Document:

Exhibit 10.4

 

FIRST AMENDMENT TO REGISTRATION RIGHTS AGREEMENT

 

This FIRST AMENDMENT TO REGISTRATION
RIGHTS AGREEMENT (this “Amendment”) is made and entered into as of November 21, 2022, and shall be effective
as of the Closing (as defined below), by and among (i) Hainan Manaslu Acquisition Corp., a Cayman Islands exempted company (the
“Company”), (ii) Bright Winlong LLC, a Cayman Islands limited liability company (“Sponsor”),
and (iii) Able View Global Inc., a Cayman Islands exempted company and wholly owned subsidiary of Able View (as defined below) (“Pubco”),
and (iv) each of the undersigned individuals (together with the Sponsor and any person or entity who hereafter becomes a party to the
Registration Rights Agreement (as defined below) pursuant to Section 6.2 of the Registration Rights Agreement, a “Holder”
and collectively the “Holders”). Capitalized terms used but not otherwise defined herein shall have the respective
meanings assigned to such terms in the Registration Rights Agreement (and if such term is not defined in the Registration Rights Agreement,
then the Business Combination Agreement (as defined below)).

 

RECITALS

 

WHEREAS, the Company,
Sponsor and the other undersigned Holders are parties to that certain Registration Rights Agreement, dated as of August 10, 2022 (the
“Original Agreement” and, as amended by this Amendment, the “Registration Rights Agreement”),
pursuant to which the Company granted certain registration rights to the Holders with respect to the Company’s securities;

 

WHEREAS, on or about
the date hereof, (i) the Company, (ii) Able View Inc., a Cayman Islands exempted company (“Able View”), (iii)
Pubco, (iv) Able View Corporation Inc., a Cayman Islands exempted company and a wholly owned subsidiary of Pubco (“Merger
Sub”), and (v) the shareholders of Able View (collectively, the “Sellers”), entered into that
certain Business Combination Agreement (as may be amended, restated, supplemented and/or modified from time to time in accordance with
the terms thereof, the “Business Combination Agreement”), pursuant to which, among other matters, upon the consummation
of the transactions contemplated thereby (the “Closing”): (a) the Company shall merge with and into Merger Sub,
with the Company continuing as the surviving entity in the merger (“Merger”), as a result of which: (i) the
Company shall become a wholly-owned subsidiary of Pubco and (ii) each issued and outstanding security of the Company immediately prior
to the Effective Time shall no longer be outstanding and shall automatically be cancelled, in exchange for the right of the holder thereof
to receive a substantially equivalent security of Pubco, and (b) Pubco shall acquire all of the issued and outstanding Company Shares
from the Sellers in exchange for ordinary shares of Pubco (the “Share Exchange” and, collectively with the Merger
and the other transactions contemplated by the Business Combination Agreement and the Ancillary Documents, the “Transactions”),
all upon the terms and subject to the conditions set forth in the Business Combination Agreement and in accordance with applicable law;

 

WHEREAS, in
connection with the execution of the Business Combination Agreement, the Company, Pubco and the Sellers will enter into a Registration
Rights Agreement, dated as of November 21, 2022 (as may be amended, restated, supplemented and/or modified from time to time in accordance
with the terms thereof, the “Shareholder Registration Rights Agreement”), pursuant to which Pubco shall grant
to the Sellers certain registration rights with respect to the securities of Pubco received by the Sellers in the Share Exchange and any
other securities of Pubco held by the Sellers or other “Registrable Securities” (as defined therein) of the Sellers (collectively,
the “Shareholder Securities”);

 

WHEREAS, the parties
hereto desire to amend the Original Agreement to add Pubco as a party to the Registration Rights Agreement and to revise the terms thereof
in order to reflect the transactions contemplated by the Business Combination Agreement, including the Company’s and Pubco’s
entrance into the Shareholder Registration Rights Agreement; and

 

     

     

    

 

WHEREAS, pursuant to
Section 5.5 of the Original Agreement, the Original Agreement can be amended with the written consent of the parties to the Original Agreement.

