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Spotify Technology S.A.·4

May 28, 6:53 PM ET

Marshall Christopher P 4

4 · Spotify Technology S.A. · Filed May 28, 2026

Research Summary

AI-generated summary of this filing

Updated

Spotify (SPOT) Director Christopher Marshall Exercises Options, Sells Shares

What Happened
Christopher P. Marshall, a director of Spotify Technology S.A., exercised options to acquire 5,630 ordinary shares at an exercise price of $241.57 per share (total cost $1,360,039) on May 26, 2026. On the same day he sold 2,650 shares in an open-market transaction at $519.86 per share (gross proceeds $1,377,629). The filing also records the conversion/disposition of the derivative instrument tied to the exercised options (reported as disposed at $0).

Key Details

  • Transaction date: 2026-05-26; Filing date: 2026-05-28 (timely).
  • Exercise: 5,630 shares acquired @ $241.57 = $1,360,039.
  • Open-market sale: 2,650 shares sold @ $519.86 = $1,377,629.
  • Derivative entry: 5,630 shares reported as converted/disposed at $0 (reflects option conversion reporting).
  • Shares owned after transaction: Not disclosed in the provided excerpt of the filing.
  • Notable footnotes: F1 — 1,059 shares held via RSUs with multi-year vesting schedule; multiple footnotes (F2–F11) show holdings held through entities (e.g., Management XI LLC, TCV vehicles, trusts) and state Mr. Marshall disclaims beneficial ownership except to the extent of his pecuniary interest.
  • Filing timeliness: Report appears filed within the Form 4 deadline (no late flag in provided data).

Context

  • This was primarily an option exercise with a partial same‑day sale. The exercise acquired shares at a fixed exercise price; the separate sale of 2,650 shares was executed in the open market. The zero-dollar "disposed" derivative line records the conversion/settlement of the option instrument and is standard when options are exercised.
  • These transactions are routine insider exercises and sales; facts are recorded as reported — they do not themselves explain Mr. Marshall’s motivation.

Insider Transaction Report

Form 4
Period: 2026-05-26
Spotify Technology S.A.SPOT
Marshall Christopher P
Director
Transactions
  • Exercise/Conversion

    Ordinary Share

    [F1][F2]
    2026-05-26$241.57/sh+5,630$1,360,039→ 6,689 total
  • Sale

    Ordinary Share

    [F1][F2]
    2026-05-26$519.86/sh−2,650$1,377,629→ 4,039 total
  • Exercise/Conversion

    Non-qualified stock option (right to buy)

    [F11][F2]
    2026-05-26−5,630→ 0 total
    Exercise: $241.57Exp: 2026-05-31→ Ordinary Share (5,630 underlying)
Holdings

  • Ordinary Share

    [F3]
    (indirect: By Trust)
    70,344

  • Ordinary Share

    [F4]
    (indirect: TCV XI Spotify, L.P.)
    652,521

  • Ordinary Share

    [F5]
    (indirect: TCV XI Spotify (A), L.P.)
    207,103

  • Ordinary Share

    [F6]
    (indirect: TCV XI Spotify (B), L.P.)
    46,162

  • Ordinary Share

    [F7]
    (indirect: TCV XI (Lux), SCSp)
    48,989

  • Ordinary Share

    [F8]
    (indirect: TCV XI Spotify (MF), L.P.)
    45,225

  • Ordinary Share

    [F9]
    (indirect: TCV VIII Management, L.L.C.)
    1,305

  • Ordinary Share

    [F10]
    (indirect: TCV XI Management, L.L.C.)
    1,020
Footnotes (11)
  • [F1]1,059 of these shares are held via Restricted Stock Unit ("RSU"). Each RSU represents a contingent right to receive one (1) Ordinary Share of the Issuer upon settlement for no consideration. 138 RSUs were granted on 6/1/23 and will fully vest on 2/15/27. 542 RSUs were granted on 6/3/24; 50% will vest on 2/15/27 and the remaining 50% will vest on 2/15/28. 379 RSUs were granted on 6/2/25; 1/3 will vest on each of 2/15/27, 2/15/28 and 2/15/29.
  • [F10]These shares are directly held by Management XI LLC. Christopher P. Marshall is an owner of Management XI LLC and disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
  • [F11]The option vested ratably in four installments on February 15, 2022, 2023, 2024, and 2025.
  • [F2]Christopher P. Marshall has sole dispositive power over the options and shares he holds directly. However, TCV VIII Management, L.L.C. ("Management VIII LLC") and TCV XI Management, L.L.C. ("Management XI LLC") have a right to 100% of the pecuniary interest in such options. Mr. Marshall is a Member of Management VIII LLC and an owner of Management XI LLC. Mr. Marshall disclaims beneficial ownership of such shares and options, along with the shares to be received upon the exercise of such options, except to the extent of his pecuniary interest therein.
  • [F3]These shares are directly held by Marshall Carroll 2000 Trust ("MC Trust"). Christopher P. Marshall is a Trustee of MC Trust. Mr. Marshall disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
  • [F4]These shares are directly held by TCV XI Spotify, L.P. ("TCV XI Spotify"). Christopher P. Marshall is a Class A Member and Class A Director of Technology Crossover Management XI, Ltd. ("Management XI"). Management XI is the general partner of Technology Crossover Management XI, L.P. ("TCM XI") which is the general partner of TCV XI, L.P. ("TCV XI"). TCV XI owns 100% of TCV XI Spotify. Mr. Marshall disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
  • [F5]These shares are directly held by TCV XI Spotify (A), L.P. ("TCV XI A Spotify"). Christopher P. Marshall is a Class A Member and Class A Director of Management XI. Management XI is the general partner of TCM XI which is the general partner of TCV XI (A), L.P. ("TCV XI (A)"). TCV XI (A) owns 100% of TCV XI A Spotify. Mr. Marshall disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
  • [F6]These shares are directly held by TCV XI Spotify (B), L.P. ("TCV XI B Spotify"). Christopher P. Marshall is a Class A Member and Class A Director of Management XI. Management XI is the general partner of TCM XI which is the general partner of TCV XI (B), L.P. ("TCV XI (B)"). TCV XI (B) owns 100% of TCV XI B Spotify. Mr. Marshall disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
  • [F7]These shares are directly held by TCV XI (Lux), SCSp ("TCV XI Lux"). Christopher P. Marshall is a Class A Member and Class A Director of Management XI. Management XI is sole shareholder of Technology Crossover Management XI, S.a r.l. which is the general partner of TCV XI Lux. Mr. Marshall disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
  • [F8]These shares are directly held by TCV XI Spotify (MF), L.P. ("TCV XI MF Spotify"). Christopher P. Marshall is a Class A Member and Class A Director of Management XI and a limited partner of TCV XI Member Fund, L.P. ("Member Fund XI"). Management XI is the general partner of Member Fund XI which owns 100% of TCV XI MF Spotify. Mr. Marshall disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
  • [F9]These shares are directly held by Management VIII LLC. Christopher P. Marshall is a Member of Management VIII LLC and disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
Signature
/s/ Frederic D. Fenton, Authorized Signatory for Christopher P. Marshall|2026-05-28

Documents

1 file
  • 4
    form4.xmlPrimary

    STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES