NFLX Form 4: Director Elinor Mertz Exercises Options for 51 Shares

Rhea-AI Filing Summary

Elinor Mertz, a director of Netflix, exercised a non-qualified stock option on 09/02/2025 to acquire 51 shares of Netflix common stock. The exercise price (conversion price) was $1,214.11 per option, the options became exercisable on 09/02/2025 and expire on 09/02/2035. Following the transaction, Ms. Mertz directly beneficially owns 51 shares. The Form 4 was signed by an authorized signatory on 09/03/2025.

Positive

• Director exercised options to acquire shares, indicating insider alignment with shareholder interests.
• Timely disclosure filed and signed by an authorized signatory on 09/03/2025, meeting Section 16 reporting requirements.

Negative

• None.

Insights

Financial Analyst

TL;DR: Director exercised options to acquire 51 shares at a high strike, a small-value insider purchase signaling modest executive alignment.

The transaction shows a director-level insider converting options into 51 common shares at a stated exercise price of $1,214.11. The size of the acquisition is small in absolute share count, so the immediate market impact or change to ownership structure is immaterial. From a signalling perspective, insider exercising and holding shares is generally viewed positively because it aligns management with shareholder outcomes, but the disclosed amounts are not large enough to be materially impactful to valuation or control.

Corporate Governance Expert

TL;DR: Routine option exercise by a director; compliance and disclosure appear standard and timely.

The filing indicates timely disclosure under Section 16 with the Form 4 completed and signed by an authorized signatory on 09/03/2025. The exercise of a non-qualified stock option that vests and is exercisable same day, with a ten-year expiration, is consistent with common director equity arrangements. There are no indications of related-party transactions or unusual terms in the filing text provided.

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

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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)
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: Elinor Mertz	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 Elinor Mertz report on the Form 4 for NFLX?

She reported exercising a non-qualified stock option to acquire 51 shares of Netflix common stock on 09/02/2025.

At what price were the options exercised in the NFLX Form 4?

The conversion/exercise price reported is $1,214.11 per option.

When do the exercised options become exercisable and when do they expire?

The options were exercisable on 09/02/2025 and expire on 09/02/2035.

How many Netflix shares does Elinor Mertz beneficially own following the transaction?

The Form 4 reports she directly beneficially owns 51 shares following the transaction.

Who signed the Form 4 for Elinor Mertz and when?

The Form was signed by an authorized signatory, Veronique Bourdeau, for Elinor Mertz on 09/03/2025.