SPS COMMERCE INC — Director's Dealing 2012

Feb 27, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SPS COMMERCE INC (SPSC)
CIK: 0001092699
Period of Report: 2012-02-23

Reporting Person: Gray Michael J. (EVP of Operations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-23	Common Stock	M	5550	$2.4345	Acquired	11869	Direct
2012-02-23	Common Stock	S	1689	$25.00	Disposed	10180	Direct
2012-02-23	Common Stock	S	3861	$25.0637	Disposed	6319	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-23	Employee Stock Option (right to buy)	$2.4345	M	5550	Disposed	2019-03-31	Common Stock (5550)	Direct

Footnotes

F1: This Option vests as to (i) 1/4th of the Shares subject to this Option on January 1, 2010 and (ii) 1/36th of the remaining Shares subject to this Option on the 1st day of each month, commencing on February 1, 2010.