HASTINGS REED 4
4 · NETFLIX INC · Filed Jun 2, 2026
Research Summary
AI-generated summary of this filing
Netflix (NFLX) Director Reed Hastings Exercises Options, Sells Shares
What Happened
Reed Hastings, a director of Netflix (NFLX), exercised 386,700 option-based shares and immediately sold all 386,700 shares on June 1, 2026. The exercise cost reported was $3,968,702 (386,700 @ $10.26). The sales were executed in two blocks: 332,917 shares sold at a weighted average price of $85.85 for $28,579,559, and 53,783 shares sold at a weighted average price of $86.73 for $4,664,476 — total sale proceeds $33,244,035. Net of the exercise cost, the transaction realized roughly $29.28 million. The filing also shows a 386,700-share derivative disposition entry (reflecting the exercised derivative) and a separate grant of 728 shares (no cash price reported).
Key Details
- Transaction date: June 1, 2026 (reported in Form 4 filed 2026-06-02).
- Exercise: 386,700 shares exercised (code M) at $10.26; reported cost $3,968,702.
- Sales: 332,917 shares sold at weighted avg $85.85 (range $85.33–$86.32 per footnote F2); 53,783 shares sold at weighted avg $86.73 (range $86.33–$87.2203 per F3). Total proceeds $33,244,035.
- Additional: 728 shares acquired as a grant/award (A) at $0.00; derivative disposal line shows 386,700 @ $0.00 reflecting the exercised options.
- Plan/notes: Trades were made pursuant to a Rule 10b5-1 trading plan adopted 8/8/2023 (F1). Some trades executed in multiple fills — weighted averages and price ranges disclosed (F2, F3). Transaction noted “As Trustee of the Hastings-Quillin Family Trust” (F4).
- Shares owned after transaction: not disclosed in the excerpt of the filing.
- Timeliness: filing date 2026-06-02 for transactions on 2026-06-01; no late-filing flag indicated.
Context
This was effectively a same-day exercise-and-sell (cashless-style) transaction: options were exercised and the resulting shares were sold the same day, which is common for covering exercise cost and tax obligations. The use of a pre-established 10b5-1 plan means trades were pre-arranged and are generally considered routine execution under that plan rather than opportunistic timing based on inside information. The small grant of 728 shares is minimal relative to the exercised/sold block and does not materially change the picture.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1]2026-06-01$10.26/sh+386,700$3,968,702→ 390,640 total - Sale
Common Stock
[F1][F2]2026-06-01$85.85/sh−332,917$28,579,559→ 57,723 total - Sale
Common Stock
[F1][F3]2026-06-01$86.73/sh−53,783$4,664,476→ 3,940 total - Exercise/Conversion
Non-Qualified Stock Option (right to buy)
[F1]2026-06-01−386,700→ 0 totalExercise: $10.26From: 2016-10-03Exp: 2026-10-03→ Common Stock (386,700 underlying) - Award
Non-Qualfied Stock Option (right to buy)
2026-06-01+728→ 728 totalExercise: $85.85From: 2026-06-01Exp: 2036-06-01→ Common Stock (728 underlying)
- 21,159,576(indirect: By Trust)
Common Stock
[F4]
Footnotes (4)
- [F1]Transaction made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 8/8/2023.
- [F2]This transaction was executed in multiple trades at prices ranging from $85.33 to $86.32. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- [F3]This transaction was executed in multiple trades at prices ranging from $86.33 to $87.2203. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- [F4]As Trustee of the Hastings-Quillin Family Trust.