NETFLIX INC — Director's Dealing 2011

May 9, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NETFLIX INC (NFLX)
CIK: 0001065280
Period of Report: 2011-05-05

Reporting Person: HOAG JAY C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-05	Common Stock	M	933	$42.87	Acquired	933	Direct
2011-05-05	Common Stock	M	899	$44.48	Acquired	1832	Direct
2011-05-05	Common Stock	M	977	$40.94	Acquired	2809	Direct
2011-05-05	Common Stock	M	890	$44.97	Acquired	3699	Direct
2011-05-05	Common Stock	M	949	$42.15	Acquired	4648	Direct
2011-05-05	Common Stock	M	896	$44.62	Acquired	5544	Direct
2011-05-05	Common Stock	M	743	$53.80	Acquired	6287	Direct
2011-05-05	Common Stock	M	687	$58.23	Acquired	6974	Direct
2011-05-05	Common Stock	M	935	$53.48	Acquired	7909	Direct
2011-05-05	Common Stock	M	819	$61.03	Acquired	8728	Direct
2011-05-05	Common Stock	M	717	$69.70	Acquired	9445	Direct
2011-05-05	Common Stock	M	667	$75.00	Acquired	10112	Direct
2011-05-05	Common Stock	S	10112	$231.6236	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-05	Non-Qualified Stock Option (right to buy)	$42.87	M	933	Disposed	2019-04-01	Common Stock (933)	Direct
2011-05-05	Non-Qualified Stock Option (right to buy)	$44.48	M	899	Disposed	2019-05-01	Common Stock (899)	Direct
2011-05-05	Non-Qualified Stock Option (right to buy)	$40.94	M	977	Disposed	2019-06-01	Common Stock (977)	Direct
2011-05-05	Non-Qualified Stock Option (right to buy)	$44.97	M	890	Disposed	2019-08-03	Common Stock (890)	Direct
2011-05-05	Non-Qualified Stock Option (right to buy)	$42.15	M	949	Disposed	2019-09-01	Common Stock (949)	Direct
2011-05-05	Non-Qualified Stock Option (right to buy)	$44.62	M	896	Disposed	2019-10-01	Common Stock (896)	Direct
2011-05-05	Non-Qualified Stock Option (right to buy)	$53.80	M	743	Disposed	2019-11-02	Common Stock (743)	Direct
2011-05-05	Non-Qualified Stock Option (right to buy)	$58.23	M	687	Disposed	2019-12-01	Common Stock (687)	Direct
2011-05-05	Non-Qualified Stock Option (right to buy)	$53.48	M	935	Disposed	2020-01-04	Common Stock (935)	Direct
2011-05-05	Non-Qualified Stock Option (right to buy)	$61.03	M	819	Disposed	2020-02-01	Common Stock (819)	Direct
2011-05-05	Non-Qualified Stock Option (right to buy)	$69.70	M	717	Disposed	2020-03-01	Common Stock (717)	Direct
2011-05-05	Non-Qualified Stock Option (right to buy)	$75.00	M	667	Disposed	2020-04-01	Common Stock (667)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	63854	Indirect
Common Stock	12396	Indirect

Footnotes

F1: Jay C. Hoag ("Hoag") has the sole voting and dispositive power over these shares; however, TCMI, Inc. has a right to 100% of the pecuniary interest in such shares. Hoag is a stockholder and director of TCMI, Inc. Hoag disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. Does not include shares held by The Hoag Family Trust U/A Dtd 8/2/94 and Hamilton Investments Limited Partnership, which are separately reported on this Form 4.

F2: This transaction was executed in multiple trades at prices ranging from $231.34 to $232.00. The price reported reflects the weighted average sale price. The reporting person hereby undertakes to provide upon written request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was affected.

F3: These share are held by The Hoag Family Trust U/A Dtd 9/2/94. Hoag is a trustee of The Hoag Family Trust U/A Dtd 8/2/94. Hoag disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

F4: These shares are held by Hamilton Investments Limited Partnership. Hoag is the sole general partner and a limited partner of Hamilton Investments Limited Partnership. Hoag disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

F5: Not applicable.

F6: Hoag has the sole voting and dispositive power over the options he holds directly; however, TCMI, Inc. has a right to 100% of the pecuniary interest in such options. Hoag is a stockholder and director of TCMI, Inc. Hoag disclaims beneficial ownership of such options or the shares he receives upon exercise of such options except to the extent of his pecuniary interest therein.