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Netflix Form 4: Hastings nets $21.8M, ups stake to 10k shares

Filing Impact
(Very High)
Filing Sentiment
(Very Negative)
Form Type
4

Rhea-AI Filing Summary

Netflix (NFLX) Form 4 – Insider activity on 1 July 2025

Company co-founder and director Reed Hastings exercised 26,513 non-qualified stock options at an exercise price of $107.64, converting them into common shares. He simultaneously executed a 10b5-1 trading plan adopted 8 Aug 2023 and sold 16,840 shares in 30 separate transactions at weighted-average prices ranging from $1,283.44 to $1,313.20. Gross sale proceeds are roughly $21.8 million while the cash outlay for the option exercise was about $2.9 million, implying a sizeable cash gain.

After these trades, Hastings’ direct ownership increased from only 394 shares pre-exercise to 10,067 shares. The report also shows the full cancellation of the 2015 option grant (now at zero balance) and a de-minimis new grant of 48 options with a $1,293.60 strike expiring in 2035.

  • The transactions were effected under a Rule 10b5-1 plan, limiting the signalling value of the sales.
  • Net share accumulation (-9.7 k shares) may indicate continued long-term exposure despite the sizable monetisation.
  • Because 16.8 k shares were sold into the open market in a single day, near-term trading liquidity may have absorbed roughly 0.04 % of Netflix’s outstanding shares.

For investors, the filing combines both a large insider sale and an overall increase in absolute ownership, yielding a largely neutral governance signal.

Positive

  • Net ownership increased by approximately 9,673 shares, showing ongoing equity exposure despite sales.
  • Deep in-the-money 2015 option grant fully exercised, removing an impending overhang before November 2025 expiration.

Negative

  • 16,840 shares sold for roughly $21.8 m, which could be perceived as insider bearishness.
  • Residual direct holding of only 10,067 shares is modest for a founder-level director, potentially diluting shareholder alignment.

Insights

TL;DR: Large cash sale offset by net share increase; neutral price signal.

The $21 m monetisation is meaningful for the individual but immaterial (<0.1 % float) to Netflix’s capital structure. Option exercises at $107.64 remove a deeply in-the-money grant that would have expired in Nov-25, eliminating potential overhang. Post-trade ownership of 10,067 shares maintains exposure yet remains small versus Hastings’ historical holdings, suggesting ongoing diversification. Because trades were pre-programmed under a 10b5-1 plan, I view price-impact risk and informational content as modest. Overall, I assign a neutral rating for investors.

TL;DR: Planned but sizable insider selling; slightly negative governance tone.

Although executed under a compliant 10b5-1 plan, disposing of 16.8 k shares in one session can be interpreted as a reduced personal stake, particularly given Hastings’ influential role on the board. His residual 10 k-share holding is small for a founder, potentially weakening alignment with minority shareholders. The concurrent tiny option grant (48 shares) offers negligible incentive. I therefore view the governance signal as slightly adverse, though not materially so for valuation purposes.

