Netflix Director Richard N. Barton Exercises Options, Sells Shares

What Happened

• Richard N. Barton, a director of Netflix (NFLX), exercised 2,160 stock options on 2026-08-05 at $20.11 per share (total cost $43,431) and the same day sold 2,160 shares in the open market at $75.10 per share for $162,216. The filing also shows the option/derivative was converted/disposed (recorded at $0), consistent with exercising the options. Net proceeds from the sale before fees and taxes are roughly $118,785.

Key Details

• Transaction dates: 2026-08-05 (reported on Form 4 filed 2026-08-06) — timely filing.
• Exercise: 2,160 shares at $20.11 (total $43,431).
• Sale: 2,160 shares at $75.10 (total $162,216).
• Derivative line: 2,160 option units shown disposed at $0, reflecting conversion/exercise of the derivative.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnotes: F1 — transaction executed pursuant to a Rule 10b5-1 trading plan adopted 5/4/2026; F2 — Barton is sole managing member of Barton Ventures II, LLC and may be deemed to beneficially own shares held by that entity but disclaims ownership except to the extent of his pecuniary interest.

Context

• This sequence (exercise of options followed by same-day sale of the resulting shares) is effectively a cashless exercise: options were converted into shares and those shares were sold immediately. Such transactions are commonly used to cover option costs and tax obligations and are generally considered routine rather than a clear signal of insider sentiment.