 

NOW, THEREFORE, in
consideration of the premises and the mutual promises herein made, and in consideration of the representations, warranties and covenants
herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending
to be legally bound hereby, the parties hereto agree as follows:

 

1.
Addition of Pubco as a Party to the Registration Rights Agreement. The parties hereby agree to add Pubco as a party to the
Registration Rights Agreement. The parties further agree that, from and after the Closing, all of the rights and obligations of the Company
under the Registration Rights Agreement shall be, and hereby are, assigned and delegated to Pubco as if it were the original “Company”
party thereto. By executing this Amendment, Pubco hereby agrees to be bound by and subject to all of the terms and conditions of the Registration
Rights Agreement, including from and after the Closing as if it were the original “Company” party thereto.

 

2.
Amendments to Registration Rights Agreement. The parties hereby agree to the following amendments to the Registration Rights
Agreement:

 

(a)
The defined terms in this Amendment, including in the preamble and recitals hereto, and the definitions incorporated by reference
from the Business Combination Agreement, are hereby added to the Registration Rights Agreement as if they were set forth therein.

 

(b)
Section 2.1.4 of the Original Agreement is hereby deleted in its entirety and replaced with the following:

 

“2.1.4 Reduction of
Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten offering advises the
Company and the Demanding Holders in writing that the dollar amount or number of Registrable Securities which the Demanding Holders desire
to sell, taken together with all other Ordinary Shares or other securities which the Company desires to sell and the Ordinary Shares or
other securities, if any, as to which Registration by the Company has been requested pursuant to written contractual piggy-back registration
rights held by other security holders of the Company who desire to sell, exceeds the maximum dollar amount or maximum number of shares
that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method, or the
probability of success of such offering (such maximum dollar amount or maximum number of securities, as applicable, the “Maximum
Number of Securities”), then the Company shall include in such Registration: (i) first, the Registrable Securities as to
which Demand Registration has been requested by the Demanding Holders and the Shareholder Securities for the account of any persons who
have exercised demand registration rights pursuant to the Shareholder Registration Rights Agreement during the period under which the
Demand Registration hereunder is ongoing (all pro rata in accordance with the number of securities that each applicable person has requested
be included in such registration, regardless of the number of securities held by each such person, as long as they do not request to include
more securities than they own (such proportion is referred to herein as “Pro Rata”)) that can be sold without
exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clause (i), the Ordinary Shares or other securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (i) and (ii), the Registrable Securities of Holders as to which registration has been requested pursuant to Section 2.2 and the
Shareholder Securities as to which registration has been requested pursuant to the applicable written contractual piggy-back registration
rights of the Shareholder Registration Rights Agreement, Pro Rata among the holders thereof based on the number of securities requested
by such holders to be included in such registration, that can be sold without
exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clauses (i), (ii) and (iii), the Ordinary Shares or other securities for the account of other persons that the Company
is obligated to register pursuant to written contractual arrangements with such persons that can be sold without exceeding the Maximum
Number of Securities. In the event that the Company securities that are convertible into the Ordinary Shares are included in the offering,
the calculations under this Section 2.1.4 shall include such the Company securities on an as-converted to Ordinary Share basis.

 

    2

     

    

 

(c)
Section 2.2.2 of the Original Agreement is hereby deleted in its entirety and replaced with the following:

 

“2.2.2 Reduction of
Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten offering advises
the Company and Holders holding Registrable Securities proposing to distribute their Registrable Securities through such Piggy-Back Registration
in writing that the dollar amount or number of the Ordinary Shares or other Company securities which the Company desires to sell, taken
together with the Ordinary Shares or other Company securities, if any, as to which registration has been demanded pursuant to written
contractual arrangements with persons other than the Holders holding Registrable Securities hereunder, the Registrable Securities as to
which registration has been requested under this Section 2.2, and the Ordinary Shares or other Company securities, if any, as to which
registration has been requested pursuant to the written contractual piggy-back registration rights of other security holders of the Company,
exceeds the Maximum Number of Securities, then the Company shall include in any such registration:

 