Insider HASTINGS REED
Role Director
Sold 16,840 shs ($21.82M)
Approx. gross sale proceeds $21.82M
Approx. exercise cost $2.85M
Type Security Shares Price Value
Exercise Non-Qualified Stock Option (right to buy) 26,513 $0.00 $0.00
Grant/Award Non-Qualified Stock Option (right to buy) 48 $0.00 $0.00
Exercise Common Stock 26,513 $107.64 $2.85M
Sale Common Stock 800 $1,283.4363 $1.03M
Sale Common Stock 300 $1,284.4733 $385K
Sale Common Stock 400 $1,285.1725 $514K
Sale Common Stock 400 $1,286.3825 $515K
Sale Common Stock 200 $1,287.835 $258K
Sale Common Stock 300 $1,288.5533 $387K
Sale Common Stock 200 $1,289.285 $258K
Sale Common Stock 100 $1,290.17 $129K
Sale Common Stock 500 $1,291.392 $646K
Sale Common Stock 900 $1,292.4944 $1.16M
Sale Common Stock 1,508 $1,293.4351 $1.95M
Sale Common Stock 1,551 $1,294.6664 $2.01M
Sale Common Stock 2,782 $1,295.5359 $3.60M
Sale Common Stock 934 $1,296.5795 $1.21M
Sale Common Stock 1,188 $1,297.4929 $1.54M
Sale Common Stock 776 $1,298.4659 $1.01M
Sale Common Stock 645 $1,299.4887 $838K
Sale Common Stock 844 $1,300.1608 $1.10M
Sale Common Stock 616 $1,301.6347 $802K
Sale Common Stock 220 $1,302.3365 $287K
Sale Common Stock 26 $1,303.3315 $34K
Sale Common Stock 100 $1,304.21 $130K
Sale Common Stock 229 $1,305.6483 $299K
Sale Common Stock 300 $1,306.14 $392K
Sale Common Stock 300 $1,309.51 $393K
Sale Common Stock 200 $1,310.805 $262K
Sale Common Stock 181 $1,311.3439 $237K
Sale Common Stock 240 $1,312.29 $315K
Sale Common Stock 100 $1,313.20 $131K
Holdings After Transaction: Non-Qualified Stock Option (right to buy) — 48 shares (Direct); Common Stock — 10,067 shares (Direct)
Footnotes (26)
  1. F1. Transaction made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 8/8/2023.
  2. F2. This transaction was executed in multiple trades at prices ranging from $1,283.00 to $1,283.86. 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.
  3. F3. This transaction was executed in multiple trades at prices ranging from $1,284.14 to $1,284.65. 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.
  4. F4. This transaction was executed in multiple trades at prices ranging from $1,285.00 to $1,285.34. 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.
  5. F5. This transaction was executed in multiple trades at prices ranging from $1,286.06 to $1,286.78. 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.
  6. F6. This transaction was executed in multiple trades at prices ranging from $1,287.72 to $1,287.95. 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.
  7. F7. This transaction was executed in multiple trades at prices ranging from $1,288.16 to $1,288.88. 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.
  8. F8. This transaction was executed in multiple trades at prices ranging from $1,289.07 to $1,289.50. 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.
  9. F9. This transaction was executed in multiple trades at prices ranging from $1,291.18 to $1,291.65. 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.
  10. F10. This transaction was executed in multiple trades at prices ranging from $1,292.25 to $1,292.96. 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.
  11. F11. This transaction was executed in multiple trades at prices ranging from $1,293.06 to $1,293.9168. 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.
  12. F12. This transaction was executed in multiple trades at prices ranging from $1,294.11 to $1,294.99. 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.
  13. F13. This transaction was executed in multiple trades at prices ranging from $1,295.00 to $1,295.99. 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.
  14. F14. This transaction was executed in multiple trades at prices ranging from $1,296.22 to $1,296.92. 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.
  15. F15. This transaction was executed in multiple trades at prices ranging from $1,297.0504 to $1,297.99. 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.
  16. F16. This transaction was executed in multiple trades at prices ranging from $1,298.03 to $1,298.96. 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.
  17. F17. This transaction was executed in multiple trades at prices ranging from $1,299.09 to $1,299.90. 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.
  18. F18. This transaction was executed in multiple trades at prices ranging from $1,300.00 to $1,300.3738. 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.
  19. F19. This transaction was executed in multiple trades at prices ranging from $1,301.00 to $1,301.9927. 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.
  20. F20. This transaction was executed in multiple trades at prices ranging from $1,302.00 to $1,302.73. 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.
  21. F21. This transaction was executed in multiple trades at prices ranging from $1,305.2919 to $1,305.84. 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.
  22. F22. This transaction was executed in multiple trades at prices ranging from $1,306.11 to $1,306.16. 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.
  23. F23. This transaction was executed in multiple trades at prices ranging from $1,309.22 to $1,309.99. 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.
  24. F24. This transaction was executed in multiple trades at prices ranging from $1,310.79 to $1,310.82. 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.
  25. F25. This transaction was executed in multiple trades at prices ranging from $1,311.10 to $1,311.6451. 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.
  26. F26. This transaction was executed in multiple trades at prices ranging from $1,312.02 to $1,312.55. 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.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

FAQ

How many Netflix shares did Reed Hastings sell on 1 July 2025?
He disposed of 16,840 common shares in multiple open-market transactions.

What was the average sale price of the NFLX shares?
Weighted-average prices ranged from $1,283.44 to $1,313.20, implying an average close to $1,295 per share.

Did Reed Hastings exercise options in this filing?
Yes, he exercised 26,513 non-qualified options at an exercise price of $107.64 per share.

What is Reed Hastings’ new Netflix shareholding after the transactions?
Following the trades, he directly owns 10,067 common shares.

Were the transactions pre-arranged?
Yes, all trades were executed under a Rule 10b5-1 trading plan adopted on 8 Aug 2023.

