| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | NET | Class A Common Stock | Conversion of derivative security | +20,512 | +217% | 29,971 | 19 Feb 2025 | See footnote | F1, F2 | ||
| transaction | NET | Class A Common Stock | Sale | $332,579 | -2,073 | -6.9% | $160.43 | 27,898 | 19 Feb 2025 | See footnote | F2, F3, F4 |
| transaction | NET | Class A Common Stock | Sale | $299,481 | -1,850 | -6.6% | $161.88 | 26,048 | 19 Feb 2025 | See footnote | F2, F3, F5 |
| transaction | NET | Class A Common Stock | Sale | $477,017 | -2,928 | -11% | $162.92 | 23,120 | 19 Feb 2025 | See footnote | F2, F3, F6 |
| transaction | NET | Class A Common Stock | Sale | $158,588 | -969 | -4.2% | $163.66 | 22,151 | 19 Feb 2025 | See footnote | F2, F3, F7 |
| transaction | NET | Class A Common Stock | Sale | $1,173,505 | -7,105 | -32% | $165.17 | 15,046 | 19 Feb 2025 | See footnote | F2, F3, F8 |
| transaction | NET | Class A Common Stock | Sale | $1,990,746 | -11,999 | -80% | $165.91 | 3,047 | 19 Feb 2025 | See footnote | F2, F3, F9 |
| transaction | NET | Class A Common Stock | Sale | $508,356 | -3,047 | -100% | $166.84 | 0 | 19 Feb 2025 | See footnote | F2, F3, F10 |
| transaction | NET | Class A Common Stock | Conversion of derivative security | +5,128 | +26% | 24,743 | 19 Feb 2025 | See footnote | F1, F11 | ||
| transaction | NET | Class A Common Stock | Sale | $54,548 | -340 | -1.4% | $160.44 | 24,403 | 19 Feb 2025 | See footnote | F3, F4, F11 |
| transaction | NET | Class A Common Stock | Sale | $53,758 | -332 | -1.4% | $161.92 | 24,071 | 19 Feb 2025 | See footnote | F3, F11, F12 |
| transaction | NET | Class A Common Stock | Sale | $90,656 | -556 | -2.3% | $163.05 | 23,515 | 19 Feb 2025 | See footnote | F3, F11, F13 |
| transaction | NET | Class A Common Stock | Sale | $53,307 | -324 | -1.4% | $164.53 | 23,191 | 19 Feb 2025 | See footnote | F3, F11, F14 |
| transaction | NET | Class A Common Stock | Sale | $339,811 | -2,054 | -8.9% | $165.44 | 21,137 | 19 Feb 2025 | See footnote | F3, F11, F15 |
| transaction | NET | Class A Common Stock | Sale | $213,595 | -1,285 | -6.1% | $166.22 | 19,852 | 19 Feb 2025 | See footnote | F3, F11, F16 |
| transaction | NET | Class A Common Stock | Sale | $39,599 | -237 | -1.2% | $167.08 | 19,615 | 19 Feb 2025 | See footnote | F3, F11, F17 |
| transaction | NET | Class A Common Stock | Conversion of derivative security | +20,512 | 20,512 | 20 Feb 2025 | See footnote | F1, F2 | |||
| transaction | NET | Class A Common Stock | Sale | $1,407,698 | -9,004 | -44% | $156.34 | 11,508 | 20 Feb 2025 | See footnote | F2, F3, F18 |
| transaction | NET | Class A Common Stock | Sale | $1,810,905 | -11,508 | -100% | $157.36 | 0 | 20 Feb 2025 | See footnote | F2, F3, F19 |
| transaction | NET | Class A Common Stock | Conversion of derivative security | +5,128 | +26% | 24,743 | 20 Feb 2025 | See footnote | F1, F11 | ||
| transaction | NET | Class A Common Stock | Sale | $370,448 | -2,369 | -9.6% | $156.37 | 22,374 | 20 Feb 2025 | See footnote | F3, F11, F18 |
| transaction | NET | Class A Common Stock | Sale | $434,203 | -2,759 | -12% | $157.38 | 19,615 | 20 Feb 2025 | See footnote | F3, F11, F19 |
| transaction | NET | Class A Common Stock | Conversion of derivative security | +20,512 | 20,512 | 21 Feb 2025 | See footnote | F1, F2 | |||
| transaction | NET | Class A Common Stock | Sale | $1,315,448 | -8,432 | -41% | $156.01 | 12,080 | 21 Feb 2025 | See footnote | F2, F3, F20 |
| transaction | NET | Class A Common Stock | Sale | $1,483,706 | -9,452 | -78% | $156.97 | 2,628 | 21 Feb 2025 | See footnote | F2, F3, F21 |
| transaction | NET | Class A Common Stock | Sale | $414,388 | -2,628 | -100% | $157.68 | 0 | 21 Feb 2025 | See footnote | F2, F3, F22 |
| transaction | NET | Class A Common Stock | Conversion of derivative security | +5,128 | +26% | 24,743 | 21 Feb 2025 | See footnote | F1, F11 | ||
