According to a Securities and Exchange filing, Hastings will receive an annual salary of $500,000 on top of stock option allowance of $1.5 million in the coming year. In 2011, Hastings earned $500,000 and received an annual stock option allowance of $3 million.
Netflix has fallen from grace following several strategic mishaps, including a 60% price hike of its popular one DVD and unlimited streaming service, failed negotiations to renew its streaming contract with Liberty Starz and the "Qwikster" debacle.
The company has warned that expects to swing to a loss in 2012 due to costs associated with its international expansion in the U.K. and Ireland.Shares of Netflix, which have fallen nearly 60% in 2011, were up 3.5% to $73.48 in afternoon trades. - Reported by Jeanine Poggi in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.