(a)
If the registration is undertaken for the Company’s account: (i) first, the Ordinary Shares
or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Securities; (ii) second,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities of
Holders as to which registration has been requested pursuant to this Section 2.2 and the Shareholder Securities as to which registration
has been requested pursuant to the applicable written contractual piggy-back registration rights under the Shareholder Registration Rights
Agreement, Pro Rata among the holders thereof based on the number of securities requested by such holders to be included in such registration,
that can be sold without exceeding the Maximum Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clauses (i) and (ii), the Ordinary Shares or other equity securities for the account of other
persons that the Company is obligated to register pursuant to separate written contractual arrangements with such persons that can be
sold without exceeding the Maximum Number of Securities;

 

(b)
If the registration is a “demand” registration undertaken at the demand of Demanding
Holders pursuant to Section 2.1: (i) first, the Ordinary Shares or other securities for the account of the Demanding Holders and the Shareholder
Securities for the account of any persons who have exercised demand registration rights pursuant to the Shareholder Registration Rights
Agreement during the period under which the Demand Registration hereunder is ongoing, Pro Rata among the holders thereof based on the
number of securities requested by such holders to be included in such registration, that can be sold without exceeding the Maximum Number
of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the
Ordinary Shares or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Securities;
(iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the Registrable
Securities of Holders as to which registration has been requested pursuant to this Section 2.2 and the Shareholder Securities as to which
registration has been requested pursuant to the applicable written contractual
piggy-back registration rights under the Shareholder Registration Rights Agreement, Pro Rata among the holders thereof based on the number
of securities requested by such holders to be included in such registration, that can be sold without exceeding the Maximum Number of
Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i),
(ii) and (iii), the Ordinary Shares or other equity securities for the account of other persons that the Company is obligated to register
pursuant to separate written contractual arrangements with such persons that can be sold without exceeding the Maximum Number of Securities;

 

    3

     

    

 

(c)
If the registration is a “demand” registration undertaken at the demand of holders of
Shareholder Securities under the Shareholder Registration Rights Agreement: (i) first, the Shareholder Securities for the account of the
demanding holders and the Registrable Securities for the account of Demanding Holders who have exercised demand registration rights pursuant
to Section 2.1 during the period under which the demand registration under the Shareholder Registration Rights Agreement is ongoing, Pro
Rata among the holders thereof based on the number of securities requested by such holders to be included in such registration, that can
be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been
reached under the foregoing clause (i), the Ordinary Shares or other securities that the Company desires to sell that can be sold without
exceeding the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clauses (i) and (ii), the Registrable Securities of Holders as to which registration has been requested pursuant to this
Section 2.2 and the Shareholder Securities as to which registration has been requested pursuant to the applicable written contractual
piggy-back registration rights under the Shareholder Registration Rights Agreement, Pro Rata among the holders thereof based on the number
of securities requested by such holders to be included in such registration, that can be sold without exceeding the Maximum Number of
Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i),
(ii) and (iii), the Ordinary Shares or other equity securities for the account of other persons that the Company is obligated to register
pursuant to separate written contractual arrangements with such persons that can be sold without exceeding the Maximum Number of Securities;
and

 

(d)
If the registration is a “demand” registration undertaken at the demand of persons other
than either Demanding Holders under Section 2.1 or the holders of Shareholder Securities exercising demand registration rights under the
Shareholder Registration Rights Agreement: (i) first, the Ordinary Shares or other securities for the account of the demanding persons
that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clause (i), the Ordinary Shares or other securities that the Company desires to sell that can
be sold without exceeding the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been
reached under the foregoing clauses (i) and (ii), the Registrable Securities of Holders as to which registration has been requested pursuant
to this Section 2.2 and the Shareholder Securities as to which registration has been requested pursuant to the applicable written contractual
piggy-back registration rights under the Shareholder Registration Rights Agreement, Pro Rata among the holders thereof based on the number
of securities requested by such holders to be included in such registration, that can be sold without exceeding the Maximum Number of
Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i),
(ii) and (iii), the Ordinary Shares or other equity securities for the account of other persons that the Company is obligated to register
pursuant to separate written contractual arrangements with such persons that can be sold without exceeding the Maximum Number of Securities.

 

In the event that the Company
securities that are convertible into the Ordinary Shares are included in the offering, the calculations under this Section 2.2.2 shall
include such Company securities on an as-converted to Ordinary Share basis. Notwithstanding anything to the contrary above, to the extent
that the registration of a Holder’s Registrable Securities would prevent the Company or the demanding shareholders from effecting
such registration and offering, such Holder shall not be permitted to exercise Piggy-Back Registration rights with respect to such registration
and offering.”

