Form 4: Roku Media President Sells Shares Under 10b5-1 Plan

Roku Media President Charles Collier executed stock options and sold a significant number of Class A Common Stock shares under a pre-arranged 10b5-1 plan.

Summary

• Charles Collier, President of Roku Media, reported transactions involving Roku Class A Common Stock.
• On October 31, 2025, Collier exercised employee stock options to acquire 118,088 shares at an exercise price of $49.59 per share.
• Immediately following the option exercise on October 31, 2025, Collier sold all 118,088 shares at a price of $115.00 per share.
• On November 4, 2025, Collier exercised additional employee stock options to acquire 15,404 shares at an exercise price of $49.59 per share.
• Also on November 4, 2025, Collier sold a total of 15,404 shares in multiple transactions at weighted average prices ranging from $103.26 to $106.11 per share.
• All sales were conducted pursuant to a Rule 10b5-1 pre-arranged trading plan.
• Following these transactions, Collier directly owns 200 shares of Class A Common Stock and indirectly owns 600 shares through the Charles D. Collier Revocable Trust.
• Collier retains 498,042 unexercised employee stock options with an exercise price of $49.59, which vest in 48 substantially equal monthly installments, with the first installment vesting on December 4, 2022, and an expiration date of November 3, 2032.

Sentiment

Score: 5

Explanation: This Form 4 reports routine insider transactions under a pre-arranged 10b5-1 plan, which is a common practice for executives managing their equity compensation. It does not provide new information about the company's operational performance or strategic direction, thus having a neutral sentiment impact.

Positives

• The executive exercised stock options, indicating the stock price is above the exercise price, which suggests value in the equity compensation.
• Sales were executed at a significant profit over the exercise price, demonstrating successful monetization of equity compensation.
• Transactions were conducted under a Rule 10b5-1 plan, which indicates pre-planning and reduces concerns about opportunistic insider selling.

Negatives

• Insider selling, even under a 10b5-1 plan, can sometimes be interpreted by the market as a lack of conviction in future stock price appreciation, although it is often for personal financial planning purposes.

Future Outlook

The remaining 498,042 employee stock options will continue to vest in substantially equal monthly installments, with an expiration date of November 3, 2032.

Management Comments

• Shares sold pursuant to Mr. Collier's 10b5-1 plan.

Industry Context

It is routine for executives in publicly traded companies to manage their equity compensation through pre-arranged 10b5-1 plans, especially as stock options vest. This practice is common across various industries and is a standard component of executive financial planning.

Corporate Governance

Related Party Transactions

• Indirect ownership of 600 shares of Class A Common Stock through the Charles D. Collier Revocable Trust.

Stakeholder Impact

• Shareholders: Minor impact, as these are routine transactions. The sales represent an executive monetizing vested equity, which is a normal part of compensation and does not typically signal a change in company fundamentals.
• Employees: No direct impact.
• Customers: No direct impact.
• Suppliers: No direct impact.
• Creditors: No direct impact.

Next Steps

• Continued vesting of remaining employee stock options according to the established schedule.

Key Dates

Recommendation

The filing details routine insider transactions by a Roku executive, involving the exercise of stock options and subsequent sale of shares under a pre-arranged 10b5-1 plan. This type of transaction is common for executives managing their equity compensation and does not typically signal a change in the company's fundamental outlook or warrant a change in investment recommendation based solely on this report. Investors should look to broader company performance reports and market conditions for investment decisions.

Keywords

Roku, ROKU, Form 4, insider trading, stock option, share sale, Charles Collier, 10b5-1 plan, executive compensation