Reller Tami 4

What Happened

• Tami Reller, a director of SPS Commerce (SPSC), exercised options on March 13, 2026 to acquire 5,732 shares of common stock at an exercise price of $51.80 per share, for a total cash outlay of $296,918. The filing also reports the corresponding derivative instrument (the option) being converted/canceled (reported as a disposition at $0).
• This was an exercise of vested options (an acquisition of shares), not an open‑market sale of stock.

Key Details

• Transaction date: 2026-03-13; Filing date: 2026-03-17.
• Exercise: 5,732 shares acquired @ $51.80 = $296,918 (code M). Corresponding derivative instrument disposed: 5,732 @ $0.
• Shares owned after transaction: not specified in the supplied filing.
• Footnotes: (F1) Option size reflects a 2-for-1 stock split (originally 2,866 → 5,732). (F2) Exercise price was adjusted from $103.60 to reflect the split. (F3) Options were fully vested.
• No indication in the reported lines that shares were immediately sold (this was a paid exercise, not a cashless sale).

Context

• For retail investors: this is a director exercising vested options by paying the exercise price to acquire shares — a routine insider acquisition of stock rather than a sale. The option was adjusted for a 2019 2-for-1 stock split, and the option was fully vested at exercise.