 

    4

     

    

 

(d)
The penultimate sentence of Section 5.1 of the Original Agreement is hereby amended as follows:

 

“Any notice
or communication under this Agreement must be addressed, if to the Company, to: Able View Global Inc., Harneys Fiduciary (Cayman) Limited,
4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands, Attn: Dennis Tang, Director,
Telephone No.: +86 21 6289 8086, Email: dennis.tang@ableview.hk, with a copy (which shall not constitute notice) to: Pryor Cashman LLP,
7 Times Square, New York, NY 10036, Attn: Elizabeth Fei Chen, Telephone No.: 212-326-0199, Email: EChen@pryorcashman.com, and to Ellenoff
Grossman & Schole LLP, Attn: Richard Anslow and Matthew A. Gray, 1345 Avenue of the Americas, 11th Floor, New York, NY
10105, Telephone No.: 212-3870-1300, Email: ranslow@egsllp.com and mgray@egsllp.com, and, if to any Holder, at such Holder’s address
or contact information as set forth in the Company’s books and records.”

 

(e)
Section 5.7 of the Original Agreement is hereby deleted in its entirety and replaced with the following:

 

“Term.
This Agreement shall terminate upon the earlier of (i) the fifth (5th) anniversary of the date of this Agreement or (ii) the
date as of which (A) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the
applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter
by the Commission)) or (B) the Holders of all Registrable Securities are permitted to sell the Registrable Securities without registration
pursuant to Rule 144 (or any similar provision) under the Securities Act without limitation on the amount of securities sold or the manner
of sale. The provisions of Section 3.5 and Article IV shall survive any termination.”

 

(f) A Section 5.14 of the
Registration Rights Agreement is hereby added as follows:

 

“5.14 Interpretation.
The use of the word “including”, “include” or “includes” in this Agreement shall be by way of example
rather than by limitation, and shall be deemed in each case to be followed by the words “without limitation”. The term “person”
means an individual, corporation, partnership (including a general partnership, limited partnership or limited liability partnership),
limited liability company, association, trust or other entity or organization, including a government, domestic or foreign, or political
subdivision thereof, or an agency or instrumentality thereof.”

 

3.
Acknowledgement of Other Registration Rights Agreement. The parties hereby acknowledge and agree that, notwithstanding Section
5.6 of the Registration Rights Agreement, in connection with the Business Combination Agreement, the Company has entered into the Shareholder
Registration Rights Agreement with respect to the Shareholder Securities, and consent to the foregoing.

 

4.
Effectiveness. This Amendment shall become effective upon the Closing. In the event that the Business Combination Agreement
is terminated in accordance with its terms prior to the Closing, this Amendment and all rights and obligations
of the parties hereunder shall automatically terminate and be of no further force or effect.

 

5.
Miscellaneous. Except as expressly provided in this Amendment, all of the terms and provisions in the Original Agreement
are and shall remain in full force and effect, on the terms and subject to the conditions set forth therein. This Amendment does not constitute,
directly or by implication, an amendment or waiver of any provision of the Original Agreement, or any other right, remedy, power or privilege
of any party thereto, except as expressly set forth herein. Any reference to the Registration Rights Agreement in the Original Agreement
or any other agreement, document, instrument or certificate entered into or issued in connection therewith shall hereinafter mean the
Registration Rights Agreement, as amended by this Amendment (or as the Registration Rights Agreement may be further amended or modified
in accordance with the terms thereof). The terms of this Amendment shall be governed by, enforced and construed and interpreted in a manner
consistent with the provisions of the Original Agreement, including Section 5.4 thereof.

 

    5

     

    

 

IN WITNESS WHEREOF,
each party hereto has signed or has caused to be signed by its officer thereunto duly authorized this First Amendment to Registration
Rights Agreement as of the date first above written.

 

	 	The Company:
	 	 
	 	HAINAN MANASLU ACQUISITION CORP.
	 	 
