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NFLX > SEC Filings for NFLX > Form 8-K on 22-Dec-2011All Recent SEC Filings

Show all filings for NETFLIX INC

Form 8-K for NETFLIX INC


Change in Directors or Principal Officers

Item 5.02 (e) Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain

Annual Salaries and Equity Compensation for Named Executive Officers

The Board of Directors of the Registrant established the annual salaries and
monthly stock option allowances for 2012 for the Registrant's Named Executive
Officers as follows:

                                                                     ANNUAL          MONTHLY
                                                                      STOCK           STOCK
                                                    ANNUAL           OPTION           OPTION
NAME AND POSITION                                   SALARY          ALLOWANCE       ALLOWANCE
Reed Hastings, Chief Executive Officer and
Chairman of the Board                             $   500,000      $ 1,500,000      $  125,000
David Wells, Chief Financial Officer                  490,000          510,000          42,500
Leslie Kilgore, Chief Marketing Officer               575,000        1,325,000         110,417
Neil Hunt, Chief Product Officer                    1,000,000        1,500,000         125,000
Ted Sarandos, Chief Content Officer                 1,000,000        1,800,000         150,000

Each Named Executive Officer, like all of Registrant's employees who receive stock options as part of his or her compensation package, may request that a portion of their annual salary be awarded in equity. The number of options to be granted is determined by the following formula: the monthly dollar amount of the stock option allowance / ([Fair Market Value on the date of grant] * 0.20). Each monthly grant shall be made on the first trading day of the month, shall be fully vested upon grant and shall be exercisable at a strike price equal to the Fair Market Value (as defined in the Registrant's 2011 Stock Plan) on the date of grant. The options will be subject to the terms and conditions of the 2011 Stock Plan and will be administered on a non-discretionary basis without further action by the Registrant's Board of Directors, provided that only the Board may change the amount or terms of future grants. These stock options are granted fully vested and can be exercised up to ten (10) years following the date of grant regardless of employment status. In addition, each Named Executive Officer, like all of the Registrant's employees, receives an additional $10 thousand in annual compensation not reflected above that may be used to defray the cost of health benefits previously paid by the Registrant. Any portion of this allowance not utilized towards the cost of health care benefits will be paid as salary. Registrant does not currently provide a program of performance bonuses for its Named Executive Officers.

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