HASTINGS REED 4

What Happened
Reed Hastings, a director of Netflix (NFLX), exercised 390,970 stock options on Feb 2, 2026 at $10.15 per share (cost ≈ $3.97M) and sold those shares the same day in open-market transactions for a total of about $32.7M. The sale was completed in three blocks: 247,756 shares at a weighted avg $83.22 ($20.62M), 104,594 shares at $84.09 ($8.80M), and 38,620 shares at $84.96 ($3.28M). Hastings also acquired 756 shares as a separate grant/award.

Key Details

• Transaction date: 2026-02-02 (Form filed 2026-02-03 — timely).
• Option exercise: 390,970 shares exercised at $10.15 each (total cash outlay ≈ $3,968,736).
• Open-market sales: 390,970 shares sold in three blocks for a combined ≈ $32,695,591.
• Small award: 756 shares received (reported as acquisition, $0.00).
• Footnotes: trades executed under a Rule 10b5-1 trading plan adopted 8/8/2023 (F1); sales executed in multiple trades with price ranges noted in F2–F4; Hastings reported as Trustee of the Hastings-Quillin Family Trust (F5).
• Shares owned after the transactions: not specified in the provided filing excerpt.

Context
This was a cashless-style transaction: options were exercised and the resulting shares were sold the same day, a common way insiders monetize option gains. The presence of a pre-established 10b5-1 plan indicates the sales were made under a pre-set trading arrangement rather than ad-hoc market timing. Sales do not necessarily signal a change in sentiment; they often reflect routine tax or diversification actions.