	 	By: 	/s/ Zhifan Zhou
	 	Name:	Zhifan Zhou
	 	Title:	Chief Executive Officer and Chairman
	 	 	 
	 	Sponsor:
	 	 
	 	BRIGHT WINLONG LLC
	 	 
	 	By:	/s/ Zhifan Zhou
	 	Name: 	Zhifan Zhou
	 	Title:	Chief Executive Officer
	 	 	 
	 	Pubco:
	 	 
	 	ABLE VIEW GLOBAL INC.
	 	 
	 	By: 	/s/ Tang Jing
	 	Name: 	Tang Jing
	 	Title:	Director

 

[Signature Page to First Amendment to Registration
Rights Agreement]Document

Exhibit 10.1
SPS COMMERCE, INC. 

Non-Statutory Stock Option Agreement 
Under the 2010 Equity Incentive Plan (Employee) 
SPS Commerce, Inc. (the “Company”), pursuant to its 2010 Equity Incentive Plan (the “Plan”), hereby grants an Option to purchase shares of the Company’s common stock to you, the Optionee named below. The terms and conditions of the Option Award are set forth in this Agreement, consisting of this cover page and the Option Terms and Conditions on the following pages, and in the Plan document which is attached. 
									
			
	Name of Optionee: **[ ]		
		
	No. of Shares Covered: **[ ]		Date of Grant: , 20
		
	Exercise Price Per Share: $**[ ]		Expiration Date: , 20
		
	Vesting and Exercise Schedule:		
		
	Dates		Portion of Shares as to Which
Option Becomes Vested and Exercisable

By signing below, you agree to all of the terms and conditions contained in this Agreement and in the Plan document, a copy of which is attached. You acknowledge that you have reviewed these documents and that they set forth the entire agreement between you and the Company regarding your right to purchase shares of the Company’s common stock pursuant to this Option. 
																					
							
	OPTIONEE:						SPS COMMERCE, INC.
				
							By:

							Title:

							
							

SPS Commerce, Inc. 
2010 Equity Incentive Plan 
Non-Statutory Stock Option Agreement 
Option Terms and Conditions*

						
	1.	Non-Qualified Stock Option. This Option is not intended to be an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code and will be interpreted accordingly.

						
	2.	Vesting and Exercise Schedule. This Option will vest and become exercisable as to the number of Shares and on the dates specified in the Vesting and Exercise Schedule on the cover page to this Agreement, so long as your Service to the Company does not end. The Vesting and Exercise Schedule is cumulative, meaning that to the extent the Option has not already been exercised and has not expired, terminated or been cancelled, you or the person otherwise entitled to exercise the Option as provided in this Agreement may at any time purchase all or any portion of the Shares that may then be purchased under that Schedule.
**[Notwithstanding the foregoing, if and to the extent this Option is continued, assumed or replaced in connection with a Change in Control that constitutes a Corporate Transaction as provided in Section 12(b)(1) of the Plan, and if within one year after such Corporate Transaction you experience an involuntary termination of Service for reasons other than Cause, then this Option shall immediately become exercisable in full and shall remain exercisable for one year following your termination of Service.]
Notwithstanding the foregoing: 
(a) This Option shall become 100% vested and fully exercisable, effective as of the date of your Retirement, in the event that (A) your continuous Service terminates by reason of your Retirement and (B) the Company does not provide you with written notice on or before the anticipated Retirement date that the Company intends or has grounds to terminate your continuous Service for Cause. 
(b) The accelerated vesting and exercisability of this Option upon your Retirement will be conditioned on (A) your timely execution (and non-rescission) of a Release, and (B) your continued compliance with your obligations under the Confidentiality Agreement. Notwithstanding anything to the contrary in this Agreement, if you breach any provision of the Confidentiality Agreement, whether before or after your Retirement, then you shall immediately forfeit all outstanding Options and any right to exercise the Options.
(c) Definitions.
I.“Confidentiality Agreement” means the At Will/ Confidentiality Agreement Regarding Certain Terms and Conditions of Employment.
II.“Release” means a standard release of claims in the form provided by the Company at the time of Retirement, which must be executed and become irrevocable within forty-five (45) days following the date of Retirement. If you do not timely execute and deliver the Release to the Company, or if you subsequently revoke the Release, then you will automatically forfeit the unvested portion of this Option effective as of the date of Retirement.
III.You will be considered to incur a “Retirement” if you voluntarily terminate Service and meet all of the following requirements at the time or such termination:  (A) you are at least fifty-eight (58) years old and have completed ten (10) years of continuous Service with the Company or you are at least sixty-five (65) years old (without regard to years of Service); (B) you have provided the Company not less than six (6) months prior written notice of your intent to retire; (C) you continue to perform full-time Service for the Company materially consistent with your full-time responsibilities and services, performed prior to the date on which you provided written notice of your Retirement, through the date of your termination of Service; and (D) the date of your termination of Service occurs on the retirement date that you have previously identified (and such termination date is no less than six (6) months after the date on which you provided written notice of Retirement).
In addition, vesting and exercisability of this Option may be accelerated during the term of the Option under the circumstances described in Sections 12(b)(2) and 12(c) of the Plan, and at the discretion of the Committee in accordance with Section 3(b)(2) of the Plan.

