SPS COMMERCE INC — Director's Dealing 2012

May 8, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SPS COMMERCE INC (SPSC)
CIK: 0001092699
Period of Report: 2012-05-04

Reporting Person: Black Archie C. (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-04	Common Stock	M	14636	$0.3745	Acquired	27109	Direct
2012-05-04	Common Stock	M	16964	$0.3745	Acquired	44073	Direct
2012-05-04	Common Stock	S	31600	$28.0001	Disposed	12473	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-04	Employee Stock Option (right to buy)	$0.3745	M	14636	Disposed	2013-11-12	Common Stock (14636)	Direct
2012-05-04	Employee Stock Option (right to buy)	$0.3745	M	16964	Disposed	2014-06-30	Common Stock (16964)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	200	Indirect
Common Stock	200	Indirect
Common Stock	200	Indirect
Common Stock	200	Indirect

Footnotes

F1: The sales reported in this Form 4 were effected pursuant to a Rule 10b-5 trading plan adopted by the reporting person.

F2: Fully vested.