SPS COMMERCE INC — Director's Dealing 2012

May 3, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SPS COMMERCE INC (SPSC)
CIK: 0001092699
Period of Report: 2012-05-01

Reporting Person: Novak David J. Jr. (EVP of Business Develpmt)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-01	Common Stock	M	13172	$2.9213	Acquired	19491	Direct
2012-05-01	Common Stock	S	13172	$27.1848	Disposed	6319	Direct
2012-05-02	Common Stock	M	11828	$2.9213	Acquired	18147	Direct
2012-05-02	Common Stock	S	11828	$26.7433	Disposed	6319	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-01	Employee Stock Option (right to buy)	$2.9213	M	13172	Disposed	2017-06-30	Common Stock (13172)	Direct
2012-05-02	Employee Stock Option (right to buy)	$2.9213	M	11828	Disposed	2017-06-30	Common Stock (11828)	Direct

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: Reflects the weighted average price of 13,172 shares of Common Stock of the Issuer sold by the reporting person in multiple transactions on May 1, 2012 with sales prices ranging from $26.8497 to $27.4471 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.

F3: Reflects the weighted average price of 11,828 shares of Common Stock of the Issuer sold by the reporting person in multiple transactions on May 2, 2012 with sales prices ranging from $26.7290 to $26.7439 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.

F4: Fully vested.