Netflix Insider Filing: Susan E. Rice Acquires 51 Shares via Option Exercise

Rhea-AI Filing Summary

Susan E. Rice, a director of Netflix, exercised options to acquire 51 shares of Netflix common stock on 09/02/2025. The filing reports a Non-Qualified Stock Option with an exercise price of $1,214.11, exercisable 09/02/2025 and expiring 09/02/2035. Following the transaction the reporting person directly beneficially owns 51 shares. The Form 4 was signed by an authorized signatory on 09/03/2025.

Positive

• Timely disclosure of the option exercise and resultant ownership via Form 4
• Director equity alignment through exercising an option and holding shares directly

Negative

• None.

Insights

Financial Analyst

TL;DR: Director exercised options for a small, direct holding—immaterial to company valuation.

The Form 4 documents a routine exercise of a Non-Qualified Stock Option by Director Susan E. Rice for 51 shares on 09/02/2025 at a stated exercise price of $1,214.11, with an expiration in 2035. The post-transaction direct holding is 51 shares. This appears to be a personal-level transaction without material implications for Netflix's capital structure or near-term investor metrics.

Corporate Governance Expert

TL;DR: Standard insider reporting of option exercise; consistent with director equity participation policies.

The filing shows compliance with Section 16 reporting: the director reported the acquisition promptly and the form was signed by an authorized signatory. The transaction increases the director's direct ownership to 51 shares. There is no indication of any plan-based rule 10b5-1 designation or other joint filers in this submission.

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^*

RICE SUSAN E

(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)
09/02/2025

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)	$1,214.11	09/02/2025		A		51		09/02/2025	09/02/2035	Common Stock	51	$0	51	D

Explanation of Responses:

Remarks:

	By: Veronique Bourdeau, Authorized Signatory For: Susan E. Rice	09/03/2025
	** 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

What did Susan E. Rice report on Form 4 for NFLX?

The Form 4 reports that Director Susan E. Rice exercised a Non-Qualified Stock Option to acquire 51 shares of Netflix common stock on 09/02/2025.

What was the exercise price and exercisable/expiration dates for the option?

The derivative is listed with an exercise price of $1,214.11, exercisable on 09/02/2025 and expiring on 09/02/2035.

How many Netflix shares does the reporting person own after the transaction?

Following the reported transaction the reporting person directly beneficially owns 51 shares.

Was this Form 4 filed jointly or by one reporting person?

The filing indicates it was a Form filed by one reporting person.

Who signed the Form 4 and when?

The form was signed by Veronique Bourdeau, Authorized Signatory for Susan E. Rice on 09/03/2025.