						
	3.	Expiration. This Option will expire and will no longer be exercisable at 5:00 p.m. Central Time on the earliest of: 

									
		(a)	The expiration date specified on the cover page of this Agreement;

									
		(b)	Upon your termination of Service for Cause;

									
		(c)	Upon the expiration of any applicable period specified in Section 6(e) of the Plan or Section 2 of this Agreement during which this Option may be exercised after your termination of Service; or

									
		(d)	The date (if any) fixed for termination or surrender of this Option pursuant to Sections 12(b)(2), 12(b)(3), 12(c) or 12(d) of the Plan. 

						
	4.	Service Requirement. Except as otherwise provided in Section 6(e) of the Plan or Section 2 of this Agreement, this Option may be exercised only while you continue to provide Service to the Company or any Affiliate, and only if you have continuously provided such Service since the date this Option was granted. 

						
	*	Unless the context indicates otherwise, terms that are not defined in this Agreement shall have the meaning set forth in the Plan as it currently exists or as it is amended in the future.

						
	5.	Exercise of Option. Subject to Section 4, the vested and exercisable portion of this Option may be exercised at any time during the Option term by delivering a written notice of exercise to the Company at its principal executive office, and by providing for payment of the exercise price of the Shares being acquired and any related withholding taxes. The notice of exercise, in the form attached to this Agreement, shall be provided to the Company’s Chief Financial Officer. The notice shall state the number of Shares to be purchased, and shall be signed by the person exercising the Option. If you are not the person exercising the Option, the person submitting the notice also must submit appropriate proof of his/her right to exercise the Option. 

						
	6.	Payment of Exercise Price. When you submit your notice of exercise, you must include payment of the exercise price of the Shares being purchased through one or a combination of the following methods: 

									
		(a)	Cash (including personal check, cashier’s check or money order);

									
		(b)	To the extent permitted by the Committee, by means of a broker-assisted cashless exercise in which you irrevocably instruct your broker to deliver proceeds of a sale of all or a portion of the Shares to be issued pursuant to the exercise to the Company in payment of the exercise price of such Shares; or

									
		(c)	By delivery to the Company of Shares (by actual delivery or attestation of ownership in a form approved by the Company) already owned by you that are not subject to any security interest and that have an aggregate Fair Market Value on the date of exercise equal to the exercise price of the Shares being purchased; or

									
		(d)	By authorizing the Company to retain, from the total number of Shares as to which the Option is being exercised, that number of Shares having a Fair Market Value on the date of exercise equal to the exercise price for the total number of Shares as to which the Option is being exercised.

However, if the Committee determines, in any given circumstance, that payment of the exercise price with Shares or by authorizing the Company to retain Shares is undesirable for any reason, you will not be permitted to pay any portion of the exercise price in that manner. 

						
	7.	Withholding Taxes. You may not exercise this Option in whole or in part unless you make arrangements acceptable to the Company for payment of any federal, state, local or foreign withholding taxes that may be due as a result of the exercise of this Option. You hereby authorize the Company (or any Affiliate) to withhold from payroll or other amounts payable to you any sums required to satisfy such withholding tax obligations, and otherwise agree to satisfy such obligations in accordance with the provisions of Section 14 of the Plan. If you wish to satisfy some or all of such withholding tax obligations by delivering Shares you already own or by having the Company retain a portion of the Shares being acquired upon exercise of the Option, you must make such a request which shall be subject to approval by the Company. Delivery of Shares upon exercise of this Option is subject to the satisfaction of applicable withholding tax obligations. 

