Form 144: Morgan Stanley Smith Barney lists RSUs, option sales for NET (NET)

Rhea-AI Filing Summary

Morgan Stanley Smith Barney LLC submitted a Form 144 notice reporting proposed sales by an affiliate tied to Restricted Stock Units and option exercises. The filing lists 31,557 Restricted Stock Units with an anchor date of 02/15/2026 and 10,000 shares from an exercise of stock options on 02/20/2026. The excerpt also shows two 10b5-1 sales of 10,000 shares each on 12/22/2025 and 01/20/2026, with proceeds cited in dollars in the excerpt.

Insights

Securities Law Specialist

Form 144 notifies the market of planned affiliate sales: volumes and dates are listed.

The filing lists 31,557 Restricted Stock Units (dated 02/15/2026) and an exercise of options for 10,000 shares (dated 02/20/2026), plus two prior 10b5-1 sales of 10,000 shares each on 12/22/2025 and 01/20/2026. This form serves as a notice of intent to sell under Section 144 constraints.

Timing and exact resale mechanisms are not detailed in the excerpt; subsequent transaction reports or broker disclosures will show whether and when shares are actually sold.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	41557	8005540.48	315250214	02/20/2026	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	02/15/2026	Restricted Stock Units	Issuer			31557	02/15/2026	N/A
Common	02/20/2026	Exercise of Stock Options	Issuer			10000	02/20/2026	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
10b5-1 Sales Plan for THOMAS SEIFERT 101 Townsend Street San Francisco CA 94107	Common	01/20/2026	10000	1783682.00
10b5-1 Sales Plan for THOMAS SEIFERT 101 Townsend Street San Francisco CA 94107	Common	12/22/2025	10000	2016931.00

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does Morgan Stanley Smith Barney's Form 144 for NET disclose?

It discloses proposed affiliate sales of securities and related dates. The excerpt lists 31,557 Restricted Stock Units dated 02/15/2026 and an exercise of 10,000 stock options dated 02/20/2026, plus two 10b5-1 sales of 10,000 shares each.

How many shares are listed as proposed for sale in the filing?

The filing lists 31,557 RSUs and 10,000 shares from an option exercise. The excerpt also shows two past 10b5-1 sales of 10,000 shares each on 12/22/2025 and 01/20/2026, with proceeds reported in the excerpt.

Do the Form 144 entries confirm completed sales for NET?

No; Form 144 reports proposed or planned sales, not completion. The excerpt includes two past 10b5-1 sales with dollar proceeds, but the RSU and option entries are notices tied to dates rather than proof of executed market transactions.

Who is the broker or intermediary listed on the Form 144?

The excerpt lists Morgan Stanley Smith Barney LLC at 1 New York Plaza, 8th Floor, New York. That broker-dealer appears as the filer connected to the affiliate's reported securities transactions in the provided excerpt.