Published On: Wed, Jan 1st, 2014

Netflix CEO Hastings Gets 50% Pay Hike For 2014

Hastings is set to receive an annual salary of $3 million and an additional stock option allowance of $3 million.A year ago, he was awarded $2 million in salary and $2 million in options for 2013. But his final 2013 pay is expected to be significantly higher, because Netflix stock has soared this year.Netflix CEO Hastings

Netflix (NFLX) shares are up nearly 300% this year, making it the best performing stock in the S&P 500.

Related: Portrait of Netflix’s Hastings as a young man

Other top executives at Netflix also received raises, although their increases were less than Hastings’ 50% pay hike.

In a separate filing the company also announced it was dropping its poison pill plan that it instituted in November 2012 after activist investor Carl Icahn bought a 10% stake in the company.

Related: Netflix’s Hastings – Settle down about our stock

The plan would have allowed the board to flood the market with new shares and make a takeover prohibitively expensive if any shareholder had bought more than 10% of shares without the approval of the company’s board.