Form 4: NFLX Director Exercises Option for 51 Netflix Shares

Rhea-AI Filing Summary

Strive Masiyiwa, identified as a director of Netflix, Inc. (NFLX), reported a Section 16 transaction showing acquisition of company shares through a derivative on 09/02/2025. The filing records a Non-Qualified Stock Option with an exercise/conversion price of $1,214.11; 51 underlying common shares were acquired and are listed as exercisable on 09/02/2025 with an expiration date of 09/02/2035. The report was signed by an authorized signatory on behalf of Mr. Masiyiwa on 09/03/2025. The form indicates direct ownership of the 51 shares following the transaction. No other transactions, dollar values received, or additional holdings are disclosed in the provided text.

Positive

• Director transaction disclosed in compliance with Section 16 reporting requirements
• 51 common shares acquired via exercise are reported as direct ownership following the transaction

Negative

• None.

Insights

Financial Analyst

TL;DR: Director exercised options for a small block of 51 Netflix shares at a high stated exercise price.

The transaction is routine insider activity: a non-qualified stock option exercise converting into 51 common shares. The exercise price reported is $1,214.11 per share and the options become exercisable and were exercised on 09/02/2025, with a 2035 expiration. For a company the size of Netflix, 51 shares is immaterial to capital structure or control. This filing is primarily a compliance disclosure under Section 16 and does not indicate a material change in ownership or control.

Corporate Governance Expert

TL;DR: Routine director option exercise disclosed correctly; no governance concerns apparent from this filing alone.

The Form 4 documents a standard exercise of a non-qualified stock option by a director, reported promptly and signed by an authorized representative. The filing shows direct beneficial ownership of 51 shares post-transaction. There is no indication of an abnormal transaction code or unusual vesting terms in the provided text. Based on this single disclosure, there are no material governance issues revealed.

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^*

Masiyiwa Strive

(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: Strive Masiyiwa	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 Strive Masiyiwa report on the Form 4 for NFLX?

The Form 4 reports that Strive Masiyiwa acquired 51 common shares of Netflix through the exercise of a Non-Qualified Stock Option on 09/02/2025.

What was the exercise or conversion price reported on the Form 4?

The reported exercise/conversion price for the derivative security is $1,214.11.

When are the options exercisable and when do they expire?

The options are listed as exercisable on 09/02/2025 and have an expiration date of 09/02/2035.

How many shares did the reporting person own after the transaction?

The Form 4 shows 51 shares of common stock beneficially owned following the reported transaction.

Who signed the Form 4 and when was it filed?

The Form 4 was signed by Veronique Bourdeau, Authorized Signatory for Strive Masiyiwa on 09/03/2025.