SPS COMMERCE INC — Director's Dealing 2020

May 22, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SPS COMMERCE INC (SPSC)
CIK: 0001092699
Period of Report: 2020-05-20

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-05-20	Common Stock	M	1390	$24.04	Acquired	81899	Direct
2020-05-20	Common Stock	S	1390	$62.5432	Disposed	80509	Direct
2020-05-21	Common Stock	M	18610	$24.04	Acquired	99119	Direct
2020-05-21	Common Stock	S	18610	$62.6893	Disposed	80509	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-05-20	Employee Stock Option (right to buy)	$24.04	M	1390	Disposed	2023-02-05	Common Stock (1390)	Direct
2020-05-21	Employee Stock Option (right to buy)	$24.04	M	18610	Disposed	2023-02-05	Common Stock (18610)	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 exercise and sales effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on June 12, 2019.

F2: The total reflects a share transfer of 20,000 shares (40,000 post split) from Mr. Black's individual account to The Archie and Jane McDonald Black CRT.

F3: Reflects the weighted average price of 1,390 shares of Common Stock of the Issuer sold by the reporting person in multiple transactions on May 20, 2020 with sales prices ranging from $62.50 to $62.66 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 18,610 shares of Common Stock of the Issuer sold by the reporting person in multiple transactions on May 21, 2020 with sales prices ranging from $62.50 to $63.19 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.