NETFLIX INC — Director's Dealing 2003

Nov 5, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NETFLIX INC (nflx)
CIK: 0001065280
Period of Report: 2003-11-04

Reporting Person: SCHUH MICHAEL N (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-04	Common Stock	X	424450	$59.60	Acquired	424450	Indirect
2003-11-04	Common Stock	J	424450	$59.60	Disposed	0	Indirect
2003-11-04	Common Stock	J	709	$3.003	Acquired	25048	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-04	Common Stock Warrant	$3.00	X	450797	Disposed	2006-07-10	Common Stock (450797)	Indirect

Footnotes

F1: The warrants were excercised utilizing the "net excercise" provisions of the warrant. Under that provision, in lieu of paying the cash excercise price, the Company issued fewer than the maximum number of shares based on a formula contained in the warrants. Accordingly, upon the next exercise of the warrants in full, only 424,450 shares of common stock were issued to Foundation Capital Leadership Fund, L.P.

F2: Michael N. Schuh is a Manager of FC Leadership Management Co., LLC, which is the General Partner of Foundation Capital Leadership Fund, L.P. Michael N. Schuh disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

F3: In-kind distribution. On 11/4/03, Foundation Capital Leadership Fund, L.P. distributed 424,450 shares of stock to its partners through which Mr. Schuh received 709 shares indirectly.

F4: Shares held by Michael N. Schuh as Trustee of the Michael N. and Mary G. Schuh 1990 Family Trust.