Item 5.02 (e) Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Compensation for Named Executive Officers The Compensation Committee of the Board of Directors (the "Committee") ofNetflix, Inc. (the "Company") has established the annual salaries and stock option allocation for 2022 for the Company's Named Executive Officers. These salaries and stock option allocation are as follows: ANNUAL STOCK ANNUAL SALARY OPTION ALLOCATION Reed Hastings, Co-Chief Executive Officer and Chairman of the$ 650,000 $ 34,000,000 Board Ted Sarandos, Co-Chief Executive Officer and Chief Content 20,000,000 20,000,000
Officer
Spencer Neumann, Chief Financial Officer 7,000,000 7,000,000 Greg Peters, Chief Operating Officer and Chief Product Officer 16,000,000 8,000,000 David Hyman, Chief Legal Officer and Secretary 6,000,000 5,000,000 Rachel Whetstone, Chief Communications Officer 5,500,000 1,000,000 The number of options to be granted each month is determined by the following formula: (annual stock option allocation ÷ 12) / ([Fair Market Value on the date of grant] * 0.40). 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 Company's 2020 Stock Plan) on the date of grant. The options will be subject to the terms and conditions of the Company's 2020 Stock Plan and will be administered on a non-discretionary basis without further action by the Board of Directors or the Committee, provided that only the Board of Directors or the Committee may change the amount or terms of future grants. These stock options are fully vested upon grant and can generally be exercised up to 10 years following the date of grant, regardless of employment status.
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