Netflix CFO exercises options

By Associated Press May 16, 2008 Comments (0)

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The chief financial officer of Web-based DVD rental company Netflix Inc. exercised options for 4,000 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing.

In a Form 4 filed with the SEC Thursday, Barry McCarthy reported he exercised the options for the shares Wednesday for $1.50 apiece and then sold all 4,000 of them on the same day for $30.66 apiece.

The stock sale was conducted under a prearranged 10b5-1 trading plan, which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material nonpublic information.

Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.

Netflix is based in Los Gatos, Calif.

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