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This excerpt taken from the NFLX DEF 14A filed Mar 31, 2006. Employment, Severance and Change-of-Control Arrangements
Effective July 1, 2005, the Board approved an Executive Severance and Retention Incentive Plan pursuant to which each employee of the Company at the level of Vice President or higher who is thus employed on the date of a change in control transaction is entitled to receive a lump sum cash payment equal to twelve (12) months of base pay and twelve (12) months of the cash equivalent to the stock option allowance then being used in calculating the number of options granted monthly to such employee. In addition, prior to a change of control, each such employee is entitled to a severance benefit upon termination of employment (other than cause, death or permanent disability) consisting of a lump sum cash payment equal to nine (9) months of base pay and nine (9) months of the cash equivalent to the stock option allowance then being used in calculating the number of options granted monthly to such employee.
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