David A. Hyman, Chief Legal Officer of Netflix (NFLX), has been an active seller of company stock over the past year, with Form 4 filings showing a clear disposition bias. Across 39 reported transactions, all involving NFLX, Hyman has recorded approximately $38.1 million in open-market sales with zero corresponding purchases. The most recent activity, clustered in May 2026, includes a $504,020 sale on May 5, preceded by option exercises and tax-withholding dispositions on May 4. That pattern—exercising options and immediately selling shares—repeats throughout the filing history, including a February 2026 sale of $464,231 and a January 2026 sale of roughly $2.07 million.
The largest single transaction occurred on November 4, 2025, when Hyman sold NFLX shares worth $34.1 million in one block, accompanied by four option exercises each valued near $1.46 million. That date also included a smaller $462,491 sale, suggesting a coordinated liquidation of vested equity. Smaller "F" transactions, representing shares withheld to cover tax obligations on vesting awards, appear regularly—such as three such events on May 4, 2026, totaling roughly $522,624, and similar clusters in February and January. These are automatic and not discretionary, but they reinforce the overall direction of Hyman's holdings.
The data shows no open-market purchases at any point, and the only non-sale events are compensation-related grants (coded "A") and option exercises (coded "M") that feed directly into the sales. The absence of any "P" transactions indicates Hyman has not added to his position during this window. While the exercise-and-sell cadence is typical for executives monetizing vested options, the scale—particularly the November block—highlights sustained distribution of NFLX equity rather than accumulation. The most recent filings continue that trend, with the May 2026 sale extending a consistent pattern of quarterly or semi-annual selling.
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