Was any new option grant reported?
A small grant of 48 options with a $1,293.60 strike expiring in 2035 was disclosed.
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
 Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
HASTINGS REED
(Last) (First) (Middle)
121 ALBRIGHT WAY
(Street)
LOS GATOS CA 95032
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
NETFLIX INC [ NFLX ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 07/01/2025 M 26,513(1) A $107.64 26,907 D
Common Stock 07/01/2025 S 800(1) D $1,283.4363(2) 26,107 D
Common Stock 07/01/2025 S 300(1) D $1,284.4733(3) 25,807 D
Common Stock 07/01/2025 S 400(1) D $1,285.1725(4) 25,407 D
Common Stock 07/01/2025 S 400(1) D $1,286.3825(5) 25,007 D
Common Stock 07/01/2025 S 200(1) D $1,287.835(6) 24,807 D
Common Stock 07/01/2025 S 300(1) D $1,288.5533(7) 24,507 D
Common Stock 07/01/2025 S 200(1) D $1,289.285(8) 24,307 D
Common Stock 07/01/2025 S 100(1) D $1,290.17 24,207 D
Common Stock 07/01/2025 S 500(1) D $1,291.392(9) 23,707 D
Common Stock 07/01/2025 S 900(1) D $1,292.4944(10) 22,807 D
Common Stock 07/01/2025 S 1,508(1) D $1,293.4351(11) 21,299 D
Common Stock 07/01/2025 S 1,551(1) D $1,294.6664(12) 19,748 D
Common Stock 07/01/2025 S 2,782(1) D $1,295.5359(13) 16,966 D
Common Stock 07/01/2025 S 934(1) D $1,296.5795(14) 16,032 D
Common Stock 07/01/2025 S 1,188(1) D $1,297.4929(15) 14,844 D
Common Stock 07/01/2025 S 776(1) D $1,298.4659(16) 14,068 D
Common Stock 07/01/2025 S 645(1) D $1,299.4887(17) 13,423 D
Common Stock 07/01/2025 S 844(1) D $1,300.1608(18) 12,579 D
Common Stock 07/01/2025 S 616(1) D $1,301.6347(19) 11,963 D
Common Stock 07/01/2025 S 220(1) D $1,302.3365(20) 11,743 D
Common Stock 07/01/2025 S 26(1) D $1,303.3315 11,717 D
Common Stock 07/01/2025 S 100(1) D $1,304.21 11,617 D
Common Stock 07/01/2025 S 229(1) D $1,305.6483(21) 11,388 D
Common Stock 07/01/2025 S 300(1) D $1,306.14(22) 11,088 D
Common Stock 07/01/2025 S 300(1) D $1,309.51(23) 10,788 D
Common Stock 07/01/2025 S 200(1) D $1,310.805(24) 10,588 D
Common Stock 07/01/2025 S 181(1) D $1,311.3439(25) 10,407 D
Common Stock 07/01/2025 S 240(1) D $1,312.29(26) 10,167 D
Common Stock 07/01/2025 S 100(1) D $1,313.2 10,067 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy) $107.64 07/01/2025 M 26,513(1) 11/02/2015 11/02/2025 Common Stock 26,513 $0 0 D
Non-Qualified Stock Option (right to buy) $1,293.6 07/01/2025 A 48 07/01/2025 07/01/2035 Common Stock 48 $0 48 D
Explanation of Responses:
1. Transaction made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 8/8/2023.
2. This transaction was executed in multiple trades at prices ranging from $1,283.00 to $1,283.86. 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.
3. This transaction was executed in multiple trades at prices ranging from $1,284.14 to $1,284.65. 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.
4. This transaction was executed in multiple trades at prices ranging from $1,285.00 to $1,285.34. 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.
5. This transaction was executed in multiple trades at prices ranging from $1,286.06 to $1,286.78. 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.
6. This transaction was executed in multiple trades at prices ranging from $1,287.72 to $1,287.95. 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.
7. This transaction was executed in multiple trades at prices ranging from $1,288.16 to $1,288.88. 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.
8. This transaction was executed in multiple trades at prices ranging from $1,289.07 to $1,289.50. 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.
9. This transaction was executed in multiple trades at prices ranging from $1,291.18 to $1,291.65. 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.
10. This transaction was executed in multiple trades at prices ranging from $1,292.25 to $1,292.96. 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.
11. This transaction was executed in multiple trades at prices ranging from $1,293.06 to $1,293.9168. 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.
12. This transaction was executed in multiple trades at prices ranging from $1,294.11 to $1,294.99. 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.
13. This transaction was executed in multiple trades at prices ranging from $1,295.00 to $1,295.99. 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.
14. This transaction was executed in multiple trades at prices ranging from $1,296.22 to $1,296.92. 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.
15. This transaction was executed in multiple trades at prices ranging from $1,297.0504 to $1,297.99. 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.
16. This transaction was executed in multiple trades at prices ranging from $1,298.03 to $1,298.96. 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.
17. This transaction was executed in multiple trades at prices ranging from $1,299.09 to $1,299.90. 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.
18. This transaction was executed in multiple trades at prices ranging from $1,300.00 to $1,300.3738. 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.
19. This transaction was executed in multiple trades at prices ranging from $1,301.00 to $1,301.9927. 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.
20. This transaction was executed in multiple trades at prices ranging from $1,302.00 to $1,302.73. 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.
21. This transaction was executed in multiple trades at prices ranging from $1,305.2919 to $1,305.84. 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.
22. This transaction was executed in multiple trades at prices ranging from $1,306.11 to $1,306.16. 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.
23. This transaction was executed in multiple trades at prices ranging from $1,309.22 to $1,309.99. 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.
24. This transaction was executed in multiple trades at prices ranging from $1,310.79 to $1,310.82. 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.
25. This transaction was executed in multiple trades at prices ranging from $1,311.10 to $1,311.6451. 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.
26. This transaction was executed in multiple trades at prices ranging from $1,312.02 to $1,312.55. 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.
Remarks:
Due to the limitation on the number of transactions that can be reported on a single Form 4, this Form 4 is the first of two being filed by the reporting person on the date hereof.
Veronique Bourdeau, Authorized Signatory For: Reed Hastings 07/02/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR