Automatic Securities Disposition Plan Adopted By Shopify CEO Tobias Lütke; The ASDP Provides For The Sale Of An Aggregate Of Up To 2,564,964 Class A Shares And Will Terminate No Later Than December 31, 2025

Author: Benzinga Newsdesk | September 06, 2024 05:23pm

Shopify Inc. ((NYSE, TSX:SHOP), announced today that Tobias Lütke, Shopify's Chief Executive Officer, has adopted an automatic securities disposition plan ("ASDP"), in accordance with securities laws and Shopify's internal policies, with sales of Class A Subordinate Voting Shares ("Class A Shares") under the plan eligible to commence on or after September 17, 2024. The Ontario Securities Commission issued a decision exempting Mr. Lütke from the prospectus requirements under Canadian securities legislation with respect to sales of Class A Shares under the ASDP. This announcement is made pursuant to the requirements of that decision. Mr. Lütke entered into automatic securities disposition plans under a similar exemption annually from 2017 to 2021.

The ASDP permits trades to be made in accordance with pre-arranged instructions given when Mr. Lütke was not in possession of material non-public information regarding Shopify. The ASDP provides for the sale of an aggregate of up to 2,564,964 Class A Shares and will terminate no later than December 31, 2025. All the Class A Shares that could potentially be sold under the ASDP are pursuant to vested options and restricted share units granted to Mr. Lütke as compensation for his services as Chief Executive Officer. The ASDP does not provide for the conversion of any multiple voting shares of the Company owned by Mr. Lütke.

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