SPS COMMERCE INC — Director's Dealing 2014

Jan 8, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SPS COMMERCE INC (SPSC)
CIK: 0001092699
Period of Report: 2014-01-06

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-01-06	Common Stock	M	5040	$0.3745	Acquired	29689	Direct
2014-01-06	Common Stock	S	2676	$63.0295	Disposed	27013	Direct
2014-01-06	Common Stock	S	623	$64.15	Disposed	26390	Direct
2014-01-06	Common Stock	S	1741	$65.0424	Disposed	24649	Direct
2014-01-07	Common Stock	M	7871	$0.3745	Acquired	32520	Direct
2014-01-07	Common Stock	S	5279	$65.4235	Disposed	27241	Direct
2014-01-07	Common Stock	S	2592	$66.397	Disposed	24649	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-01-06	Employee Stock Option (Right to Buy)	$0.3745	M	5040	Disposed	2016-03-31	Common Stock (5040)	Direct
2014-01-07	Employee Stock Option (Right to Buy)	$0.3745	M	7871	Disposed	2016-03-31	Common Stock (7871)	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. The transactions reported on this Form 4 conclude the transactions contemplated by the Rule 10b5-1 trading plan.

F2: Reflects the weighted average price of 2,676 shares of Common Stock of the Issuer sold by the reporting person in multiple transactions on January 6, 2014 with sales prices ranging from $62.71 to $63.33 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 sold at each separate price.

F3: Reflects the weighted average price of 623 shares of Common Stock of the Issuer sold by the reporting person in multiple transactions on January 6, 2014 with sales prices ranging from $63.72 to $64.37 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: Reflects the weighted average price of 1,741 shares of Common Stock of the Issuer sold by the reporting person in multiple transactions on January 6, 2014 with sales prices ranging from $65.00 to $65.11 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.

F5: Reflects the weighted average price of 5,279 shares of Common Stock of the Issuer sold by the reporting person in multiple transactions on January 7, 2014 with sales prices ranging from $65.00 to $65.99 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.

F6: Reflects the weighted average price of 2,592 shares of Common Stock of the Issuer sold by the reporting person in multiple transactions on January 7, 2014 with sales prices ranging from $66.00 to $66.78 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.

F7: Fully vested.