SPS COMMERCE INC — Director's Dealing 2020

May 28, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SPS COMMERCE INC (SPSC)
CIK: 0001092699
Period of Report: 2020-05-26

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-05-26	Common Stock	M	20000	$24.04	Acquired	100509	Direct
2020-05-26	Common Stock	S	10792	$65.4765	Disposed	89717	Direct
2020-05-26	Common Stock	S	9208	$66.2668	Disposed	80509	Direct
2020-05-27	Common Stock	M	20000	$24.04	Acquired	100509	Direct
2020-05-27	Common Stock	S	20000	$67.9858	Disposed	80509	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-05-26	Employee Stock Option (right to buy)	$24.04	M	20000	Disposed	2023-02-05	Common Stock (20000)	Direct
2020-05-27	Employee Stock Option (right to buy)	$24.04	M	20000	Disposed	2023-02-05	Common Stock (20000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	400	Indirect
Common Stock	400	Indirect
Common Stock	400	Indirect
Common Stock	400	Indirect
Common Stock	297.154	Indirect

Footnotes

F1: Stock option exercises and sales effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on June 12, 2019.

F2: Reflects the weighted average price of 10,792 shares of Common Stock of the Issuer sold by the reporting person in multiple transactions on May 26, 2020 with sales prices ranging from $65.01 to $66.00 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 9,208 shares of Common Stock of the Issuer sold by the reporting person in multiple transactions on May 26, 2020 with sales prices ranging from $66.01 to $66.535 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 20,000 shares of Common Stock of the Issuer sold by the reporting person in multiple transactions on May 27, 2020 with sales prices ranging from $67.52 to $68.48 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: Fully vested.