| transaction | NET | Class A Common Stock | Sale | $324,963 | -2,083 | -8.4% | $156.01 | 22,660 | 21 Feb 2025 | See footnote | F3, F11, F20 |
| transaction | NET | Class A Common Stock | Sale | $373,249 | -2,378 | -10% | $156.96 | 20,282 | 21 Feb 2025 | See footnote | F3, F11, F21 |
| transaction | NET | Class A Common Stock | Sale | $105,174 | -667 | -3.3% | $157.68 | 19,615 | 21 Feb 2025 | See footnote | F3, F11, F22 |
| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Underlying Class | Amount | Exercise Price | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | NET | Employee Stock Option (right to buy) | Options Exercise | $0 | -20,512 | -0.81% | $0.000000 | 2,512,804 | 19 Feb 2025 | Class B Common Stock | 20,512 | $2.04 | Direct | F23 |
| transaction | NET | Class B Common Stock | Options Exercise | $0 | +20,512 | $0.000000 | 20,512 | 19 Feb 2025 | Class A Common Stock | 20,512 | Direct | F1 | ||
| transaction | NET | Class B Common Stock | Conversion of derivative security | $0 | -20,512 | -100% | $0.000000 | 0 | 19 Feb 2025 | Class A Common Stock | 20,512 | Direct | F1, F24 | |
| transaction | NET | Class B Common Stock | Conversion of derivative security | $0 | -5,128 | -0.37% | $0.000000 | 1,396,252 | 19 Feb 2025 | Class A Common Stock | 5,128 | See footnote | F1, F11 | |
| transaction | NET | Employee Stock Option (right to buy) | Options Exercise | $0 | -20,512 | -0.82% | $0.000000 | 2,492,292 | 20 Feb 2025 | Class B Common Stock | 20,512 | $2.04 | Direct | F23 |
| transaction | NET | Class B Common Stock | Options Exercise | $0 | +20,512 | $0.000000 | 20,512 | 20 Feb 2025 | Class A Common Stock | 20,512 | Direct | F1 | ||
| transaction | NET | Class B Common Stock | Conversion of derivative security | $0 | -20,512 | -100% | $0.000000 | 0 | 20 Feb 2025 | Class A Common Stock | 20,512 | Direct | F1, F24 | |
| transaction | NET | Class B Common Stock | Conversion of derivative security | $0 | -5,128 | -0.37% | $0.000000 | 1,391,124 | 20 Feb 2025 | Class A Common Stock | 5,128 | See footnote | F1, F11 | |
| transaction | NET | Employee Stock Option (right to buy) | Options Exercise | $0 | -20,512 | -0.82% | $0.000000 | 2,471,780 | 21 Feb 2025 | Class B Common Stock | 20,512 | $2.04 | Direct | F23 |
| transaction | NET | Class B Common Stock | Options Exercise | $0 | +20,512 | $0.000000 | 20,512 | 21 Feb 2025 | Class A Common Stock | 20,512 | Direct | F1 | ||
| transaction | NET | Class B Common Stock | Conversion of derivative security | $0 | -20,512 | -100% | $0.000000 | 0 | 21 Feb 2025 | Class A Common Stock | 20,512 | Direct | F1, F24 | |
| transaction | NET | Class B Common Stock | Conversion of derivative security | $0 | -5,128 | -0.37% | $0.000000 | 1,385,996 | 21 Feb 2025 | Class A Common Stock | 5,128 | See footnote | F1, F11 | |
| holding | NET | Class B Common Stock | 888,728 | 19 Feb 2025 | Class A Common Stock | 888,728 | See footnote | F1, F2 | ||||||
| holding | NET | Class B Common Stock | 351,505 | 19 Feb 2025 | Class A Common Stock | 351,505 | See footnote | F1, F25 | ||||||
| holding | NET | Class B Common Stock | 948,175 | 19 Feb 2025 | Class A Common Stock | 948,175 | See footnote | F1, F26 | ||||||
| holding | NET | Class B Common Stock | 162,968 | 19 Feb 2025 | Class A Common Stock | 162,968 | See footnote | F1, F27 | ||||||
| holding | NET | Class B Common Stock | 1,189,225 | 19 Feb 2025 | Class A Common Stock | 1,189,225 | See footnote | F1, F28 | ||||||
| holding | NET | Class B Common Stock | 1,200,000 | 19 Feb 2025 | Class A Common Stock | 1,200,000 | See footnote | F1, F29 | ||||||
| holding | NET | Class B Common Stock | 1,000,000 | 19 Feb 2025 | Class A Common Stock | 1,000,000 | See footnote | F1, F30 |
Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.
