[Form 4] NetFlix Inc Insider Trading Activity

Rhea-AI Filing Summary

Netflix Inc. (NFLX) has filed a Form 4 detailing a small insider transaction by director Elinor Mertz. On 1 July 2025 she was granted 48 non-qualified stock options to purchase Netflix common shares at an exercise price of $1,293.60 per share. The options are immediately exercisable and will expire on 1 July 2035. No common-stock acquisitions or dispositions were reported in Table I, and Ms. Mertz’s post-transaction holdings now include exactly 48 derivative securities held directly. The filing does not indicate any 10b5-1 trading plan and represents a routine equity incentive grant, producing no material change to the company’s share count or insider ownership profile.

Insights

Securities Analyst

TL;DR – Routine 48-option grant to a Netflix director; negligible impact on valuation or float.

The Form 4 shows a standard equity incentive: 48 non-qualified options at $1,293.60 with a ten-year term. Given Netflix’s ~443 million outstanding shares, this grant is de minimis, adding less than 0.00001 % potential dilution. No shares were sold, so insider sentiment remains neutral. The immediate vesting aligns the director’s incentives with shareholder value but does not alter governance dynamics or signal strategic change.

Corporate Governance Expert

TL;DR – Incentive aligns director interests; size immaterial, no governance red flags.

Option grants are common for outside directors at large-cap tech firms. The absence of a 10b5-1 plan suggests flexibility in future exercise timing but, at only 48 options, the risk of opportunistic trading is minimal. The filing is timely and properly authorized, indicating sound compliance with Section 16 reporting obligations.

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
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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^*

Mertz Elinor

(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

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)	$1,293.6	07/01/2025		A		48		07/01/2025	07/01/2035	Common Stock	48	$0	48	D

Explanation of Responses:

Remarks:

	By: Veronique Bourdeau, Authorized Signatory For: Elinor Mertz	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.

FAQ

How many stock options did NFLX director Elinor Mertz receive?

The filing shows a grant of 48 non-qualified stock options.

What is the exercise price of the options granted to Elinor Mertz?

Each option carries an exercise price of $1,293.60 per share.

When do the new NFLX director options expire?

The options expire on July 1, 2035, giving a 10-year term.

Did the Form 4 report any sale of Netflix common stock?

No. Table I shows no common-stock acquisitions or dispositions.

Does this insider transaction materially affect Netflix share count?

No. The 48-option grant is immaterial relative to Netflix’s hundreds of millions of shares outstanding.