He acquired 3,451 shares of common stock in the form of a restricted stock unit grant at no stated purchase price.

The award will vest in equal monthly installments over 36 months, as long as he continues to serve on the board on each vesting date. After this grant, he is reported as directly owning 3,451 shares tied to this award.

Insider Trade Summary

Grant/Award: 3,451 shares

Grant/Award 1 txn

Insider McConnell Michael J

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	3,451	$0.00	$0.00

Holdings After Transaction: Common Stock — 3,451 shares (Direct)

Footnotes (1)

1. F1. This reflects a restricted stock unit award. The shares subject to this award will vest monthly for 36 months provided the recipient remains a member of the board as of the vesting date.

FAQ

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

What insider transaction did SPS Commerce (SPSC) report for Michael J. McConnell?

SPS Commerce reported that director Michael J. McConnell received a grant of 3,451 shares of common stock through a restricted stock unit award. This transaction is classified as an acquisition, reflecting compensation rather than an open-market stock purchase or sale.

How many SPS Commerce shares were included in McConnell’s latest equity award?

The award covers 3,451 shares of SPS Commerce common stock. These shares are delivered through restricted stock units, meaning they will be issued over time as they vest rather than all at once on the grant date.

What is the vesting schedule for Michael J. McConnell’s SPS Commerce RSU grant?

The restricted stock unit award vests monthly over 36 months. Each month, a portion of the 3,451 shares becomes vested, provided McConnell continues serving as a member of the board on the applicable vesting date.

Is McConnell’s SPS Commerce stock award dependent on continued board service?

Yes. The shares subject to this restricted stock unit award vest only if Michael J. McConnell remains a member of the SPS Commerce board on each vesting date. Losing board status would stop further vesting of the remaining unvested units.

Was there a purchase price for Michael J. McConnell’s SPS Commerce RSU award?

No cash purchase price is indicated for this award, with the transaction price per share reported as 0.0000. This reflects a stock-based compensation grant rather than an open-market transaction requiring McConnell to pay for the shares.

How many SPS Commerce shares does McConnell own after this RSU grant?

Following the restricted stock unit grant, McConnell is reported as directly owning 3,451 shares associated with this award. This number reflects his holdings after the reported transaction and is tied to this specific grant arrangement.

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

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Accepted by SEC EDGAR 02/24/2026 - 04:51 PM EST 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).

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^*

McConnell Michael J

(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)
02/20/2026

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	02/20/2026		A		3,451(1)	A	$0	3,451	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

Explanation of Responses:

1. This reflects a restricted stock unit award. The shares subject to this award will vest monthly for 36 months provided the recipient remains a member of the board as of the vesting date.

Remarks:

	/s/ Jonathan R. Zimmerman, Attorney-in-Fact for Michael J. McConnell	02/24/2026
	** 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.