Neumann Spencer Adam 4

What Happened

• Spencer Neumann, Chief Financial Officer of Netflix, exercised stock options covering 57,260 shares (31,580 @ $32.98 and 25,680 @ $35.80) with an aggregate exercise cost of $1,960,884, and immediately sold those 57,260 shares in the open market for total proceeds of $5,468,330 (28,630 shares @ $95.00 and 28,630 shares @ $96.00). The Form 4 shows the derivative exercises and matching disposals, indicating the exercised shares were not retained.

Key Details

• Transaction date: 2026-02-27; Form 4 filed 2026-03-02 (appears timely within the 2-business-day filing window).
• Option exercises: 31,580 shares at $32.98 ($1,041,540) and 25,680 shares at $35.80 ($919,344) — total exercise cost $1,960,884.
• Open-market sales: 28,630 shares @ $95.00 ($2,719,850) and 28,630 shares @ $96.00 ($2,748,480) — total proceeds $5,468,330.
• The filing includes derivative "Disposed" entries at $0 for the 57,260 shares, consistent with conversion/exercise followed by immediate sale.
• Footnote: Transactions were made pursuant to a Rule 10b5-1 trading plan adopted by Neumann on 10/23/2025.
• Shares owned after the transaction: not specified in the provided filing details.

Context

• This was an exercise of options followed by immediate sales (effectively a cashless or net-sale outcome), a common way executives realize option value for cash or tax reasons and not necessarily a directional statement about company prospects.
• The sales occurred under a pre-established 10b5-1 plan, which schedules trades in advance and provides affirmative defenses against insider trading claims when properly adopted.