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).
| Id | Content |
|---|---|
| F1 | Each share of Class B Common Stock is convertible at any time into Class A Common Stock on a one-to-one basis at the reporting person's election and has no expiration date. |
| F2 | The shares are held of record by The Sutherland/Zatlyn Revocable Trust dated November 17, 2016, for which the reporting person serves as co-trustee (the "Revocable Trust"). |
| F3 | The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 27, 2023. |
| F4 | The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $160.03 to $160.99, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (4) through (10) and (12) through (22) to this Form 4. |
| F5 | The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $161.195 to $162.16, inclusive. |
| F6 | The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $162.335 to $163.28, inclusive. |
| F7 | The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $163.395 to $163.905, inclusive. |
| F8 | The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $164.465 to $165.46, inclusive. |
| F9 | The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $165.47 to $166.425, inclusive. |
| F10 | The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $166.50 to $167.45, inclusive. |
| F11 | The shares are held of record by The SZ 2021 Irrevocable Trust dated November 6, 2021, for which the reporting person serves as the appointer. |
| F12 | The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $161.54 to $162.335, inclusive. |
| F13 | The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $162.74 to $163.73, inclusive. |
| F14 | The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $163.86 to $164.85, inclusive. |
| F15 | The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $164.88 to $165.86, inclusive. |
| F16 | The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $165.90 to $166.89, inclusive. |
| F17 | The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $166.90 to $167.45, inclusive. |
| F18 | The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $156.00 to $156.98, inclusive. |
| F19 | The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $157.00 to $157.95, inclusive. |
| F20 | The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $155.47 to $156.45, inclusive. |
| F21 | The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $156.47 to $157.46, inclusive. |
| F22 | The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $157.49 to $157.92, inclusive. |
| F23 | Shares subject to the option are fully vested and immediately exercisable. |
| F24 | Upon the conversion of the shares of Class B Common Stock to Class A Common Stock, the shares were re-registered and are now held directly by the Revocable Trust. |
| F25 | The shares are held of record by The SZ 2020 Irrevocable Trust dated November 25, 2020, for which the reporting person serves as an investment advisor. |
| F26 | The shares are held of record by The Sutherland/Zatlyn 2023 Annuity Trust dated May 24, 2023, for which the reporting person serves as co-trustee. |
| F27 | The shares are held of record by The Sutherland/Zatlyn 2023 Annuity Trust II dated August 29, 2023, for which the reporting person serves as co-trustee. |
| F28 | The shares are held of record by The Sutherland/Zatlyn 2024 Annuity Trust dated May 29, 2024, for which the reporting person serves as co-trustee. |
| F29 | The shares are held of record by The Sutherland/Zatlyn 2024 Annuity Trust II dated August 19, 2024, for which the reporting person serves as co-trustee. |
| F30 | The shares are held of record by The Sutherland/Zatlyn 2024 Annuity Trust III dated November 12, 2024, for which the reporting person serves as co-trustee. |
This Form 4 is the first of two forms being filed to report transactions by the reporting person occurring on February 19, 2025 through February 21, 2025.