Neumann Spencer Adam 4

What Happened
Spencer Neumann, CFO of Netflix, exercised stock options to acquire a total of 28,630 shares and then sold those 28,630 shares in an open-market transaction on April 2, 2026. He paid $1,055,547 to exercise the options (7,770 shares @ $38.10 = $296,076; 20,860 shares @ $36.41 = $759,471) and sold 28,630 shares at $98.00 each for proceeds of $2,805,740. The filing also records corresponding derivative cancellations (exercise/conversion entries reported at $0.00) tied to the option exercises.

Key Details

• Transaction date: April 2, 2026 (reported on Form 4 filed April 3, 2026).
• Option exercises: 7,770 shares @ $38.10 (cost $296,076); 20,860 shares @ $36.41 (cost $759,471).
• Open-market sale: 28,630 shares @ $98.00 = $2,805,740 proceeds.
• Derivative entries: Two exercise/conversion dispositions (7,770 and 20,860) reported at $0.00 — these reflect the option instruments being converted/cancelled.
• Net cash realized (approx): $2,805,740 − $1,055,547 ≈ $1,750,193 (before taxes, fees, or withholdings).
• Footnote: Transaction executed pursuant to a Rule 10b5-1 trading plan adopted by Neumann on October 23, 2025.
• Shares owned after transaction: Not specified in the provided filing details.
• Timeliness: Filing was submitted the next day (filed 2026-04-03 for transactions on 2026-04-02), so not late.

Context
This was effectively a same-day exercise-and-sell (cashless-style) of options: Neumann exercised vested options and sold the resulting shares on the same date. Sales executed under a 10b5-1 plan are typically pre-scheduled and are considered routine insider liquidity rather than a direct signal of changing company outlook. As always, transactions by executives involving option exercises followed by sales are common for tax/payment/portfolio reasons and should be considered alongside other company and market information.