						
	8.	Delivery of Shares. As soon as practicable after the Company receives the notice and exercise price provided for above, and has determined that all conditions to exercise, including Sections 7 and 9 of this Agreement, have been satisfied, it shall deliver to the person exercising the Option, in the name of such person, the Shares being purchased, as evidenced by issuance of a stock certificate or certificates, electronic delivery of such Shares to a brokerage account designated by such person, or book-entry registration of such Shares with the Company’s transfer agent. The Company shall pay any original issue or transfer taxes with respect to the issue or transfer of the Shares and all fees and expenses incurred by it in connection therewith. All Shares so issued shall be fully paid and nonassessable. 

						
	9.	Compliance with Laws. This Option may be exercised only if the issuance of Shares upon such exercise complies with all applicable legal requirements, including compliance with the provisions of applicable federal and state securities laws. 

						
	10.	Transfer of Option. During your lifetime, only you (or your guardian or legal representative in the event of legal incapacity) may exercise this Option except in the case of a transfer described below. You may not assign or transfer this Option except (i) for a transfer upon your death in accordance with your will, by the laws of descent and distribution or pursuant to a beneficiary designation submitted in accordance with Section 6(d) of the Plan, (ii) pursuant to a qualified domestic relations order, or (iii) with the prior written approval of the Company, by gift, in a form accepted by the Company, to a permitted transferred under General Instruction A(5) to Form S-8 under the Securities Act. The Option held by any such transferee will continue to be subject to the same terms and conditions that were applicable to the Option immediately prior to its transfer and may be exercised by such transferee as and to the extent that the Option has become exercisable and has not terminated in accordance with the provisions of the Plan and this Agreement. 

						
	11.	No Stockholder Rights Before Exercise. Neither you nor any permitted transferee of this Option will have any of the rights of a stockholder of the Company with respect to any Shares subject to this Option until a certificate evidencing such Shares has been issued, electronic delivery of such Shares has been made to your designated brokerage account, or an appropriate book entry in the Company’s stock register has been made. No adjustments shall be made for dividends or other rights if the applicable record date occurs before your stock certificate has been issued, electronic delivery of your Shares has been made to your designated brokerage account, or an appropriate book entry in the Company’s stock register has been made, except as otherwise described in the Plan. 

						
	12.	Governing Plan Document. This Agreement and Option are subject to all the provisions of the Plan, and to all interpretations, rules and regulations which may, from time to time, be adopted and promulgated by the Committee pursuant to the Plan. If there is any conflict between the provisions of this Agreement and the Plan, the provisions of the Plan will govern. 

						
	13.	Choice of Law. This Agreement will be interpreted and enforced under the laws of the state of Delaware (without regard to its conflicts or choice of law principles). 

						
	14.	Binding Effect. This Agreement will be binding in all respects on your heirs, representatives, successors and assigns , and on the successors and assigns of the Company. 

						
	15.	Other Agreements. You agree that in connection with the exercise of this Option, you will execute such documents as may be necessary to become a party to any stockholder, voting or similar agreements as the Company may require. 

						
	16.	Restrictive Legends. The Company may place a legend or legends on any certificate representing Shares issued upon the exercise of this Option summarizing transfer and other restrictions to which the Shares may be subject under applicable securities laws, other provisions of this Agreement, or other agreements contemplated by Section 15 of this Agreement. You agree that in order to ensure compliance with the restrictions referred to in this Agreement, the Company may issue appropriate “stop transfer” instructions to its transfer agent. 

By signing the cover page of this Agreement, you agree to all the terms and conditions described above and in the Plan document. 
									
