Netflix Director Richard N. Barton Exercises Options and Sells Shares

What Happened
Richard N. Barton, a director of Netflix (NFLX), exercised a total of 1,440 derivative awards (options) and sold the resulting 1,440 shares in open-market transactions. On 2026-09-09 he exercised 230 shares at $20.11 (paid $4,625) and 490 shares at $26.51 (paid $12,988), and sold 720 shares that day at $76.26 for $54,907. On 2026-09-10 he exercised 720 shares at $26.51 (paid $19,085) and sold 720 shares that day at $75.27 for $54,194. Aggregate sale proceeds were approximately $109,101; total cash paid on exercise was about $36,698. The filings also list $0 disposals tied to the derivative conversions (M codes).

Key Details

• Dates & prices:
  • 2026-09-09: exercised 230 @ $20.11 (paid $4,625); exercised 490 @ $26.51 (paid $12,988); sold 720 @ $76.26 (proceeds $54,907).
  • 2026-09-10: exercised 720 @ $26.51 (paid $19,085); sold 720 @ $75.27 (proceeds $54,194).
• Total exercised: 1,440 shares. Total sold: 1,440 shares. Total proceeds ≈ $109,101; total exercise cost ≈ $36,698.
• Shares owned after these transactions: not specified in the provided transaction data.
• Footnotes: Transactions were made pursuant to a Rule 10b5-1 trading plan adopted 5/4/2026 (F1). Mr. 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 (F2).
• Filing timeliness: Form filed 2026-09-10 for transactions on 2026-09-09 and 2026-09-10 — appears to be timely.

Context
The M transaction code and the pattern of exercise followed by immediate sale indicate an exercise-and-sell (cashless) transaction: options were converted into shares and the shares were sold in the open market the same days. Sales under a pre-established 10b5-1 plan are often routine and do not necessarily signal a change in the insider’s view of the company; purchases are generally more indicative of bullish sentiment.