THINGELSTAD JAMIE 4

What Happened
Jamie Thingelstad, EVP and Chief Technology Officer of SPS Commerce (SPSC), was granted 23,295 restricted stock units (RSUs) on Feb 20, 2026 (acquired at $0). On Feb 24, 2026 he sold a total of 2,418 shares in two open-market transactions — 1,900 shares at a weighted average price of $54.80 (proceeds $104,119) and 518 shares at a weighted average price of $55.47 (proceeds $28,733) — totaling about $132,852. The RSU grant is a restricted award rather than an open-market purchase (generally not an immediate bullish signal); the sales are routine dispositions.

Key Details

• Grant date: Feb 20, 2026 — 23,295 RSUs granted (acquisition reported as $0). Footnote: vests 25% on each anniversary of the grant (F1).
• Sales date: Feb 24, 2026 — 1,900 shares sold at weighted avg $54.80 (range $54.35–$55.31) and 518 shares sold at weighted avg $55.47 (range $55.38–$55.72); total proceeds ≈ $132,852 (F3, F4).
• Sales executed pursuant to a Rule 10b5-1 trading plan adopted Nov 4, 2025 (F2).
• Filing date: Feb 24, 2026; transactions dated Feb 20 and Feb 24 — filing appears to be timely under Form 4 rules.
• Shares owned following the transactions: not specified in the information provided.

Context

• The RSU award is restricted and vests over time (25% per year), so those units are not immediately liquid unless vested.
• The sales were made under a pre-established 10b5-1 plan, which indicates the sales were planned in advance rather than opportunistic trades.
• For retail investors: purchases and exercised-option buys can be stronger signals of insider conviction than routine grants or preplanned sales; these entries reflect a standard grant + planned sales, not an immediate directional signal.