			

NOTICE OF EXERCISE 
Non-Statutory Stock Option 
, 20 
SPS Commerce, Inc. 
333 South Seventh Street, Suite 1000 
Minneapolis, Minnesota 55402 
Attention: Chief Financial Officer 
Ladies and Gentlemen: 
I hereby exercise the following option (the “Option”) granted to me under the SPS Commerce, Inc. 2010 Equity Incentive Plan (as amended from time to time, the “Plan”) with respect to the number of shares of common stock of SPS Commerce, Inc. (the “Company”) indicated below: 
															
					
			Name:		
			
			Date of Grant of Option:		
			
			Exercise Price Per Share:		
			
			Number of Shares With Respect to Which the Option is Hereby Exercised:		
			
			Total Exercise Price:		

									
		 ̈	Enclosed with this Notice is a check, cashier’s check or money order in the amount of the Total Exercise Price.

									
		 ̈	Enclosed with this Notice is a copy of my irrevocable instruction to my broker, , to deliver to the Company proceeds of the sale of some or all of the Shares being acquired in an amount equal to the Total Exercise Price.

									
		 ̈	Enclosed with this Notice is a certificate evidencing unencumbered Shares (duly endorsed in blank) having an aggregate Fair Market Value (as defined in the Plan) equal to or in excess of the Total Exercise Price or an affidavit of ownership in the form of Exhibit A attached hereto attesting to my ownership of unencumbered Shares having an aggregate Fair Market Value (as defined in the Plan) equal to or in excess of the Total Exercise Price.

									
		 ̈	I elect to pay the Total Exercise Price through a reduction in the number of Shares to be delivered to me upon this exercise of the Option.

In connection with this exercise, I represent, warrant and acknowledge as follows: 
												
		•		I will provide for the payment to the Company, in a manner agreed to by the Company, of the amount of any required withholding taxes in connection with this exercise as provided in Section 14 of the Plan.

												
		•		I am the owner of all Shares delivered with this Notice or attested to on the attached affidavit of ownership, free and clear of all liens, security interests and other restrictions or encumbrances.

Please issue the number of Shares with respect to which the Option is being exercised (or the net number of Shares if the Total Exercise Price and/or applicable withholding taxes are being paid through a reduction in the number of Shares to be delivered to me) in the manner indicated below: 
									
		 ̈	Issue a certificate (the “Certificate”) for the Shares in the name of the person(s) indicated below and deliver the Certificate to the address indicated:

															
					
			Name(s) in Which to Issue Certificate:		
			
			Address to Which Certificate Should be Delivered:		
			
					
			
					
			
					
			
			Principal Mailing Address for Holder of the Certificate (if different from above):		
			
					
			
					
			
					

									
		 ̈	Electronic delivery of the Shares to my brokerage account as indicated below:

															
					
			Name of Brokerage Firm:		
			
			My Account Number:		
			
			Brokerage Firm DWAC Participant Number:		

									
		 ̈	Create a book-entry registration of the Shares in the name of the person(s) indicated below:

															
					
			Name(s) in Which to Create Book-Entry Registration:		
			
			Mailing Address for Book-Entry Holders:		
			
					
			
					

Very truly yours, 
Signature 
Name, please print 
Social Security Number 

Exhibit A 
Affidavit of Ownership of 
SPS Commerce, Inc. Common Stock 
Pursuant to the Notice of Exercise that I have submitted to SPS Commerce, Inc. (the “Company”), I am electing to pay (select one or both) 
									
		 ̈	the Total Exercise Price for the option shares

									
		 ̈	federal income tax withholding in excess of the minimum required withholding amount

by attesting to ownership of the shares listed below and hereby tender for accounting purposes such shares in payment thereof. I hereby certify that: 
						
	1.	I beneficially own shares of Company common stock (the “Swap Shares”) as of the date hereof. These Swap Shares are: 

									
		 ̈	Held in my name individually and a photocopy of the stock certificate evidencing my ownership is attached.

									
		 ̈	Held in my name and as joint tenants and a photocopy of the stock certificate evidencing ownership is attached.

									
		 ̈	Held in a brokerage account in the name of . A photocopy of a brokerage statement of account, dated within the preceding two months and showing evidence of ownership of Company stock, is attached. (The option holder may block out information not relevant to Company stock ownership on the account statement.)

						
	2.	The Swap Shares are held by me as described above and are not held for my benefit by a Trustee or custodian in the SPS Commerce, Inc. 401(k) Retirement Savings Plan, in an IRA account or in any other type of employee benefit or tax deferral plan. 

															
					
	Date				Signature

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