This excerpt taken from the NFLX DEF 14A filed Mar 31, 2006.
Aggregate Option Exercises in 2005 and Values at December 31, 2005
The following table sets forth information concerning option exercises during 2005 and the exercisable and unexercisable options held by the executive officers as of December 31, 2005. The Value of Unexercised In-the-Money Options at December 31, 2005 column is based on $27.06, the closing sales price of the Companys common stock on December 30, 2005, the last business day of the fiscal year, less the per share exercise price of the options multiplied by the number of shares issuable upon exercise of the options. All options granted under the 1997 Stock Plan are immediately exercisable upon grant but following any such exercise are subject to repurchase by the Company at cost in the event of the optionees termination of employment for any reason (including death or disability), to the extent the Companys right of repurchase has not lapsed. The number of shares exercised or exercisable that would remain subject to repurchase following an exercise (the unvested portion) is set forth in the footnotes to the following table.