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NETFLIX INC·4

May 5, 6:45 PM ET

SARANDOS THEODORE A 4

Research Summary

AI-generated summary

Updated

Netflix (NFLX) Co‑CEO Ted Sarandos Sells Shares After RSU Vesting

What Happened
Theodore A. "Ted" Sarandos, Co‑CEO and a director of Netflix, reported RSU vesting on May 4, 2026 and subsequent share dispositions. A total of 54,388 shares were converted from vested restricted stock units (25,920 + 14,450 + 14,018). Of those, 27,076 shares were withheld to satisfy tax obligations (valued at $92.06 each, totaling ~$2.49M) and an additional 27,312 shares were sold in open‑market transactions on May 5, 2026 for a combined ~$2.40M. Total proceeds from the reported disposals are about $4.90M. These transactions reflect RSU settlement followed by tax withholding and open‑market sales (routine monetization), not an out‑of‑pocket purchase.

Key Details

  • Transaction dates: RSU settlement and tax withholding on 2026-05-04; open‑market sales on 2026-05-05. Filing date: 2026-05-05 (timely).
  • Shares received from RSU conversion: 54,388 shares (25,920; 14,450; 14,018).
  • Shares withheld for tax withholding: 27,076 shares at $92.06 per share, proceeds/value used to satisfy tax = ~$2,492,617.
  • Open‑market sales: 27,312 shares sold at weighted avg prices ≈ $87.96–$87.98, proceeds ≈ $2,402,627. Total reported proceeds ≈ $4,895,244.
  • Price notes: reported sale prices are weighted averages; execution ranges reported in footnotes were roughly $87.895 to $88.0136. The reporting person offered to provide detailed trade‑by‑trade info on request.
  • Footnotes: RSUs settle one‑for‑one into common stock (F1, F6); vesting came from grants made in 2024, 2025 and 2026 with quarterly vesting schedules (F7–F9). F2 indicates shares were withheld to satisfy withholding taxes.
  • Shares owned after the transactions were not included in the summary data provided.

Context
This was not a market purchase signal — it was RSU vesting followed by withholding for taxes and open‑market sales (a common way executives realize value from compensation). In SEC coding: M = exercise/conversion of derivative (RSU settlement), F = payment of tax withholding, S = open market sale. The filing appears timely (reported the day after the main transactions).