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Netflix CEO exercises options

By Associated Press
June 13, 2008 | Comments (1)

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The chief executive of online movie rental service Netflix Inc. exercised options for 2,500 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing Thursday.

In a Form 4 filed with the SEC, Reed Hastings reported he exercised the options Thursday for $1.50 apiece and then sold 10,000 shares the same day for $30.27 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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Report this Comment On June 20, 2008, at 9:49 PM, abaddog wrote:

Did anyone notice that Netflix waited until after the CFO & CEO exercised their options to announce the customer-unfriendly move to eliminate individual queues? Hmmmmm.

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